Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Fin. marketers survey Inadequate budgets top challenge
MEDFORD, Ore. (1/18/12)--Credit union and bank marketers have named insufficient budgets and manpower as their No. 1 challenge for 2012, according to a new marketing survey.

Forty-six percent of the 228 marketers served said budgets and manpower were their biggest marketing challenge, according to The Financial Brand's 2012 Bank and Credit Union Marketing Survey. Respondents included  84 banks, 30 community banks and 104 credit unions. Forty-five percent of respondents indicated their marketing budget will increase this year, while 12% expected a decrease.

Difficulty measuring and proving results for return on investments was the second most common challenge, cited by 38% of respondents. That was followed by inflexible and limiting information technology (IT), 37%; employee support for marketing and branding sales, 34%; and regulation and compliance issues, 33%.

Top marketing priorities for the next 12 to 24 months include cross-selling and loan growth, according to the survey. Products expected to receive the most heavy promotion include: mortgage loans, auto loans, free checking, credit cards, online banking, small business banking, mortgage refinancing, small business lending, and auto refinancing.

Credit unions and banks continue to use traditional marketing tools. Nearly half of them said that print, TV, radio and outdoor advertising will have about the same importance this year as in 2010. However, online ads, social media and personal finance management tools will grow in importance.

More institutions picked up on using e-mail as a marketing tool, with 79% of those surveyed using e-mail, compared with 69% in 2010.  More credit unions and banks also are paying for online banner ads today--68%, compared with 54% in 2010--and more are using ads in their e-statements.

As for social media tools, Facebook dominates, with 72% of respondents using this tool, followed by Twitter (54%); YouTube (49%); Linked in (48%)  and others.   However, the survey noted that 40% of credit union and bank marketers devote only one to five hours a week to social media each week.

For the full survey report, use the resource link.
Other Resources

RSS





print
News Now LiveWire
A recent report from @TransUnion says consumers born 1981 or later made up 27% of total auto-loan originations in 2014, up 16% from 2009.
15 hours ago
.@CUNA says new House bill is "further evidence" of lawmakers' interest in how @TheNCUA uses its funds from CUs. See News Now Monday.
1 day ago
.@MECreditUnions announces winner of @YoungFreeME #SoundOff contest. @Sassquatch_Band will play Old Port Festival in June @PDD_Downtown
10 hours ago
House Financial Services Com. to hold March 3 hearing to receive the semi-annual report of @CFPB Director Richard Cordray.
10 hours ago
Rep. Jeff Miller (R-Fla.) re-introduced bill to ease veterans' access to loans for #smallbusiness purposes from a #creditunion (HR 1133)
12 hours ago