I’ve written and spoken about redefining credit union marketing on this blog and with my team a lot over the last six months. As a company turning 15 years old this year and still enjoying high levels of success, it would be easy to keep on keeping on and riding this wave of success.
Why fix something that’s not broken?
Because I’ve studied enough business trends and seen great organizations wither on the vine by taking success for granted. They stay stuck for so long they become irrelevant.
Over the next 12 months, my team is going to be rethinking what “marketing” means now. What things are we doing because we’ve always done them that way and need to sunset? What things should we be doing but cannot prioritize because our old processes and services are a drain on our resources?
Through this work, I’ve been studying a lot of innovative companies, historical trends, and marketing data. Time and time again in my conversations with the marketing industry leaders I look up to, I hear and see some of the same trends that successful marketers are focusing on to be successful now and in the future. Those were confirmed in a recent study released by Econsultancy last August. Here are the 3 trends marketers agree are priorities for forward-thinking organizations:
- 37% of marketers agree that the No. 1 priority is moving to a more data-driven decision-making process. Few marketers surveyed for this study expressed concern that they don’t have enough good data to make smart decisions and that improving the quality of the data they have is the first move to make this year.
- 35% of marketers are prioritizing improved customer journeys and experience in their strategic marketing plans.
- 30% of the marketers surveyed said optimizing their budgets and maximizing effectiveness is a top priority. Traditional media is playing much less of a role in marketing than it has in the past, and with so many digital avenues to explore, marketers are finally prioritizing measurement and settling on a consistent presence on those channels that provide the most ROI.
At first glance, these seem like three very different priorities. However, these all play an integral role in each other when combined. The commonality?
In terms of meeting customer expectations over the next two years, the study revealed that marketers believe empathy for customers and a deep understanding of their needs will be crucial. In fact, 6 in 10 responded that this will be “critically important.”
How can you show empathy and create a delightful experience without having the proper data to know what that experience should look like?
If your credit union marketing results are waning, perhaps it’s time for you to also “redefine marketing” and what it means at your credit union. Your strategic marketing plan isn’t strategic if it’s built around what has always worked, what is comfortable for you, or directives from the board. It should be built around understanding the needs of your ideal member, communicating your experience in solving those problems, and proving that you are the very best partner to solve those problems.
Are you ready to find your next credit union marketing partner? Let’s talk!