The new year is often a time of planning for growth in the coming year. It’s a milestone that provides reflection on the previous year’s activities, and can set the course for the year to come. If one of your credit union’s goals for 2016 is to grow membership, or grow member engagement, marketing may be an area of increased efforts.
Given the obvious visibility of effective marketing, it is important to ensure that materials are compliant. While a loan or deposit transaction may only impact a particular member, the hope is that hundreds or thousands (maybe more!) individuals will view the marketing material your credit union produces. Among those individuals with eyes on your promotional material may be the examiners set to arrive at your credit union during the year.
As with a new product offering, it is important to pull your compliance team into your marketing strategy meetings, early on. Compliance may be able to alert you to the fact that a particular marketing plan may have areas of risk. This can save the marketing team a lot of time, and effort. It’s never a good feeling to spend countless hours putting together a promotion that everyone is super excited about, only to have compliance come back with changes that seem to undercut the entire premise. And, trust me, as a compliance professional, it’s not fun to respond to your marketing team that way either.
By engaging compliance early in the process, it gives them an opportunity to help marketing with what they CAN do, as opposed to what they CAN’T do. Not only is this more efficient and effective, but it helps with morale. Everyone is on the same team here, right?
Good luck in your marketing efforts and growth objectives in 2016. Nothing makes me happier than to see our clients grow and succeed. If I/we can help partner in your success, drop me a line. I’d love to help.