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Matt Maguy, partner in James & Matthew, Boston, a digital advertising agency specializing in CUs, suggests outsourcing lower-level creative and media placement. “The less immersed you need to be in a particular role to make the right decision, the more you can outsource that function,” says Maguy.
With the explosion of digital marketing, he also sees credit unions trailing their competitors in digital and video production capabilities which can lead to outsourcing opportunities. “Start learning about video production, social media, and how these mediums can impact your credit union, even your own professional growth. Outsource when needed,” he advises.
“So much (financial marketing) looks the same,” adds Jim Pond, another partner in James & Matthew. “It’s hard to track, and many institutions don’t incorporate enough analytics into their initial development of creative and subsequent tracking process.”
In-house marketers should understand marketing data and have the expertise to analyze spreadsheets, he says.
Pond has worked amidst a range of marketing team hierarchies and believes there is no “right” structure for successful execution. “Having a group of open-minded individuals that parallels the marketing world and functions as an ad agency is most efficient,” he says.
Bo McDonald, CEO of CUES Supplier member Your Marketing Co. , Greenville, S.C., believes that a CU can effectively outsource marketing strategy. “It requires the right partnership and for that partner to become immersed in the CU’s brand and culture, but … it can be done effectively.”
While there is no right or wrong answer for what makes an exceptional marketing team, assessing and tapping into the talent a credit union already has, and leveraging outside expertise, can create a win.
Stephanie Schwenn Sebring established and managed the marketing departments for three CUs and served in mentorship roles before launching her business. As owner of Fab Prose & Professional Writing, she assists CUs, industry suppliers, and any company wanting great content and a clear brand voice. Follow her on Twitter @fabprose.
