It’s not just our tag line … it’s our business model.
This week, we take the ultimate look behind the MarketMatch curtain. A glimpse into our innermost workings. The drivers behind everything that we do for your credit union or community bank.
This is part 3 of a 3 part series this week that will outline the simplest of strategic processes and the true value to how we partner with financial institutions to drive bottom line success.
Focus ... Momentum ... Results
RESULTS
Because of our ROI Guarantee and because it’s the right thing to do, we measure everything. The challenge is knowing what to measure and when.
At it's base, ROI is:
At it's base, ROI is:
Incremental Profit - Marketing Investment
Marketing Investment
But there's so much more to the equation:
- Would the community name you in the top 3 in an unaided awareness survey? Would they name you first? How does that compare against a pre-campaign baseline? (This begins to measure that MOMENTUM that we talked about yesterday)
- Was there a sales lift over the months prior to a campaign? How about the same months of the previous year?
- Did you hit your required sales lift?
- What might the results have been with a different offer? What about no offer?
- What was the difference between increased applications and increased new accounts?
- Did growth come from existing customers or new? Which did you want?
- Is your attrition decreasing? What accounts are experiencing the highest and lowest attrition?
- What branches or markets are growing the fastest/slowest? Why?
- If your marketing is working, how can you make it better? If it's not working, why?
Once you understand your objectives-driven FOCUS you'll know what to measure.
With constant monitoring and tweaking, you can more effectively build MOMENTUM.
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With nearly than 160,000 visits worldwide, we hope that you enjoy this blog. If you find it helpful, please share it with your colleagues. Also, check out our YouTube Channel for short video blogs about financial marketing. We bring these marketing philosophies to community banks and credit unions nationwide, and would love to bring them to your institution too. Contact us to see how.
MarketMatch is also a nationally and internationally requested speaker. Contact us to bring our marketing ideas to your next conference.
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MarketMatch is a marketing firm, dedicated to the credit union and community banking community. We utilize knowledge-based strategies to help you FOCUS on the right story that will generate the greatest MOMENTUM and prove the best RESULTS with our written ROI Guarantee.
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