budgeting is an important aspect of any credit union that is looking to grow, maintain stability, and keep relevant with its members. Resources that are set aside for individual departments provide opportunities to make moves that could potentially benefit the credit union and see successful returns. But, when execs don't see an immediate need to fund a specific area such as marketing, the money previously set aside for that department could be going elsewhere, and it shouldn't happen that way. Sometimes we have to remember that m for marketing, not m for miscellaneous to highlight the importance of this for our future growth.
If we are talking specifically about marketing budgets, it is important to know how beneficial those resources could potentially be if they are put into the right campaigns. Generating leads, finding potential clients or members, and continually announcing your products and services all come from having a persistent presence in the marketing game. Allowing marketers to have the resources they need to connect with people can end up leading to big things for the credit union, or any company for that matter. The only problem with this is that an ROI from putting money into marketing and communication efforts may not be as immediate as other ventures. CEOs or CFOs might not put as much thought into a marketing budget as this, since most executives are strictly numbers-driven individuals. This is why it is important to incorporate common company goals and data from past successful campaigns into new marketing strategies, to show that there is potential for a return.
The bottom line here is that every aspect of a credit union is important in the efforts to grow and maintain consistency. When you take away from one department and give to another, it could hinder progress and not allow full potential to reveal itself. With over 30 years of experience in the credit union industry, we at oak tree business systems, inc. understand the importance of growth and stability. If you are looking to learn more about credit union marketing, be sure to check out our blog. We are not currently taking on any new marketing clients, but we are looking for other ways to assist credit unions in their marketing efforts, from credit union SWOT reports to other credit union marketing blog posts.