One of the most interesting jobs we help clients with are marketing audits. Described simply, marketing audits are designed to take an extremely granular view of a bank or credit union’s marketing efforts from A to Z. This includes looking at competitor and internal mystery shops, marketing plans and calendars and promotional materials.
After having completed many marketing audits for clients both large and small, from coast-to-coast, a few common insights have emerged. By reviewing these insights found below, it’s possible for you to decide if a marketing audit would be helpful your bank or credit union.
- Insight: too much clutter in the branches. Banks and credit unions are often guilty of allowing and keeping far too much clutter in their branch locations. This clutter can come in the form of old and outdated materials, brochures and pamphlets from business partners and even disheveled-looking community bulletin boards. Rather than allow this clutter, strive to keep your branch facilities tidy and organized. Conduct periodic “marketing sweeps” that look for old and outdated materials and ensure that you are using available marketing space to promote your own brand and not that of others.
- Insight: your own bank or credit union level of consumer service isn’t as good as you thought it was. Similar to the findings of an external mystery shop, finding out that your own consumer service isn’t up to par is also a jarring experience. However, marketing audits make it possible for you to review and correct the shortcomings, rather than allowing decreased wallet and market share to the correcting for you.
- Insight: the marketing and/or business development organizational tree is not optimized for success. Occasionally, those tasked with leading the marketing function of a bank or credit union (such as marketing managers or marketing vice presidents) are not invited to the table when it comes to higher-level executive management decisions. This is generally a mistake. Those involved with leading the marketing of a bank or credit union should have a place at the table with the executive team. Also, more and more banks and credit unions are finding that it makes more sense to have their branch managers lead local business development efforts.
Those are just a few of the findings that have come from many marketing audits for clients. By looking for ways now to help avoid issues like too much clutter, inferior consumer service and inoperative organizational trees, your bank or credit union can take leaps ahead towards improving its performance.