(This topic was requested by one of our readers.)
We are all asked to do more with less. How do you know when to outsource yourmarketing?
When the Twin Towersand the economy were devastated in 2001, my largest client opted to move theiradvertising in-house. Immediately, Ibecame expendable to my ad agency – along with a dozen of my friends. I didn’t know at the time, but it was thebest day of my professional life!
Within a week, I hadan interview with a credit union to be their Marketing VP. My first step … learn what the heck a creditunion is! Soon after, my life as afinancial marketer launched.
Now here’s where the outsourcing comes in. On my third day as a CU marketer, I had ameeting with this company called MarketMatch (yes, I’m not just a consultant, I was a client). What I realized was that I knew how to be amarketer, but there were nuances to financial marketing that I needed helpwith. What’s more, I was a department ofone (and a part time assistant) and I had a lot to learn about my market. I hired MarketMatch to conduct marketresearch that I didn’t have time to conduct on my own. I also used them to turbo-charge my learningcurve on financial marketing.
So, what’s the lesson in all of this?
When do you turn to help?
Sole Search
Understand what you and your department are best at. Also own up to where you’re weaker.
I am an idea guy. I have created concepts for several award winningcampaigns, but I don’t even know how to open design software.
Look to bolster yourweaknesses so you have more time to maximize your strengths.
Manage YourResources
Prioritize the most important items that MUST get done toachieve your strategic objectives. Thenlist all of the day-to-day stuff that you simply can’t avoid (newsletters, meeting reports, non-marketingtasks that fall on you, etc.).
I knew that I neededmarket research before I could design a plan to help my CU grow. I wanted to understand our level of awarenessin the market, perceptions about us, perceptions of our competition, if themarket knew what the heck a credit union was … or cared. I didn’t have time to properly conduct andanalyze the research AND run my department, so I turned to MarketMatch.
In most cases, youcan hire a marketing firm of many individuals, each with their own uniquestrengths for less than the expense of hiring one qualified marketingprofessional in-house. When you analyzeyour list of “must dos” and compare it to your sole searching exercise, you’llquickly see if you can justify outsourcing and where to focus your outsourcingsearch.
Know You AreUnique
Every town has a local ad agency. And every agency has its strengths. But look at their client list (past and present).
As an ad man, I’veworked on an enormous variety of accounts: water parks, soccer shin guards,international container shipping, refrigeration air compressors, large-formatink jet printers, legal documents, helicopter share ownership. While many of the basics of marketing applyacross the board, I can tell you first-hand that there is no industry likeours.
Your marketingpartner can’t provide prudent recommendations without a firm understanding ofyour balance sheet. If your agencydoesn’t understand the unique needs of banking, they’ll be reduced to ordertakers by default.
Do They Help YouSleep Well At Night
The job of any outsourced partner is to strengthen yourefforts, to provide an outside perspective, to fill expertise gaps and toultimately make you look like a hero!
Check several references from institutions of similar size,target segments and project scope. Canyour agency point to other successes that closely resemble your needs? The bottom line … are you confident that,when you lay awake at night – concerned about all that troubles you – yourinstitution’s marketing efforts will not be amongst the worries?
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MarketMatch is a full-service marketing firm, dedicated to the credit union and community banking community. We utilize knowledge-based strategies to help you FOCUS on the efforts that will generate the greatest MOMENTUM for your organization and demonstrate RESULTS with our written ROI Guarantee.
