James Robert Lay, CEO of the Digital Growth Institute, details the five most deadly digital marketing mistakes credit unions are making:
1. No plan. Don’t get stuck in “the now,” he says. Create space and time to think, do, and reflect on your marketing efforts.
2. No buy-in. You can’t fear the unknown, change, or failure. Giving into those fears are why mighty brands such as Blockbuster, Toys R Us, and Sears crumbled.
3. No journeys. Don’t ignore the buying journey that most consumers use today, which starts online. “The consumer journey must be at the heart of all you do,” he says.
4. No respect. The marketing discipline must have a strategic role in your credit union's future.
5. No differentiation. Go beyond “free” or other bullet point feature marketing. Tell your story and how you will be a trusted financial resource, he says.
The bottom line, according to Lay: Help first, sell second. Put consumers’ journey at the center of all that you do. And be a helpful guide.
Lay addressed the How To Conference by CU Water Cooler in Madison, Wis.
Credit Union Magazine’s Summer 2023 issue highlights the lending outlook for the rest of the year, how credit unions leverage fintech companies to boost digital lending, the power of lending partnerships, common Bank Secrecy Act violations, and the shift board members must make when becoming chair.
