Download Marketing - New York Credit Union Association

Marketing – What is it? Are we doing enough?
Marketing is defined as:

The act or process of selling or purchasing in a market

The process or technique of promoting, selling and distributing a product or
service

An aggregate of functions involved in moving goods from producer to
consumer
Common Objectives
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It costs too much

There’s not enough time

It hasn’t worked in the past

We don’t know how
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It’s too complicated
Objection #1 “It costs too much”
Marketing does not have to be an expensive venture. There are a lot of ways to
spread the word about products and services that cost little or no money. Consider
statement inserts, receipt messages, statement messages, lobby posters, tent cards,
teller handouts, answering machine messages, teller buttons, audio response
messages and email messages. Be creative – we can do a low with a piece of
paper, markers and scotch tape. Word-of mouth advertising is absolutely free.
Encourage staff and volunteers to use the credit union’s services. They make the
best advocates!
Objection #2 “There’s not enough time”
Many credit unions utilize a marketing committee made up of volunteers and staff
members. Even if this group meets once a month or once a quarter, it is important
that they plan promotional activates throughout the year. Set a goal to promote one
product or service during each calendar quarter. Then, divide the work among the
committee members and you’ll be on your way. Remember to view marketing as
an investment in the future of the credit union.
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Objection #3 “It hasn’t worked in the past”
Sometimes, the best-laid plans do not produce the desired results. Therefore, it’s
important that we examine what was done in the past. Did you remember the
cardinal rule of marketing? Consumers need to see and/or hear our message seven
different times before it registers. Consider some of the methods listed above. If
you’re still not getting the desired results, take a look at some other factors. For
example, if a loan promotion fails to increase loan volume, it may be time to
examine loan policies, loan turnaround time, pre-approval practices, pricing,
application methods, treatment of pending payoffs, etc. Marketing is not the “be
all and end all.” You must first have the credit union and your products and
services positioned for success.
Objection #4 “We don’t know how”
Don’t expect to be an expert on your first try. It’s not easy to come up with new
and exciting ideas all the time. Remember, you don’t have to reinvent the wheel.
Call other credit unions and find out what works well for them. Ask them for
advice. Perhaps, you can spend time with their marketing person/committee.
Also, take a look at promotional materials that you receive in the mail and examine
newspapers and magazines for ideas.
Objection #5 “It’s too complicated”
Marketing doesn’t have to be complicated or overwhelming. In fact, we’re
marketing all the time without realizing it. Marketing is more than advertising –
it’s promotion, education, training, business development and community
involvement all rolled into one. Remember, anytime you put the name of your
credit union on a particular product, in front of consumer, you’re marketing.
Whatever you do, remember the K.I.S.S. principle (keep it short and simple).
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