CMOs cite data analytics, deposit growth as top issues
What does a modern marketing team look like?
Nearly 70 marketing and business development professionals participated in a Chief Marketing Officer (CMO) Exchange Wednesday at the 2019 CUNA Marketing & Business Development Council Conference in Las Vegas.
“We’re all experiencing challenges in our shops,” says Mia Perez, chief administrative officer at Louisiana Federal Credit Union in La Place and outgoing chair of the CUNA Marketing & Business Development Council Executive Committee.
“We’re not the marketers we were 25 years ago,” she adds, citing new marketing functions such as data analytics.
During the CMO Exchange, participants identified five of their top concerns and discussed ways to tackle each.
Top topics the group identified:
- Leveraging business intelligence/data analytics. Some participants use geofencing to see when their members are spending time at an auto dealership or at competing financial institutions.
- Marketing team scalability. What does a modern marketing team look like, what skills does it require, and how can you measure the value it creates?
- Budget allocations for marketing. Participants cited the need for both awareness marketing, which is a long-term investment in brand recognition, and purpose marketing, which is more tactical.
- Membership growth. Despite national membership gains, too many credit unions still fight the perception that they haven’t kept up with the times.
- Deposit growth. Strategies included high-yield savings and checking accounts, business accounts for large balances, and new types of products such as blended-tier programs and reverse money market accounts.
“Keep these conversations going outside these walls,” urges Brian Grytdal, vice president of marketing for Horizon Credit Union in Spokane, Wash., and second vice chair of the CUNA Marketing & Business Development Council Executive Committee. “We’re all facing these issues.”
► Visit CUNA News for more conference coverage, and get live updates on Twitter via @CUNA_News, @cumagazine, @CUNACouncils, and by using the #MBDCouncil hashtag. Learn more about the CUNA Marketing & Business Development Council, a member-led professional society for credit union executives, at cunacouncils.org.