Budget season is well underway for credit unions and community banks. While Fall is great for pumpkin spice latte lovers, it’s not so great for financial institution marketers. We often have to exercise our math skills (not necessarily our strongest trait).
This year, a marketer’s budget skills must be stronger than ever. You can’t cut and paste your budget from previous years and hope for the best. Or just increase your budget by a certain percentage. Or even use peer comparisons as an example.
Your 2021 budget must start with a sound strategy. Every item you put in your 2021 budget must show a strong return on investment (ROI).
A number of studies show that companies who increase spending during a recession enjoy greater gains in market sharethan those who cut their marketing investment. In fact, when markets expand, market share is harder to come by. During a downturn, the right approach is to increase marketing spending.
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