Is Your Marketing Plan Missing This One Element?
Marketing plans are, in many cases, an annually-recycled calendar that gets updated with new dates for newsletters, print ads, loan campaigns, etc. A marketing plan, if done properly, is the blueprint for the credit union’s success. And, if followed closely and managed effectively, marketing is the most fruitful investment a credit union can make because it can earn the highest ROI.
There are many important elements of a marketing plan, such as market research and tactical plan, but the trump card for marketing success lies in the goals and financial projections.
Why? Because, as humans, we love goals. We love to have something concrete to shoot for, something to rally around, and something to celebrate with our team when we reach them. Goals are an essential part of a marketing plan because it tells you how many of each account, loan, etc. are needed to reach your overall business objectives.
For example, if your ROI goal for your marketing plan is 200% and you have a $50,000 marketing budget, your projected income goal for your marketing efforts is $150,000. That can seem like a lofty number but, if you work with your finance team or CFO to determine product profitability for each one of your accounts, loans, and add-ons like GAP insurance, you will know exactly how many of each you need in order to reach your ROI.
The goal will give you and your marketing team – and the rest of your credit union – a goal to shoot for AND it will show the CEO and board that your marketing efforts are indeed driving a significant ROI to the credit union’s bottom line.
Budgeting and planning season for 2019 is officially upon us. There is no better time than now to start this important work for your credit union’s marketing plan.