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.