It’s time for your mid-year marketing review
No, not your employee review, although if you flunk this one, you may need to be worried about that. Take a little time right now to go through a
Mid-Year Marketing Review
Where do you and your credit union stand right now with regards to your strategic goals in these areas?
- Loan Growth
- Membership Growth
- Services/Products Per Member
- Web and Mobile Reach
- Community Outreach
- Market Share Growth
- Brand Positioning
- Profitability
- Strategic Planning for 2012 and beyond
- etc. and so on…
(Hint: if you don’t instantly know what your goals are or where you stand, that’s sort of a problem right there…)
Do you need to make any mid-course corrections?
Ahead in some areas, behind in some others? What’s your CU’s normal seasonal growth curve? Do you gain a lot of student members when school starts in August only to lose a batch next May? How can you counteract the December auto loan doldrums this year? Do you need to talk to your CEO and CFO about getting more resources to meet certain goals? Do you need to revise your goals if resources have been cut? Is there an emerging problem you need to solve, a triumph to trumpet, an opportunity to exploit?
A marketing plan is never done.
Too many CU marketers breathe a big sigh of relief in the fall once the year’s marketing plan is done, and then carefully hide it away in a dark drawer. This leads to reactive marketing — doing a series of mostly unrelated promotions rather than working with a consistent longer-term strategy in mind. There’s also such a thing as too much planning; if every detail is preordained, marketers don’t have the ability to react to new threats and opportunities.
Your marketing plan is a living document that has to be reviewed and revised regularly. So get out your red pen, open that bottom drawer, blow the dust off, and dig in — at least once per quarter. Monthly would be even better.
Most credit union Boards, CEOs and CFOs don’t mind reviewing and tweaking plans — but they all hate year-end surprises.
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