I started working with Colorworks in December of 2016. They have assisted in developing our annual marketing plan for the last five years. As the marketing manager for Coulee Dam Federal Credit Union, there is only so much time to accomplish it all: writing, designing, proofing, creating marketing pieces, social media and email blasts, attending community events, and more. Having a trusted partner has been invaluable. As you can see from our results, with a strategic plan in place, marketing has not only done well but excelled for Coulee Dam!
— Vanessa Marcolin, VP of Marketing Manager, Coulee Dam FCU
In addition to crafting a comprehensive marketing plan, Colorworks manages the credit union’s direct mail (including multi-loan mailers, postcards, and letters), lobby signage, web content, and more. All work together to drive success.
These results are indicative of a comprehensive strategic marketing plan and an in-depth relationship between the credit union and agency.
A Strategic Marketing Plan Is The Key
A well-crafted Credit Union Marketing Plan is essential to future. Without a plan, marketing becomes reactive instead of proactive, and there’s the potential for your credit union to become irrelevant. Without articulating your goals, they’re much more difficult to achieve.
Core Elements
We’ll assist with every phase of your Marketing Plan as we immerse ourselves in your goals, priorities, and brand. We take time with every phase, including:
Identifying & Prioritizing Goals
- The focus is on attaining what’s most important and allocating your marketing budget accordingly.
Reviewing Brand
- It’s everything your credit union touches; website, brochures, ads, lobby signage, on-hold messaging, teller interactions, PR efforts, and more. We help ensure your brand stays on-point.
Analyzing Data
- By applying member and non-member research and analytics, we can determine your best targets and increase ROI. We can also assist with market segmentation, using targeted marketing with demographic factors and credit scores to produce meaningful results.
Developing a Calendar
- A comprehensive calendar helps determine which marketing elements (print, digital, email or social) to include, and how and when they will be produced and launched.
Determining a Budget
- Every plan should include an itemized budget and expected ROI from each promotion. A rule of thumb for effective marketing is to budget approximately $15 per member, or 0.13% of assets per year.
Note: The Financial Brand reports that (in 2018) credit unions studied generated an average of $16.39 of net income for every dollar they spent on marketing; it also notes that credit unions with less than $500 million in assets allocate 0.13% of their assets to marketing. From a separate study, the Financial Brand reports that (in 2018) credit unions with less than $500 million in assets spent an average of $14.86 per member for marketing.
Source: https://thefinancialbrand.com/88837/credit-union-marketing-budgets-advertising-roi-strategy/ and https://thefinancialbrand.com/88837/credit-union-marketing-budgets-advertising-roi-strategy/ and NCUA data.
Ready to get started?
Whether you have an employee dedicated to marketing or are handling it all on your own, we can help achieve your goals. We’ll work with you to determine your goals and ensure they stay the priority, on track, and that growth is achievable.
See how Colorworks can help your Credit Union Marketing. Email Holly our credit union marketing consultant at HollyM@colorworksinc.com or call 800.243.0171 x 253. We’re ready to help!
At Colorworks, we’re more than a marketing solutions firm—we’re your business and leadership growth consultants.