Posts Tagged ‘budget’

Member Profile: Bobbie Garner

February 22, 2011

Unlike retail businesses, at an online business like EverythingCU.com, we don’t get regular in-person interaction with our customers. Which is one of the reasons I love speaking to CU leagues and conducting hands-on social media workshops for them. And it’s also the reason why I particularly loved the phone call I had today with EverythingCU’er Bobbie Garner.

Recently I got to meet Bobbie in person at the CU Water Cooler Symposium in Indianapolis at the end of October. Bobbie had just attended the first-ever EverythingCU Webinar Roundtable, so it was pretty cool to meet her in-person just two days later. At the Symposium, Bobbie told me that her credit union was really liking their new Beehive online budget tracking tool from EverythingCU.

Recently, I got to chat with Bobbie a little bit more, to find out how Beehive was working for her. She told me that she was excited to be using it for her 2011 budget, and that the credit union had looked at other options, but none was as easy-to-use and inexpensive as Beehive. It turns out that Bobbie works part-time for the credit union; and the marketing budget is coordinated between four people; herself, their full time Community Relations Specialist who is a recent college grad, and two other executives at Health Care Professionals FCU.

In the course of the conversation, Bobbie also told me that the budget that she has to work with at Health Care Professionals FCU is much more than her budget last year, thanks to EverythingCU’s Marketing Budget Report. She said that by using the “Export to Excel” function of several report pages, and turning them into graphs, it was clear that her credit union’s marketing budget was well below comparable credit unions. The CU Marketing Budget Report is also extremely inexpensive, and we keep it that way on purpose, both for selfish and altruistic reasons. We hope hundreds more credit unions take advantage of it; selfishly, because if CUs use it to get their budgets increased, we hope they spend some of those ‘extra’ dollars on us, but also altruistically in that we truly love to further the credit union movement, and increasing marketing budgets will spread the good CU word even farther.

Bobbie also mentioned that the EverythingCU site is a wonderful resource in its own right, and how she reminds the credit union’s Specialist to always check the Document Center before creating a new document from scratch since there are more than 1400 documents in that library!

Basically, we wish we could plant a tree to grow more clients like Bobbie and HCP FCU… they are big fans of EverythingCU (and we’re big fans of theirs), and they use many of our products: the Executive Membership, webinars, the EverythingCU CU Marketing Budget Report, and most recently our Beehive Online Budget Tracking tool. We’re thrilled that they are getting great value from being a part of this online community!

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Video tutorial: CU Marketing Budget Report

October 1, 2010

This video is quite a bit longer, 10 minutes, but it explains in depth the Credit Union Marketing Budget Report, how it works, and some of the many methods of peer comparisons it offers. These comparison pages include marketing budget, loan growth, share growth, PFI, Net Income, YTD Marketing Budget, and more. It enables you to compare your CU to your peers in your state, region, or nationwide. If you’ve never checked out the CU Marketing Budget Report, this video gives you an inside look!

Oh yes, and every page can be exported to Excel too.

And big props to EverythingCU member, (and EverythingCUJungle Fantasy Football League winner in 2005), Doug Ralston, VP of Hermantown FCU in Minnesota for being a great sport and long-time CU Marketing Budget Report user!

New Year, New Budget, New Goals

January 5, 2009

At the prompting of EverythingCU member Mike Anderson, I decided to do a little slicing and dicing of the EverythingCU Marketing Budget Report to find out what the actual national average is for total marketing budget spent compared to total net new members walking in the door.

I have good news and bad news.

The bad news: Membership growth has been very flat. Credit unions are spending decent amounts of money on marketing. Thus, we’re spending a LOT of money to get relatively small results. If your net new members number is at all positive, you are doing well, congratulations!

The good news: This means that you can go to your CEO and legitimately say “it takes a LOT of marketing money to bring in a new member to the CU movement, you’d better give me a bigger budget if you want new members.”

So to all the VPs of Marketing and Marketing Managers in CU-land, you are welcome. To all the CEOs and CFOs, I’m sorry, but it is what it is.

Here are the numbers:
These numbers are based on year-end 2007, the latest year for which we have complete, full-year data.

Of the largest 4213 CUs in the nation:
Average net member growth was: 1.15%
Average number of members 12/31/07: 19,767
Average number of members 12/31/06: 19,270

Therefore, average gain in membership was: 497

Average marketing budget, 2007 for those same CUs: $236,337

Therefore, across the CU movement as looked at here, the average cost to gain a new member was…. wait for it…..

$475 EACH.

Please bear in mind that this does NOT take into account TOTAL new members, only NET new members. You may also ask, “why 4213?” I set our marketing budget report to show 5,000 CUs, and apparently 787 CUs out of the top 5000 have been merged out of existence, that we weren’t aware of, since we created our database of CUs in the year 2000. Also, you might say that 2008 is different than 2007, and you’d be correct, but I’m guessing that the national average won’t come out very differently. I’ll run it again in a couple of months when the NCUA releases their year-end 2008 data.

Personally, I would not recommend taking this $475 number to your CEO unless you want to induce a heart attack. On the other hand, if you are bringing in new members at a lower cost, perhaps you can wrangle yourself a raise out of it.

If you want to slice and dice the numbers yourself and get something more meaningful, i.e. a smaller sampling of YOUR CU peers, feel free to check out the EverythingCU Online Marketing Budget Report.

Determining Your Credit Union Marketing Budget

October 31, 2008

It’s that time of year again, budgeting time. Jeffry Pilcher published a table of marketing budgets by CU asset size published by Callahan and Associates. I couldn’t help but weigh in on the conversation started over there.

Just a reminder for any credit union marketing professionals reading this that we at EverythingCU have a Credit Union Marketing Budget Report that lets you compare your specific marketing budget to the specific marketing budgets of your CU peers. You can slice and dice your peer comparison by asset size, membership size, and within your state, region, or the entire U.S.

Happy Halloween!