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CU System
Marketing/BD Council Paper Dispels Myths On Marketing
MADISON, Wis. (6/19/13)--A new white paper from the CUNA Marketing & Business Development Council dispels 10 of the most common misunderstandings about the ever-changing role of credit union marketing.

A new credit union marketer is emerging--one who understands how data can drive decisions and one who measures, shows and shares results for marketing initiatives, says the paper, "Marketing is Easy and Other Myths: Strategies to Demystify 10 Misunderstandings That Plague Credit Union Marketing Professionals."

This marketer knows how to collaborate with other credit unions, while maintaining a unique brand identity. The marketer builds internal bridges, manages risk, and is sought after as a potential CEO, the paper said. For the 21st century marketer to flourish, many myths that affect the profession must be put to rest, it added.

The myths are:

  1.  Marketing is easy.
  2.  Marketing is an expense.
  3.  Advertising and marketing are the same.
  4.  Marketing creates brands.
  5.  Other credit unions are the credit union's greatest competition.
  6.  Marketing on rate is the only way to see success.
  7.  Great marketing has to be expensive.
  8.  The chief financial officer is the arch-enemy of marketing.
  9.  Marketing and business development are the same.
  10.  Marketing is not the pathway to a credit union CEO position.
The paper dispels 10 of the most common misunderstandings by asking:

  • How do marketers show overall value to the credit union?
  • In what ways can credit unions work together to gain market share?
  • How can marketers position their messages to make better connections with consumers?
  • What skills are important to create better business development and marketing programs?
  • How can marketers work better with chief financial officers?
Today's marketer is expected to deliver measurable results, analyze copious amounts of data, become experts on new media, promote relevant content to shifting demographics, and create highly differentiated brands in a sea of new and old competitors, said the paper. The marketer occupies a sophisticated position that requires a careful balance of science and art to manage real-time data and construct messages that turn the heads of consumers, it added.

To access the paper online, use the link.
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