Many CEOs and CFOs are frustrated with their marketing team. “It’s all about balloons, yee-haw, and ice cream socials. Where’s the ROI?” The answer to their question is that it’s nowhere to be found. An effective marketer dives beyond pretty design and fun ideas. So what DOES it take to be an effective marketer?
Sure, it helps to have a strong grasp of analytics and technology these days (you know, everything included in that buzzword BIG DATA, which we’ll cover below). But to be a truly effective marketer, you must bring a business mindset to the table. Marketing must play a critical role in growth initiatives and accomplishing overall organizational goals. Effective marketers also represent the member/customer at the leadership table and let their voices be heard while decisions are being made. And that’s according to the people who should know best: top marketers from some of the largest for-profit companies who participated in the latest CMO survey from Duke University.
There were 3 traits that were grouped at the top in terms of the number of first-place votes:
Being the voice of the customer at the leadership table (16.3%);
Having an enterprise-wide business mindset and understanding (15.1%); and
Having the ability to demonstrate the quantitative impact of marketing efforts (14.5%).
Let’s muddy the waters even more. The age of “digital marketing” has changed things up for high-performing marketers too. In fact, those marketers who participated say that digital marketing has changed their company most in terms of the importance of marketing capabilities to competitive advantage, and promoting a customer- (member-) first focus in the culture. In short, digital marketing has become a new competitive battlefield, fought with the member in mind.
Another key impact of digital marketing is the use of data to drive decisions. With digital marketing, gone are the days of a sheet of paper or spreadsheet that loan officers keep track of where leads came in. With each digital campaign you run, you can, in real time, see how it is performing. One credit union we work with provides us a weekly report showing their weekly goals and where we are for the month broken down by loan product, new members etc. As soon as we see we are falling short in one area we can analyze the marketing data and make changes on the fly to make sure we’re spending money in the right places, and rearranging our resources to meet the goals each month.
If lobby posters and ice cream socials aren’t helping to meet your goals, we might be able to help. We have a team of credit union marketing professionals and digital marketers on our team (not outsourced) that will spend the time to evaluate your goals, prepare a unique plan, and help you execute it all for less than the cost of a full-time entry level marketing person.
Want to learn how to move past the balloons and yee-haw? Email firstname.lastname@example.org to hear how to get started.