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Marketing Myths That Could Cost Your Credit Union
Friday, September 19, 2014 6:20 AM

As seen in CU Insight Magazine, there are ten marketing myths that could cost your credit union—and you might never be the wiser. Take a look at these common myths, and see if your marketing campaign could benefit from some closer review:

  1. Everyone is going to love this marketing campaign.
  2. Marketing doesn't contribute to the bottom line.
  3. We should be doing <fill in the blank> because the bank or credit union down the street is doing it.
  4. Launching a campaign is a list of checkmarks.
  5. Your brand is your logo.
  6. People only care about price.
  7. Marketing is the marketing department's job.
  8. It's all about product.
  9. People know about our credit union.
  10. Different creative direction on each campaign is a good thing.

How did you fare? Did you identify some general beliefs on this list that are occurring within your credit union?

We asked Alison Wolf, VP of Marketing for FAA Credit Union to have a look at this list of myths, and she agreed in principle. "Since credit unions can be so collaborative, we often look to others for best practices and many do what has been done for a long time because it works for them."

Wolf added, "With competition coming from different directions such as Apple and Google, it's time we look outside of our industry for ideas and ways to get the attention of our members and potential members. The marketing challenges today are much more difficult than they were even ten years ago and we have to stay on our toes to gain and keep their attention."

For more details and explanations about these ten myths, go to CU Insight Magazine where an in-depth look at your marketing strategy may reveal the need consider a new direction.