Most credit unions consider outsourcing marketing simply as a cost savings on FTEs, but that’s just one piece of the advantage.
True, the average salary of a credit union marketing specialist for a boutique credit union (less than $300 million in assets) is between $55,000 and $64,000. And that does not include the cost associated with acquiring the new team member, which according to HR data is estimated to be around 50% of annual salary.
Credit unions inevitably encounter another marketing challenge: all the different skillsets to execute your credit union marketing plan.
- Graphic design
- Website maintenance
- Copywriting and more!
Very few, if any, marketing specialists can hope to accomplish each critical piece of marketing effectively. There’s just not enough time in the day! And hiring FTEs for all of these positions will wreak havoc on the average credit union budget.
Working with a qualified and reputable credit union marketing agency, you get multiple, specialized credit union and digital marketing experts for a fraction of the cost of one qualified in-house hire. Your Marketing Company has carefully hand-selected all of our experts, ranging from brand strategy to digital marketing, so you don’t have to.
Consider recent salary studies that estimate the average cost of a credit union marketing specialist to be $70,285 and a Vice President of Marketing at $109,655. These figures don’t include benefits nor other areas of expertise needed to execute your credit union marketing plan. Nor does it include the price of digital platforms your in-house team will need to help grow member engagement through your credit union’s website, newsletters and social media platforms. It doesn’t cover tracking and reporting analytics and so much more an experienced credit union marketing agency can provide. Subscriptions to apps, email management tools, and platforms to gauge the results of the marketing campaigns quickly and efficiently. As a comprehensive marketing agency dedicated to credit unions, Your Marketing Co. already has these tools in place, so your credit union can leverage the buying power of collaboration.
Credit union-centric marketing companies, like YMC, also have a breadth of experience across multiple credit unions in various locales to provide your credit union with the very best practices and R&D. For example, website content must be strategically developed and updated on a monthly basis while ensuring the other parts of your marketing strategy are executed successfully and monitoring results and trends. Reputable marketing agencies stay on top of new trends for you, leaving you more time to focus on leading your credit union through executing on its strategic plan.
Finally, employee turnover is a top expense for credit unions’ human capital budget. You’ve been there. You’ve just trained your credit union marketing superstar and wham! – they take another job. The knowledge loss alone is significant to consider when a team member decides to leave, and then there’s the cultural impact, lost productivity while you cover all the marketing bases, the time it takes you to interview, and more. The cost of losing a member of your credit union’s marketing team extends well beyond just the cost to replace that person.
The goal of your outsourced credit union marketing partner always should be to maintain and grow a body of marketing knowledge, while developing better processes, allowing them to continually make improvements for you. Your Marketing Co. has built-in redundancies and executive oversight, meaning knowledge and resource gaps don’t happen.
For less than the cost of one FTE, outsourcing to a credit union marketing agency, like YMC, is more effective and efficient, allowing you to reallocate resources to other strategic priorities.