What is the right marketing mix for credit unions? Today’s marketers have so many channels to consider when conceptualizing their marketing campaigns. Direct mail, email, print advertising, radio and TV spots, web advertising, and the myriad social media channels that continue to grow are just a few mediums a marketer has to consider. With the addition of so many means of communication, is any one the best? Are there methods that have become outdated?
It can be difficult to know what exactly the right balance is when crafting your marketing plan (and sticking to your marketing budget). We regularly hear both sides of the argument:
- In today’s technology-driven world, print is dead! AND
- Because technology is constantly streaming to consumers, direct mail stands out.
Synergent is armed with the recipe for the secret sauce. We know what works for credit unions, and it is a balance of both print and digital channels. Print is definitely not dead. And being present in the digital space is essential – it’s where your members and potential members are. But technology has now arrived at the intersection of digital tools meeting traditional methods, making what used to be science fiction our new reality.
Doug MacDonald, Vice President of Synergent Direct Marketing Services, oversees a team that assists credit unions of all sizes with their marketing efforts. Doug shared his unique perspective and valuable insight into what the right marketing mix is in today’s marketspace:
Based on your experience, what is the optimal marketing mix for credit unions to use in their marketing efforts?
We have seen the most effective campaigns include a direct mail piece with an email to reinforce the direct mail, typically a few days after the direct mail is sent.
What tracking tools are available for the different channels? Is it difficult to track direct mail?
The most popular tools used are Unique or Vanity URLs and Traceable 800 numbers and these can be utilized to track direct mail response just as easily as other channels.
Is the cost of direct mail reflected in the return on investment when incorporated into a marketing campaign?
Yes, all costs are incorporated and at times we will perform ROI analysis per channel, to assure each is performing and additionally look to arrive at a breakeven analysis.
Are any mediums (i.e. print vs. email) better or worse than others?
No, it all depends on how the audience wants to interact and receive messaging, plus in practice multiple mediums reinforce each other and the sum is greater than the parts.
What unique tools are available to credit unions when they partner with Synergent? (Tracking, customization, integration, data mining, enhanced email, etc.)
All of the above. We provide a comprehensive approach that is tailored to business objectives and strategy development and constantly strive for new and improved results.