Credit unions are growing their in-house marketing efforts, a recent study by digital signage firm Codigo showed. While banks have increased their marketing departments by 26 percent this year, credit union marketing departments have expanded by 36 percent.
This expansion comes at a time when credit union membership is also going up. According to the Credit Union National Association's Credit Union Trends report, membership grew by 0.43 percent in June. In the U.S. overall, 32.5 percent of the population are members of credit unions. With credit unions growing in popularity, it makes sense that they would expand their employee base and marketing efforts in order to grow their membership even more.
Codigo's report showed 54 percent of credit union marketing employees were focusing on marketing auto loans to their members. These efforts have paid off, according to CUNA's report. It found that auto loans grew 2 percent in June.
Benefits of in-house marketing
According to Nanigans, an advertising technology company, there are many benefits to bringing marketing efforts in-house. By outsourcing marketing needs, a company will likely have to schedule time to discuss project specifications. Bringing marketing in-house means a company will save time because the person will be available whenever something needs to be discussed.
Having someone inside a company or organization will make marketing efforts more personal - the staff member will be more in tune with the company's goals.
Another way to look at things
Though credit union marketing departments have been growing, about two-thirds reported they also outsource some of their marketing tasks. Meanwhile, marketing employees have begun to specialize in certain areas; 20 percent of credit unions have a designated social media manager, while 36 percent have graphic designers.
There are many different ways credit unions can split up marketing tasks. While there are benefits to having specialized in-house employees, outsourcing some tasks to marketing agencies has its own perks.
A study by SmithBucklin Outsourced Services found that 81 percent associations are utilizing outside services for some of their functions.
The study shows how association executives are augmenting their in-house teams," Carol McGury, SmithBucklin's Executive Vice President of Event and Education Services, said in a press release. "Association executives realize they cannot hire and employ every talent they need to deliver against the important work of their organization. By outsourcing solutions for specific needs, they can ensure that their organizations thrive while serving the best interests of their members."
"Two-thirds of credit unions reported they outsource some of their marketing tasks."
The survey found that the main function associations are outsourcing is digital media, such as video and graphic design, at 52 percent. Editorial and advertising tied for second with 27 percent, while public relations and social media came in seventh and eighth with 17 percent and 7 percent, respectively.
Benefits of outsourced marketing
Though there are plenty of advantages to having a staff member focused on marketing goals, there are also benefits to outsourcing some of these tasks. According to TOPSEOs, outsourcing some needs will mean someone who is experienced in marketing efforts for many types of organizations will be handling the task. This person will have years of insight into how to reach the goals of the organization.
Outsourcing marketing efforts means that a small organization doesn't have to go through the process of hiring a new staff member. Another benefit to using outside agencies is the flexibility they provide.
"Outsourcing allows us to utilize professional services on an 'as-needed basis,' and the group we use can be fully focused on the task," said one of SmithBucklin's survey participants.
Credit unions have grown over the past few years. With more members, many credit unions are in a position to expand their employee base. Expanding their marketing efforts, whether they be in-house or through an agency, could draw more members and more business opportunities to the credit union.