Why credit unions should refine their marketing efforts
by. David Hadaway
Although it seems obvious that marketing initiatives are crucial for growth, not all credit union leaders make it a priority. Cameron Madill, CEO of Web design and marketing company PixelSpoke, conducted a study on business owners to determine how much of growth potential was based on the CEO’s mentality. Based on the study’s findings, credit union marketing may have more of a direct impact on growth than previously thought.
The results revealed that the more time the CEO and executive team devote to marketing and sales, the more likely the organization is to have high-growth potential. Additionally, this was found to be a more important predictor of profitability than actual revenue growth. Involved executives realize that sales and marketing directly contribute to bottom-line results.
Another predictor of success is the CEO’s attitude toward learning. Companies that prioritize learning new information to adapt to future challenges are more likely to grow. In fact, Madill wrote that CEOs who believe they can control the future of their companies were found to be less likely to be profitable.
Using Data to Make Better Marketing Materials
The findings of the study indicate that credit union CEOs may need to place a stronger emphasis on marketing. However, this area of business is becoming increasingly data-driven. Credit union members want to receive communications based on their unique interests and needs. While nearly every interaction with a member generates valuable information, organizations may not know what to do with this plethora of data, according to ClickZ.