Generating and managing credit union revenue is a chore, and being not-for-profit doesn’t make it any easier. So, anything that lets you do more work with less effort is a win—especially if it also increases profitability per member.
Marketing automation is the obvious next step for credit union marketing departments. It helps to reduce member churn, engage members, and identify member needs and behavior.
You might be asking yourself, “Is that something my credit union can afford?”
The answer is almost certainly “yes.” Let’s look at the cost of marketing automation for credit unions.
Marketing Automation Costs for Credit Unions
In addition to the monthly software subscription and support, the base cost of marketing automation covers setup and a few basic goodies to get you started:
- Email setup
- Social media management setup
- Lead scoring
- List imports
- Persona development
- First campaign setup and deployment
The cost of marketing automation for credit unions increases depending on what else is needed. Here’s what might affect the price of CU 2.0’s solution:
- Monthly email design and delivery
- Monthly tune-up of lead scores
- Quarterly product or service campaign design and delivery
- List management
- Nurture campaign development and optimization
- Content creation and revision
- Landing page design
- Form automation
Marketing automation can also replace existing software and tools. For example, our platform can consolidate your email marketing platform, your social media management app, and your CRM to offer cost savings.
But knowing what affects the cost isn’t the same as knowing the cost…
The Actual Cost of Marketing Automation
We can’t speak for other vendors (although we’ve seen some very high prices for very minimal services. I mean, seriously, thousands of dollars per month for… just the platform. Because of email list sizes or something). From CU 2.0, you can expect three basic tiers of service.
1. Silver
The Silver tier of automation ensures that your organization is set up and ready to hit the ground running. We work with your marketing department to make sure you know the ins and outs of the platform. Plus, we’ll get you started with a basic campaign right off the bat.
One-time setup: $3,000
Monthly fee: $600
2. Gold
The Gold tier of automation provides much more ongoing support. This tier is for busy departments that need a little extra help to develop new campaigns—and consistently optimize old ones. At this level, you can expect a lot more hands-on support.
One-time setup: $5,000
Monthly fee: $2,500
3. Platinum
The Platinum tier of automation is like a whole inbound marketing team in a box. This option includes custom content creation, complex automation sequences, and our secret recipe to the whole enchilada. (Enchiladas not included, but other perks are.)
One-time setup: $10,000
Monthly fee: $5,000
There is always room for a bespoke solution that fits your particular needs. Pricing will depend on what it is your credit union needs.
While most marketing automation platforms offer outstanding training and support, it can still sound overwhelming. Considering the implications on time and productivity during adoption and conversion, one might ask, why switch at all?
Staying Relevant
Things move quickly in the world of technology and finance. Disruption is the new normal. Credit union marketing departments need every edge they can get to stay in touch with their members.
Being able to reach the right people with the right offers at the right time is critical. Marketing automation ensures that your members—both prospective and current—don’t slip through the cracks. Staying in front of members and continuing to provide value gets easier with automation. Formerly tedious projects become background functions.
Plus, having one person do the work of several sounds pretty good, doesn’t it?
Further Reading
Marketing automation for credit unions is—and will continue to be—the new standard for member engagement strategies. Plus, the cost of moving to automated marketing is minimal. In some cases, it may even save your credit union money while expanding its capabilities.
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