Who knew that not-for-profit enterprises would ever have to be careful about their budgets? Okay, I guess we could all see that coming. Generating and managing revenue is especially difficult for credit unions, but it’s necessary. In today’s blog, we’ll look at the cost of marketing automation for credit unions.
If you work in the marketing department of a credit union, you’re probably already familiar with some marketing automation software. Generally, automated marketing helps manage email, social media, and other repetitive tasks.
Depending on the application, some automation software can make the work of one person seem like the work of ten. But that increased efficiency comes at a cost. Is it a cost that your credit union is prepared—or able—to pay?
Yes, Your Credit Union Can Afford Marketing Automation
We’re not saying it’s an easy task to make room in a tight budget for one more marketing solution.
Marketing automation isn’t some silver bullet that will magically address and alleviate your pain points. Unfortunately, that makes it a tougher sell to some credit unions. However, before dismissing outright any marketing automation for your credit union, consider the numbers.
While we can’t give exact numbers—those depend on which services you use and are considering—we can say that marketing automation software is surprisingly affordable.
Some of the more robust email marketing platforms cost more than robust automated solutions with far more functionality. For example, the email marketing tool Emma costs more than the automation platform SharpSpring. HubSpot costs only a little more.
If your credit union is already using marketing tools, there’s a high chance that replacing them with an automated solution won’t significantly impact your bottom line. The difference could be less than a couple thousand dollars per year.
But What if It Ain’t Broke? Why Fix It?
Automated marketing for credit unions is more complicated. That complication presents a hurdle to adoption.
Namely, credit union marketing automation means the following:
- Training on a new system
- Importing emails and workflows from the old system(s)
- Campaign conversions
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?
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. The Stash Apps and Acorns banks of the world aren’t going to let up anytime soon, and neither should your credit union.
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?
Hopefully we haven’t painted too bleak a picture. Ultimately, we think that marketing automation for credit unions is—and will continue to be—the new standard for member engagement strategies.
In our view, 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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