- Wondering why you are always the first budget item to be hit?
- Asking why other bank projects are still being funded and your budget is still cut?
- Curious as to why every golf outing is still in the budget?
Well, you are probably not alone. What is the cure for these symptoms?
I suggest a couple of remedies.
- First, sit down with your president and/or CFO and review the bank's goals and priorities for 2009. From where we are today (which is very different than a few months ago), what is it that will help the bank's bottom line the most?
- Review the opportunities you may be missing by not being proactive right now.... are there mergers or acquisitions or bank closings in your market area? Do you compete with some big banks that are struggling right now? How much could you benefit by being out there with an agressive product offer (deposit or loan) right now? Will this opportunity still be there in 6 months?
- Review your media budget. Have you reallocated your marketing budget to reflect today's media needs? Have you reduced your mass media budgets to allow room for email marketing and social media? If not, you are probably overlooking your most cost effective forms of communication with your existing and potential customers/members.
- Review with your president and CFO your marketing plan and together prioritize those items you still want to ensure get accomplished.
- Remember that by being a shining star and contributing to the bottom line now in a meaningful way is the best way to ensure that you get your marketing budget restored to it's former levels for 2010.
The recession will pass and good times will come again. But to ensure that management restores the marketing budgets you want, you need to see this year as an opportunity to be a valued partner in achieving goals with fewer dollars. Communication and joint prioritizing will go a long way to making that happen.
Have a great holiday weekend!
Sharon Litherland-Lovejoy
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