Featuring:
Vice President Client Solutions
President/CEO CUInsight
Invest With Intention: Building a Marketing Budget for Growth
A strong marketing budget isn’t simply a repeat of last year’s spending. It’s an investment plan built around where your credit union wants to go next.
In this Three Questions interview, CUInsight President and CEO Greg Michlig speaks with Strum Vice President of Client Solutions Charlotte Boutz-Connell about how credit unions can approach marketing budget planning with greater intention — from establishing the right level of investment to deciding where those dollars can have the greatest impact. Pasted text
Charlotte shares an industry benchmark of approximately 0.1% of assets for promotional and marketing spending, while emphasizing that there is no universal formula. Market size, competitive pressures, brand awareness, growth ambitions and emerging opportunities can all influence how much an individual credit union should invest.
Just as important is where the money goes. Charlotte outlines three areas credit unions should evaluate: building a high-functioning brand, strengthening data-driven insights and supporting ongoing marketing operations. The right mix depends on where the organization is today and what needs to change to achieve its strategic priorities.
That means taking an objective look at everything from brand awareness and audience segmentation to research, measurement, creative, media and marketing technology. It also means leaving room to experiment and respond as market conditions change.
The conversation also explores some of the most common budgeting pitfalls — including simply carrying last year’s budget forward, delaying investments the organization already knows it needs to make and assuming that doing everything in-house is always the most cost-effective approach.
Ultimately, the message is simple: marketing should be treated as a strategic driver of growth. A smarter budget connects spending to business priorities, gives marketers the tools to demonstrate impact and creates the flexibility to invest where opportunities are greatest.
In this interview, you’ll learn:
How credit unions can determine an appropriate marketing investment
Why 0.1% of assets can serve as a useful starting benchmark — but not a one-size-fits-all answer
How market conditions, competition and brand awareness should influence budgeting
How to prioritize investments across brand, data and ongoing marketing
Why flexibility should be built into the annual marketing budget
Which common budgeting mistakes can limit growth
Why outside expertise can sometimes be more efficient than a DIY approach
How marketers can better connect their investments to strategic goals and organizational growth
