“One day Alice came to a fork in the road and saw a Cheshire cat in a tree.
‘Which road do I take?’ she asked. ‘Where do you want to go?’ was his response.
‘I don’t know,’ Alice answered. ‘Then,’ said the cat, ‘it doesn’t matter.’”
~Alice’s Adventures in Wonderland
By now, you no doubt have your 2012 plan complete. And that plan, no doubt contains annual objectives with month-by-month plans on how to achieve them.
Like Alice, you will encounter forks in the road on your way to December 31, 2012. Setting smaller, periodic goals will help you to know where you want to go at each fork.
“The uninformed must improve their deficit, or die.”
~ Cheshire cat
You don’t need to drown in information, but each month and each quarter, what is the data that will help you best track your progress towards your annual institution goals? The answers are as varied as the goals themselves and the means to access data.
Are you looking to drive awareness? Quarterly, conduct a quick 100 blind phone survey exercise asking responders to name the first 3 financial institutions that come to mind. Is your institution coming up more each quarter? Is it showing up as number 1 more often?
Product and balance growth are as easy as a core report, but were is the balance growth coming from? If it’s loans, are they favorable, or at least variable, rates? If it’s deposits, are the core deposits? How much are you paying for them?
Customer/Member growth is also as easy as a core report, but what is your product penetration with new customers? What products are bringing them in? Are you getting them into checking and at least 2 access products?
By collecting and regularly analyzing the right data, you will know which road to take when you reach the fork. Then you can ignore the Cheshire cat and his mischievous grin.
MarketMatch is a full-service marketing consulting firm, dedicated to the credit union and community banking community. We utilize knowledge-based strategies to help you FOCUS on the efforts that will generate MOMENTUM and yield the greatest RESULTS for your bottom line.
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