There are endless amounts of commercials for weight loss drugs like Wegovy and Ozempic. There are also an infinite number of ads for healthy food options and fitness centers. If fitness and a healthy lifestyle are important, then dieting can certainly help achieve your goals. But it’s not just bodies that need to diet.
You also need to put your bank or credit union marketing on a diet as well. Please note: I’m not saying you need to cut your marketing budgets. Quite the contrary. Just like your eating habits, your marketing habits require a healthy dose of the right nutrients. You need to invest in your marketing while not eating (spending it) on junk food.
Here are four ways to immediately put your bank or credit union marketing on a diet to see the best results:
- Focus your efforts rather than doing everything — Many credit unions and community banks are doing too much in marketing. You’re all over the place. Find what works for your financial institution and double down on those efforts. For example, you do not need to be on every social media channel. In other words, rather than go wide…go deep. Think of this simple 70/20/10 formula: focus 70% of your efforts on proven strategies and tactics that work, 20% on similar activities and 10% on new or different markets and mediums. Remember this principle: one of the biggest keys to marketing success is focus.
- Cut the copy — This is where your marketing probably needs the biggest diet efforts. Let’s be honest: most people are not reading all the words you are writing. So, write less. Use bullet points. Make your copy “scannable.” When it comes to your writing, less is often more. Remember this principle: brevity is clarity.
- Refine your niches — When you’re on a diet, you can’t eat everything. And when your bank or credit union marketing is on a diet, you can’t be all things to all people. Yet when asked who you’re trying to reach, I often hear credit union and banking executives say, “Yes!” Wrong answer. Successful financial institutions build their brand not on marketing to the masses but on marketing to particular segments. Remember this principle: limit who you’re trying to reach.
- Assess your marketing — Most successful diet plans start with an evaluation. What is your current weight? What are your current eating habits? What is your caloric intake? In a similar vein, you need to know what is currently working with your marketing and what is not. The good, the bad and the ugly. And nothing does that better than a marketing assessment. A deep dive marketing assessment will give a quick analysis on strategies and tactics you can use to see immediate improvements. Remember this principle: improvement starts with reflection.
Experts say 80% of losing weight is about healthy eating while 20% is about exercising. To gain a 100% return on your marketing investment, start by putting your bank or credit union marketing on a diet. Book a free consultation to begin assessing your marketing so you know the next steps to take.
