Monday, December 10, 2012
Agility—The Credit Union Marketing Buzz Word for 2013
Rob Kimmett, Sr. VP Marketing, New England Credit Union Services, LLC
At certain points in time it seems that there is a single word that can help define marketing strategies for credit unions. The last one that I can remember the credit union community wholeheartedly embracing is “relevance.” It was a single word that carried enormous meaning for credit unions striving to gain a more prominent place in the financial services marketplace. In three syllables it captured the challenge that credit unions face in providing products and services that are meaningful to the people that they hope to serve. It’s a word that brings with it the promise of a rewarding relationship when relevance is achieved.
If I were to suggest a single watchword for credit union credit union marketers in 2013 it would be agility. If there was ever a time when a credit union marketer is going to want to be nimble, flexible and fast on his or her feet it is this upcoming year. The consumer is becoming increasingly fickle and the options are as close as the nearest touch screen.
In a crowded marketplace full of new offers that are easy to take advantage of the credit union is going have to be ready to have the right message for the right moment in order to attract new business. There are opportunities to be sure but the offer has to catch the consumer’s eye and then it has to appeal to them on their terms which can change from moment to moment.
For our current members? While there is still a lingering shadow of the loyalty that we used to count on it is at best a secondary consideration and certainly not a deciding factor. “What have you done for me today?” is the phrase that we should be driving our strategies because it is certainly driving the consumer’s decision making.
An agile marketing effort is going to require a constant flow of market intelligence, analysis and action and it’s going to require the whole team working together to change direction when opportunity knocks. But there is good news credit unions are more compact, less bureaucratic and closer to the marketplace than the vast majority of the competition. We are built to be agile and they are not.