Most credit unions consider outsourcing marketing simply as a cost savings on FTEs. That’s one way to look at it, but there are more benefits than just cost savings.
True, the average salary of a credit union marketing specialist of a credit union of less than $300 million in assets is between $55,000 and $64,000, not including 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 also 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 all of that 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 for 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 and 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 with your credit union’s website, newsletters, and social media platforms. It doesn’t cover tracking and reporting analytics and so much more outsourced marketing for credit unions can provide. Subscriptions to apps, email management tools, and platforms to gauge results of the marketing campaigns quickly and efficiently. As a comprehensive credit union marketing agency, YMC already has these tools in place, so your credit union can leverage the buying power of collaboration.
Credit union 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. Outsourced credit union marketing agencies are tasked with staying on top of new trends for you, leaving you more time to focus on leading your credit union through its strategic plan and execution.
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 marketing team goes 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. YMC has built-in redundancies and executive oversight, meaning knowledge and resource gaps don’t happen.
For less than the cost of one FTE, outsourcing your credit union marketing to a firm, like YMC, can be more effective and efficient, allowing you to reallocate resources to other strategic priorities.