The cornucopia is a bugle-like basket full of food – a traditional symbol of abundance. And while abundance is excellent when preparing to fill your stomach around the dinner table, it’s less excellent when it comes to your marketing.
There’s a temptation to treat your bank and credit union marketing like a cornucopia in different ways. But the idea that your marketing must revolve around an abundance mentality is a myth. Instead, it’s wise to be picky.
The Trap: Time and Energy
Let’s be honest: most, if not all, marketing folks recognize restraints on their budgets. There are limits on their money, so spending like there’s no tomorrow isn’t really an option. The cornucopia trap here is uselessly spending time and energy. Maybe some measures cost money, maybe others don’t. But your cash follows your attention, so by directing time and energy to the wrong spots, you waste what little money you have.
Here are three trouble areas to avoid with your marketing so you don’t waste time, energy and money.
#1: The Marketing Channel Cornucopia
Facebook posts, blogging, paid search, direct mail, signage – potential marketing tactics abound. But what’s most effective for you?
It’s easy to spread yourself too thin by trying to be everywhere at once. According to Marketing Charts, many marketers today manage as much as 15 channels, and 58% say managing so many has a negative impact on marketing operations.
Effective marketing isn’t about how many channels you manage…it’s about which ones you manage. Do quality marketing in places where your audiences go and in the ways they like to experience it.
For example, Gen Z households enjoy social media video marketing but may also search for digital financial advice on blogs. Sending them direct mail is probably just throwing money in the garbage (since that’s where the mail will go).
#2: The Product Cornucopia
Financial organizations have a laundry list of products: checking accounts, money market accounts, auto loans, home equity loans and more. But do you need to market them all?
No. At least not broadly.
Focus your wide-reaching marketing on those products most likely to drive your bottom line or achieve your strategic goals. Use your communications to funnel people to specific products. Then, you can target those who engage with next-level services.
You’d rather people remember one or two products you have than forget all of them because of a scattershot approach.
#3: The Seasonal Cornucopia
It’s summer auto loan season! Or holiday loan season! Sound familiar?
Financial organizations tend to lean heavily towards seasonal marketing. They’ll go all-in on special seasons, launching campaigns and promotions before dying down during other parts of the year.
A Financial Brand article recently noted that marketers neglect constant needs throughout the year while pouring resources into “peak-attention months.” But marketing downtime for you might be marketing uptime for competitors. If you refuse to market your accounts at certain times of year, who is filling that gap?
Rather than indulging in seasonal marketing binges, consider more moderate, year-long marketing strategies.
Are you overextended? Does your bank and credit union marketing lack focus? Find out if you’re a victim of the cornucopia myth by booking a free consultation to discuss a marketing assessment with us.
