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Survey 40 of CUs cut 09 marketing budgets
TEMPE, Ariz. (12/30/08--Forty percent of credit union marketing professionals surveyed are seeing slight decreases in their marketing budgets for 2009, according to a new study. However, 30% said their 2009 marketing budgets will increase, while another 30% indicated their budgets will stay the same, according to a panel of Credit Union Marketing University alumni. The credit unions, mostly community-charter credit unions, ranged in assets from $45 million to $800 million. Of those surveyed, 40% mentioned their marketing budgets will be over 0.20% of assets. In prior surveys, most community charter credit unions indicated budgets of at least 0.20% to 0.30% of assets. Respondents indicated their marketing focus for 2009 included:
* Growing relationships with existing members; * Using an ‘expanded field of membership’ to acquire deposits and youth accounts; * Increasing brand awareness in the community; communicating that the credit union serves everyone; * Explaining the safety of deposits and stability of the credit union; * Getting new deposits and deepening the relationship with existing members and increasing walletshare; * Opening a new office; * Continuing focus on membership, loans, core deposits and relationship; and * Growth/ member intimacy.
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