Build Strategy Strength – Planning for 2010 & the New Economy
Today's challenging economy has caused big changes in consumer behavior and moods, making it hard to predict. No matter what, you still need a plan in place for 2010 that allows for new layers of solutions as well as flexibility.
One thing that we can predict is whatever marketing you have done (or not done) this year will affect business for you next year. Those credit unions that have not been able to invest in marketing this year or pulled back to wait to see how things go for the year will find their ability to capture business next year more difficult.
To get business in the door today, a focus on sales is important. But to be in business next year, strategic marketing that blends traditional touches with social media and online solutions is everything.
Below are three ways that we believe you can build strategy strength and uncover marketing opportunities in the new economy. These are:
- Evaluate your Marketing Effectiveness
- Extend Your Brand Online
- Add a Social Media Layer
Evaluate your Marketing Effectiveness
In 25 years of marketing, LemmonTree has seen good economies and down economies, yet one thing remains the same. Those clients who follow a strategic marketing plan endure while those who look only to selling products today, this week or this month, falter.
Short-term marketing efforts create, as one client commented, "herky jerky" results.
Making sales keeps a company in business today but marketing is used to ensure you will be in business next year. The build-up of layer after layer of marketing efforts over time creates a position in the mind of the consumer to get them ready to buy your products when they are ready to purchase.
This tough economy is no different. If you continue to use the layering of marketing strategy, not cutting back as just an "expense" item or to "wait it out," you will protect the business for next year. If you are making those cuts or holding off until the economy gets better; you lose your position in the minds of your customers/members, in essence “disappear.”
Slacking off on layered marketing strategy, touching your core at least 7 times during the year and data-mining to reach target profiles with offers may not show right now because of the build up from last year's marketing. However, it will show next year.
Your marketing strategy this year has set the stage for your success in 2010.
A marketing audit can help you make sure you are on target and taking advantage of the variety of ways to attract and retain customers/members. With so many changes in marketing including the new impact of social media, this is the perfect time to determine how effective your efforts have been and what you need to do to position for 2010.
Need help uncovering more opportunities, research and strategies for building your marketing success? >>Learn more about our Strategic Marketing Audits or contact us at 7solutions@lemmontree.com or 888.536.6243.
Additional Resources:
Extend Your Brand Online
In building a better plan for 2010, dedicate some time to figuring out how you can position your brand online as one that is deeply valued by your members/customers. With a recent stat released by Fiserv that 2 million more US households are using online banking and bill pay compared to last year, now is the time to invest in a solid online marketing strategy.
Your online presence is more than just your website providing information. Today, you have the potential to create a true virtual branch, a financial resource center, a youth activity center, games for kid members, a member satisfaction tool and more.
With your website as the hub, there are so many new ways to engage members of all ages from microsites to added sections on the current site.
As an example, LemmonTree has developed a financial education microsite for client, Dover Federal Credit Union, named My Money Resource at MyDoverFederal.com.
 "In launching My Money Resource at MyDoverFederal.com, our goal is to provide a valuable financial information resource to our members. Our staff is excited to be able to recommend the site to members and have commented how great the content is and how easy the site is to use. In these uncertain times, providing a resource center that encourages sound money management seemed the best way to support our members' financial success."
David Clendaniel, CEO/President, Dover Federal Credit Union
The concept is to have an expandable resource section that keeps online members/customers coming back to the general website as the trusted place to get information. The resource site empowers their members to make healthier, more educated financial decisions by offering advice on topics such as budgeting, investing, financial planning and more. Also included is a space for members to share how the Credit Union helped them achieve success!
Need help extending your online brand? Visit our E-Marketing Department and contact us at 7solutions@lemmontree.com or 888.536.6243 for help with web design, e-marketing solutions, banners, Flash videos, micro, mini and mobile sites, social media strategy and support and anything web solutions.
Additional Resources:
Add a Social Media Layer
From Twitter to Facebook to YouTube to the newest Blog or Community, social media is all the buzz. A sense of urgency to be "on" has spurred many companies to throw up a page on Facebook, start a blog, or hop onto Twitter without having a good strategy.
Social media when done right is time consuming. It requires thoughtful writing, responses, and tracking. Yet, the seeming "gold rush" to the web also brings stumbles and mixed results.
According to the best selling, Groundswell, from the findings at Forrester Research, there are five objectives for using social media:
- Listening
- Talking
- Energizing
- Supporting
- Embracing
Their research has shown that understanding what your company wants to accomplish by being involved in a social network will help you to be more successful. They cite examples of companies setting up communities or microsites that ultimately do not meet corporate goals and need to be taken down or morphed into something else that better fits the goals of the management team.
 GetAZMoving.org is a social media site we designed and host for client, Arizona Central Credit Union to meet their goal of providing a resource for members and prospective members to network, talk about the economy, and view financial solutions. The site has an interactive blog (Get Talking), partner company link (Get Connected), resource center (Get Answers) and information on special offers at Arizona Central (Get Info).
As our clients have asked about social media and how to get involved online with members, we have talked strategy. Whether being interactive is to spark new product ideas, gather comments from members for competitive intelligence, spread the good word as thought leader, look for leads, provide customer/member support, or to humanize the organization, it is important to first establish what the goal is to set the best strategic path. Because social media takes a lot of time to do well.
The key is that you need all the forms of marketing touches from a direct mail piece in a mail box to a cable TV ad to an e-news in an inbox. All the layers must work together, yet social media does come with a higher cost in "people time" to manage, interact and respond to individuals.
Additional Resources:
Need help strategically layering social media with your credit union’s goals? Contact us at 7solutions@lemmontree.com or call us toll-free at 888.536.6243.
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