Before setting goals, be sure you hear from marketing, IT, and finance.
Given the state of the financial services world today, it’s important to receive feedback from your entire staff before making plans and setting goals for the coming year. Three key areas you’ll want to hear from are marketing, information technology (IT), and finance.
For a marketing perspective, we asked Michelle Hunter, chair of the CUNA Marketing and Business Development Council, to provide us with the major marketing trends that credit unions should consider as they make plans and set goals for the coming year.
For an IT perspective, we checked in with Belinda Caillouet, chair of the CUNA Technology Council. And for advice from the world of finance, we turned to William Kennedy, chair of the CUNA CFO Council’s communications committee.MARKETING
A few of the major issues credit union marketers will be focusing on this year are big data, content marketing, and new technology tools, according to Michelle Hunter. In addition to chairing the CUNA Marketing and Business Development Council, Hunter is senior vice president of marketing and development for $723 million asset Credit Union of Southern California in Whittier.
She offers a closer look at these three issues:
1. Big data is a term that entered the business vernacular in 2012, according to Google trending analysis. A short time later, it has become a major business trend.
The term “big data” describes the exponential growth of data and the careful parsing of that data to come up with trends that can help you make more insightful business decisions.
“Credit union marketers are wrestling with issues related to big data and how to harness the massive amount of personal information now available,” Hunter says.
The availability of more personal preferences, habits, and events in members’ lives, Hunter says, is pushing the evolution of data analysis and creating significant marketing opportunities. Credit union marketers will need to determine w hat information is relevant and how to best leverage it to create personal, timely, and effective messages.
2. Content marketing involves the creation and distribution of various forms of content—videos, white papers, and infographics—that are meant to communicate and attract the interests of current and prospective members.
Content marketing is the art of communicating without selling. It has been called “noninterruption” marketing. Instead of simply pitching your products or services, content marketing delivers information that educates the recipient of that information.
Content marketers’ strategy is based on the belief that if they deliver valuable information to buyers, those buyers will ultimately reward them with increased business and loyalty.
“Content marketing is a hot topic,” Hunter says. “More credit union marketers will be rethinking their traditional marketing strategies to incorporate content marketing.”
3. New technology tools will enhance target marketing. Every home banking and debit transaction creates a clearer picture of members’ preferences and habits, Hunter says. And that information is becoming more actionable with new tools and technology.
“Now that financial institutions can get in touch with members via their smartphones, many institutions are texting special, personalized offers to members that are relevant to them,” she says. Marketers’ present and future tech tools include: