In the world of bank and credit union marketing, teaming up with a marketing agency can be a game-changer. It can save you resources, time and frustration. But many institutions have (entirely fair) objections to it.
Let's roll up our sleeves and tackle these objections head-on. Who knows? By the end, you might just be ready to engage a marketing partner.
1. "It's Too Much Money"
The money argument is a classic one, and it’s also an important one for financial institutions to consider. Budgets are tight. It feels like income is shrinking.
All in all, partnering with a bank or credit union marketing agency might seem like you're forking over more dough than a pizza joint on Friday night. But a partnership is actually an investment that saves you money.
Think about all the time your team spends on marketing tasks. Then, consider how much it costs to have a full marketing team (salaries, benefits, searching for new hires, etc.). Even one skilled marketing leader earns a salary from $56,000 to $200,000. Now, add in the cost of tools and software.
Starting to look a bit pricey, isn't it?
A marketing partner brings expertise, efficiency and a whole toolbox of resources to the table. They're like the Swiss Army Knife of the marketing world – versatile, reliable and always there when you need them. Not to mention…you buy a whole team for the low end of that salary cost (and without benefits too).
Plus, consider the cost of missed opportunities. How much business are you losing because your marketing isn't hitting the mark? That's the real expense.
2. "It Doesn't Drive Results"
Did you have a bad experience with a prior bank or credit union marketing partner? Maybe they just dove into making things without looking at your strategy first? That’s bound to not deliver results.
A good marketing partner doesn't just create pretty graphics and witty social media posts. They're strategic masterminds. They analyze your market, understand your audience and craft campaigns that hit harder than a caffeine rush on Monday morning.
But here's the kicker: results don't always look like an immediate surge in new accounts. Sometimes it's increased brand awareness, improved consumer retention or a boost in community engagement. It's about playing the long game…not just going for quick wins.
Your marketing partner should be able to explain how their efforts are contributing to your overall business goals. If they can't, it might be time to find a new dance partner.
3. "A Non-Local Partner Can't Understand Us"
Sure, your community might have its quirks. Maybe you have an annual festival celebrating the world's largest ball of twine, or perhaps your town's claim to fame is being the birthplace of the hula hoop.
But here's a secret: good marketers are like chameleons. They adapt, they learn, they immerse themselves in your world.
A non-local bank and credit union marketing partner brings fresh perspectives, industry-wide insights and strategies that worked across various markets. They're not bogged down by "that's how we've always done it" thinking. Instead, they blend the best of both worlds – your local knowledge with their broad expertise.
Plus, distance is less relevant in this age of Zoom calls and virtual tours. Your marketing partner can get to know your community faster than you can say "digital transformation."
So, there you have it! Three objections to bank and credit union marketing partnerships, thoroughly addressed. Now that we answered those questions…are you ready to make your life a little easier? Book a free consultation today to see how On The Mark Strategies can help.
