Kathryn Baxter: Good afternoon, everyone. Welcome to our October webinar. This webinar for today is on Data Mining
- Golden Nuggets for Your Marketing Campaign. I'm Kathryn Baxter. I'm going to be your moderator for today, and I'm also joined by
Vanessa Lowe. She's our host, one of our economic development specialists. Before I turn the console over to Vanessa, I want you to focus your attention, please, on
the screen, because we're going to go over some administrative announcements. Please, please adjust the volume on your computer so that you can hear this presentation.
Also, if you'd like to resize the slides, you may drag the right bottom corner to do so. Also, from this site, you will need to
allow pop-ups. At any time during this webcast, you may ask a question using the Ask a Question feature on the left-hand corner
of your console. In fact, what we would ask you to do is ask questions throughout the webcast. Don't wait until the end. If you know the speaker's
name whom you'd like to answer your question, please include their name in your question. We'd also like to hear from you, so at the end of our webcast
we are going to push out a brief survey. Don't worry about watching your email. We're going to push that out to you. Then, as always, in
approximately three weeks, this particular event will be closed captioned for on-demand viewing. Now, we've begun a process where we like to
issue certificates of training or certificates of attendance, and this webcast is going to be one of those. What you're going to need to do-this will be the
requirements in order to receive the certificate-you need to listen to the webcast for at least 45 minutes, answer three of the four poll questions that will
pop up on your screen, and take the quiz at the end. You'll need to get 12 out of 15 answers correct. In order to be able
to see your progress, there are two magenta-colored icons at the bottom of your screen on your console. Magenta is kind of a
purple-ish-pink looking thing. The one to the far right is where the test will be. The one next to it will let you track your progress. If
you've done everything correctly, the icon that's next to the test will show three buttons that will light up sort of green. Then within that
particular icon you will be able to print your certificate. Vanessa will go over this again, but I wanted to let you know right away what the requirements
are to receive the certificate. I'm getting ready to turn the console over to my host, Vanessa Lowe, and she is going to give the NCUA disclaimer. Vanessa?
Vanessa Lowe: Hello, everyone and welcome. I'm excited to be here today, and let's start with the NCUA disclaimer. This webinar, as all of our trainings,
is offered for informational and educational purposes only. NCUA is not endorsing any particular credit union or vendor or their employees, products, or
services training. Welcome. Let's move it right along here, and let's talk about what we're going to talk about today. I came up with this title
because we've done some marketing webinars in the past, and so I wanted to put a little spin on it because I'm a bit of a data geek myself, and I know
when I work with credit unions I often want a lot of data when I go in. I really wanted this marketing presentation to focus a lot on the importance of data points-the
data that's in your processing system, that the data that you need to calculate in order to boost your making money on these campaigns-things like that. That's what this
webinar is really going to talk about. We have two wonderful guests who are joining us-two marketing professionals. They're going to toggle between
each other to talk about their different issues. The first is going to talk about and sort of go through the anatomy of a marketing campaign-why do a
campaign, what to think about as you start approaching the project, and filling in a lot of different points about data for developing this campaign, and then ultimately, the
most important issue, which is calculating your return on your investment. You're going to put money into marketing. How do you calculate whether or not it's actually made money
on that investment? Then throughout we're going to have another speaker talk about the issues to think about if you are considering hiring a marketing consultant. Now, what she'll
talk about that will also be helpful, though, if you decide that you're going to use an in-house person. Maybe you already have somebody on staff. Some of the points will be the same.
A little bit of what she's going to talk about includes shopping and selection for a marketing consultant, what are you looking for, what they'll need, what do you need to be
prepared to provide to that consultant, and then managing the engagement. What are the ways to really make that a successful opportunity to bring more business into your credit union?
Then finally, as always, we have a full half hour of question and answer at the very end. We like to tie the voices to the faces. That is my face. I am
Vanessa Lowe, an Economic Development Specialist with NCUA’s Office of Small Credit Union Initiatives. I've been here for about eight years, and before
that I was with U.S. Treasury’s Community Development Financial Institutions Fund for about seven years. There we invested in and certified financial institutions
that demonstrated a commitment to serving underserved communities. All right. Let's hear from our guest, Amanda. Amanda McMeans: Hi, everyone. Thanks so much, Vanessa.
I'm talking to you today because I love credit unions. I have worked in this great industry for over 13 years, and I started right out of college. Throughout my career I've worked
for three great credit unions working my way up from marketing manager to director to vice president and actually followed my dream a year ago today, literally, October 21st, to start
Twoscore to help small credit unions thrive and stay relevant. Thank you for the opportunity to be here today. Vanessa Lowe: Thank you, and next, Renée. Renée Sattiewhite:
Hi. I'm Renee Sattiewhite, and I'm the possibility of people serving other people passionately. I'm a 25-year veteran of the credit union industry, and I am pleased to be here to
help you think about some of the things that you would need to do about your marketing campaigns for marketing and consultant or in-house personnel. Our company
specializes in training, customer service, customer satisfaction for development and marketing. Vanessa Lowe: Wonderful. Thank you both for participating. Here is a picture
of the certificate of completion that you'll get. Kathryn talked about that. Remember that you have to stay on our webinar for about 45 minutes, answer at least three
of the four poll questions, and get 12 out of the 15 quiz questions correct. Focus on the two far right icons at the bottom of your screen, and you'll get everything
you need there. I would recommend that you not only download the test, which is in that far right icon-be looking at it as
you're hearing the presentation-but I also recommend that you download the presentation itself-the PowerPoint. You'll find that
in the resources tab which is green. Both of those tools will help you to get at least 12 out of 15, hopefully 15 out of 15, of those quiz questions correct. Let's
continue on. Actually, we have our first poll. This is a poll that we always have, and we're trying to understand the diversity of credit unions that are participating
with us. What is your credit union's asset size? Click the button that corresponds to your credit union asset size. If you're not with a credit union,
there is a not applicable option at the bottom. All right. Are you less than $10 million, greater than $10 million but less than $50 million, et cetera.
I'm going to click on the poll results. We'll give that a couple of seconds to refresh here. Let's see. All right. We're looking like we're in that sweet spot that
we usually are. Let me refresh one more time, and I'm going to push the latest results. Okay, so it looks like the predominance are greater than $10 million but
less than $50 million. We do have some folks-14.7%- who are greater than $250 million. We welcome everybody. Thank you so much for joining us. All right.
Let's continue on, and I'm going to now just turn it over to Amanda McMeans to talk through this anatomy of a marketing campaign. Amanda McMeans: Great. Thanks,
Vanessa. First things first—in -this first section here we're going to be talking about the things that you need to do and the things that you need to know before you can even
start to have a successful marketing campaign. It always starts with knowing what your overall objectives are. Why are you marketing? Why do you want to do a marketing campaign?
A helpful tip is one of those objectives should always be that you want to deepen relationships with your current members because that is always the most fruitful for your credit
union. Another question to ask yourself would be what business problems are you trying to solve with your marketing in doing that campaign? What are the reasons your credit union is
marketing to its members and/or the community? Having a clear definition of an overall objective for your campaign or several objectives for your campaign helps you choose
the right tactics and helps you decide what's a good use of your marketing budget and what's not a good use of your marketing budget. All of these next things that we
cover today-they all go hand-in-hand. Again, this first one is knowing what those very important objectives are. Next is having a product focus. With a limited budget, like many
small credit unions here on the line today have, we can't focus on everything all at once. We may want to grow loans, but we can't focus on growing all of our loans. We've got to
focus on maybe even one of those loans. I always recommend to credit union clients, if you're a smaller credit union and do have that smaller budget, let's focus on the bread-and-butter
product that we can offer to have the biggest impact on the credit union's bottom line. Your product focus for this particular campaign would be driven by your budget, as well as
the objective that we just covered. The other thing that you need to be aware of when you're working on a product focus is to make sure that the product focus that you're working
with on your campaign matches up with the actual needs that your members and the community have. If you're promoting one product but you find out that the members in the community
aren't really interested in that-if they're interested in something else-we just have to make sure that we're serving everybody to the best of our ability. This is step two in having
a successful marketing campaign. Step three is knowing the product profitability of the chosen product to promote, and this is one of the fun parts about doing a campaign, because we
know how much money it will bring to the credit union's bottom line. You'll want to know the revenue generated per new account or new loan in order to know exactly of
how many you need to reach your goals. In this particular instance, knowledge is power. A lot of marketers hate numbers, but it can be a lot of fun to learn how much money
each product or service contributes to the bottom line of the credit union and, not to mention, it's absolutely essential. Again, instead of saying, "We need $10 million in new loans with
this campaign," if we have our product profitability, we know exactly how many loans we need to get there, which makes our job a lot easier, and it also helps us measure our progress along the
way. Vanessa Lowe: Amanda? Amanda McMeans: Yes? Vanessa Lowe: Can I jump in for a second? You're a little muffled, so let's just make sure you're facing whatever tool you're using
to talk into. Amanda McMeans: Okay. I've got a microphone here. Is that better? Vanessa Lowe: Yes, much better. Great. Thank you. Amanda McMeans: Okay. All right. The next step is
to look at what product profitability looks like for the loan type that we're looking at. In this particular instance, we're using a new auto loan, and this is actual data from an actual
client. In order to find out how much money that new auto loan is bringing the credit union, we need to know what the average loan balance is on the books. We need to know the average rate.
Then we also need to know the average term. If we have those three pieces of information, the yield over the first year
based on these numbers is $595. We know that it's going to bring us $595 over the course of the year. Over the life of the
loan, it's going to bring us $1,584. This is the example of what a product profitability looks like in our planning process before we start
a marketing campaign. Now, let's look at runoff. Some of you may have heard this term before and some not, but every year we start off
on an uphill battle with loans, right? People are making good on their promises to pay us back when they take a loan out with us, so that's making those monthly payments
and paying their loan balances down. If we did nothing and our competitors weren't stealing that business, we would still have negative loan growth. We need to know how many
loans that we get and actually grow our loan campaign and our loan portfolio through the campaign. Now, there's a part on this slide here that says this information is actually on your
call report, so it's really easy, if you know where to go to look for it. It's on one of the first pages where it talks about the assets of the credit union, which is where we would want
to look. For this example, we're going to be calculating the 2015 runoff and planning for 2015's plan, so we need
to look at the total loans of the 12/31/2013. In this example, it was a credit union that had $12,129,162 on their
loan books at the end of the year in 2013. In order to calculate runoff, we then need to look at the number of new loans that were
added in 2014. Again, this particular client on their call report, as of 12/31/2014, had booked $3$.31 million worth of loans in 2014.
You add the $12 million number to the $3 million number, and then you subtract out where we were at as of the end of 2014
for total loans. That was just over $12 million. For this particular example, the annual runoff for that credit union was just
over $3.2 million. This is really important in knowing how many loans we need to get just to break even and grow for this campaign. Knowing that runoff is really, really important.
Vanessa Lowe: Amanda, I'm going to jump in again. You may need to put that microphone right in front of your face, because it's still a little muffled, so we're getting some more
feedback here. Amanda McMeans: Okay. I'm just going to try something else here real quick. Does that work better? Vanessa Lowe: You've got to maintain
that. Keep going. Amanda McMeans: Okay. All right. I just switched power to the mike. All right, so the next thing is- Vanessa Lowe: Nope. That's worse.
Sorry. I apologize, everybody. We just want to get this as right as we can. Try again with the mike most directly in front of your face,
Amanda. Amanda McMeans: Okay. I've got it right here. Does that work? Can you hear me? Vanessa Lowe: We can hear you. Just when you're
speaking don't turn your face away so that the audience can continue to hear you, because you start out good, but you sort of fade out a little bit. If you need to, maybe pick up the phone and talk
directly into the phone. We apologize, everybody. We just want to make sure you hear all of this wonderful information Amanda to share. Amanda McMeans: Okay. Thank you. All right. The next thing is
learning how to calculate our return on investment. What we need to know first is your goal for ROl. Determining, what type of ROl you want to achieve over
the course of the loan campaign is really essential. Most of my clients are choosing around 200%. For every dollar they put in, they want to make two dollars.
For an example's purposes, if your marketing budget for this particular campaign is $5,000, then we know we have to get $10,000 worth of loans on the
books. This helps us. If we know that product profitability, we know exactly how many loans we need to get in order to reach that ROl goal. This is
a really important step as well. Now we have the data we need to actually set the goals for our campaign. We've got our product focus on the loans.
We've got our product profitability. We know what it's going to bring us over that first year. We know what our runoff is, how many loans we need to get in
order to grow the actual portfolio, and then lastly, what we want to accomplish from an ROl perspective. A very good example
of a goal for a campaign would be $20 million in new loans by December 31, 2015. We want to be able to make sure that our
goals are smart-they're specific, measurable, achievable, realistic, and time bound. Once we have all of those pieces in place, we have
the makings of a really great goal and something that we can measure and manage over the life of that campaign. Here is a great loan
goal example, again, from using another credit union's data. This is all within their system, so it's information that you would have at your credit
union. We calculated their product profitability, so we know their average loan balance was $7,300. Their average rate on their used auto loans was 5.65%
APR, and their average term was 60 months. Their yield in this particular example is bringing about a $411 profit to the credit union over just
that first year that that loan is on the books. Forln planning purposes, we did 58 loans in 2014. Before we started working together, we upped our
budget and figured out, by using these statistics, that we could get about 111 new loans with this campaign. In
this example, if we bring in 111 new loans for the campaign, again, using their average balance, 111 times $7300
was $818,000 worth of balances that we were bringing in on this campaign. We can also calculate what the anticipated ROl is using
that 111 goal times the $411, which is that first year of profit, we know that we're going to make about $45,000 just in year one if we
get all of those loans on the books. That's a really exciting thing to do when you're putting together a marketing campaign. Not only can you share with your staff members, we're going to do a postcard and it's going
go out this date and these are the members that are going to see it and this is the offer, but we could actually say this is how much money the credit union is going to make. It's all information that we already have.
Lastly, now that we have all of this information and we have a goal to go on, we can actually now get into how we're going to reach that goal.
If we're going to work with used auto loans in this example, a great example of a tactic would be conduct a vehicle loan recapture program.
Keep in mind that it may not be traditional marketing as a tactic in your plan-like a direct mail postcard. It could be working with your team to find out how you can have better
conversations about the credit union and how they can help your members. It may be looking at certain processes or procedures or to tear down roadblocks or adding new processes that create
opportunities within your current numbers, or it could be heightening the number experience with your individual credit union's brand personality. It could also be something
called guerilla tactics. If one of your credit unions objectives is to raise awareness in the community with its campaign but you don't have the budget to do radio or mass marketing,
it could be something like deploying a community team that goes to local coffee shops and restaurants and pays for people's daily lattés or their lunch with a friend. It could be partnering with
a local organization to host events at your credit union, so people begin to learn where you are and get to know the people who work at your credit union. The bottom line, marketing doesn't have
to be something we deem as traditional. It could be anything that works for your organization. Vanessa Lowe: Thank you, Amanda. Great information, and I know that was
a lot just to get us started, but she's already thrown out some of those-what I call-those golden nuggets for your marketing campaign, talking about data points-not
just what's in your system, but she talked about some of the key points you need in order to just develop some campaign goals. While a lot of the small credit unions, you may
have staff who are doing some of your basic newsletters and things like that. If you're going to have a more sophisticated campaign, you may consider hiring a consultant. Let's
turn it over to Renée to get us started on thinking about consultants. Renée? Renée Sattiewhite: Thank you, Vanessa. The first thing that’s most important to me about getting a consultant
is making sure they have passion-passion for the movement, passion for the industry, and passion for customer service. You also want them to have references, at least two. Two references
are good. Anything more than that is better. They need to have professional liability insurance, because you want to know that they are vested in their company as well.
You want to make sure that they have aan up-to-date website. If they can show you their website and you like it, then it's somebody who can help you with yours or understand
marketing and how impactful a website can be. You also want them to be able to provide you with samples of successful campaigns. What have they done for other credit
unions or other firms or other organizations? What was the return on the value of what they did for that particular organization? What are their campaign statistics for
the exceptional marketing campaigns that they were able to develop for that particular credit union? You want to make sure that those things are mindful when you're looking at
what you can do to hire a consultant who is going to be impactful for you and give you the most bang for your buck. Vanessa Lowe: Thank you, Renée, and we'll hear from Renée again
later. Let's move on and actually go to the poll number two. Since we're on the subject of hiring, maybe you haven't hired a consultant, but maybe you're paid
for other services that really help you with your marketing. The question is my credit union has paid for-and here you can check all that apply. Have you paid for
a marketing consultant or agency? Have you paid for marketing or demographic data, perhaps from your local chamber of commerce or other city agency?
Maybe you've gotten some data from them. Have you paid a graphic artist maybe to come up with a logo or other material for brochures or something?
Have you paid for Internet or social media marketing-the Facebooks and other tools like that? Are you paying for mobile banking? That's a very
popular tool these days that particularly younger members like. Then there’s a not applicable” option for those of you who are not with a credit union.
Kathryn Baxter: All right. Let's remind our audience, Vanessa, before we go, please send your questions in. We'd like to have a very lively Q&A, so please send your questions
in to Amanda or Renee. Vanessa? Vanessa Lowe: Thank you so much. Okay. We've got some responses. I am going to push those to the audience. Well, I always look at the
largest numbers-66% of those people on the webinar have paid for mobile banking, so that's actually really great. You know that our office manages the community development
revolving fund grant program, and we have been supporting mobile banking for the last couple of cycles. We're glad to know that a lot of you have taken advantage of that
and are really moving into that area. The next largest line is Internet or social media marketing. I'm actually a little surprised at that, because I know a lot of the smaller credit unions are a little afraid
of that because you have to monitor it so much. Then about even for the other things. Thank you for that feedback. It's helpful to know. All right. Let's continue on, and we're going to take it back to Amanda
to continue with our anatomy. Amanda McMeans: Thanks, Vanessa. The next thing we want to do, now that we have all of the
preplanning work done and all of the financial analyses with our ROl projections, we then can get into the fun part of determining
who our target market is, so we then can get down into what the messaging looks like, what the delivery channels are and the marketing schedule looks like. The last part of this
pre-campaign-and the pre-campaign means before any of your members see it, before any of the community members see it-we want to make sure that we've done everything we possibly can to
ensure success internally. It's the reason why employee training is underlined on this slide in front of you. It's because employee training before we do
any type of campaign, whether it's small or large, we need to make sure that our employees are well versed on what exactly the members are going to be seeing,
how often they're going to seen, what their message is, what the offer is, because your employees are marketers just like you are. Everyone in the credit union is a
marketer and we all need to know exactly what's going on so we can have some great conversations with members. Let's get into the data that we use for targeting members.
Again, most of this information is already in your current data-processing systems. Now, some of them are much more robust and have more information than
others, but you should be able to use one or more of these types of data in order to get the best target market for your members. The reason why targeting
is so important is because, at the end of the day, whoever gets your marketing piece, you want to have the right target market so we make sure that we put the right message
in front of the right people at the right time. When they get that email or that direct mail postcard or whatever it is that they see, they think wow, that credit union
really gets me, and they get my financial needs, and they understand the needs of me and my family. Some things to look at are maybe perhaps you
want to do income level or an income range, demographic information such as age. Perhaps your data processing system keeps credit scores on the system
from anyone you've taken a loan application for, or if you pull a credit score for every new member, you're storing information that you can use for a marketing campaign.
Length of membership-maybe you want to offer a different type of offer to the numbers that have been at the credit union a lot longer or ones that are only new members.
Then sources of membership are good too. Perhaps you have specific SEG groups within your membership or niche markets. All of these things help
target and help you with the messaging of a successful marketing campaign. You can also determine the messaging and your target market based on the mix
of products that they currently have with you. Perhaps you want to do a marketing campaign to people who have a mortgage but they don't have a credit card, or you want to do a
credit card promotion to people who have mortgages. Looking at all of these types of information is really important. In the advent of mobile apps and people using their smart
phones and tablets a lot more than desktops, there are statistics outon there about how members are currently interacting with you. If you find that a lot of them of
interacting with you online, but you're sending them mail, perhaps we want to look at the different ways in order to target them most successfully for this campaign.
Now, all of you type A people out there on the line today are going to love having an implementation plan. A lot of small credit unions don't have marketing people, and maybe
they have the marketing duties divided between a couple of their staff members. Having an implementation plan, even just in a small spreadsheet is really important, because
if Jeff is responsible for getting the FICO information from the system downloaded, you can see when he did that. Then you can assign a due date to him.
If Juanita is in charge of getting the postcards to the printer, having an implementation plan for your campaign ensures that the big details get done, as
well as the small details, in order to make sure that it's successful. This is also a step that many, many credit unions miss, because we're all wearing so
many hats. There are a lot of CEOs on the line today, and you're wearing 50 hats already. Once you've gotten this campaign done, it's off to the next thing—
compliance or HR-but we've got to make sure throughout the course of a campaign that we're keeping everybody excited. I always tell my clients this is the time, once you've
launched the campaign, to get your pom-poms out and keep everybody excited-not only your employees, but also your members. The more excited your employees and your members are,
the more successful your campaign is going to be. Vanessa Lowe: Thank you, Amanda. Okay, more great information. I'm glad we ended on that excitement
note, because I too believe that that's a real key to getting a marketing campaign to be successful. Let's turn it back to Renée for a moment and continue on
with talking more about what a consultant might need. Amanda mentioned several particular data points, but there are other things, so Renée? Renée Sattiewhite: Important
things that a consultant needs are access to your data. For instance, if you are going to have a campaign that's centered people who are between the ages of 25 to 35, you need to
have that information handy. Electronic historic info on the credit union would be very, very helpful, because you want to make sure that the consultant
knows your history-how were you guys formed, what is your SEG group, who you're looking for-when you're looking for members, who are you trying to get.
With that campaign, where does that history involve the campaign? How can that come together? You also want to know who are the list of your competitors
and how do they make sure that they get what they want and how do you make sure that you get what you want with the competitors there? The competitors
have some stuff that you may think that's good, that's not good, but you need to know who the competition is so that you can brand yourself accordingly, so that the consultant can
help you do that. You also need to know what credit unions you admire and what things they're doing right that you'd like for your credit union to do. We all know that there's a credit
union that we like that gives us the special service or they might do something a little different. They may have a product that they offer that's unique and you want to have that as something
that you guys can do for your credit union. You want to make sure that you give the consultant a list of that, so they'll know what they're looking for in terms of making sure you get what your
expectations are. The other thing that is important-very, very important-is high resolution logos. Your consultant cannot do a good job of doing
marketing materials, whether they're print or digital media, without high resolution logos. A logo is important. It's a statement. It says who you are. It's
branding. If that resolution on that logo is not well, it's not crisp, and not clear, it doesn’t give a good impact for you. It doesn't say good things about your
organization. It says that you're not as professional as you could be. That high resolution logo is very, very important. One of the critical things that your
consultant needs to know is the member insight. Perhaps someone who is senior at the credit union knows where the membership-how it evolved-because we're not all at the same
place that we were 15 or 10 years ago. It's important to find out who is your current membership, what are their needs, what do they like, what are the characteristics. Are they
single mothers? Are they teenagers? Are they college students? Are they business professionals? Are they teachers? Whatever that is and what their needs are, it's very
important that you share that with your consultant. VanesaVanessa Lowe: Thank you, Renée. Really good points. Again, this is not just if you're using your internal people,
do you have these things accessible for your internal staff? You may have a new staff person who you've hired to take care of these things. Part of their job may
be having to pull together that historical information and put in a format that really works to share with other folks. Let's go on. We've got another poll, and
this one is going to sort of dig into now what is your experience in terms of what data is not in your data processing system? As an economic development specialist, I've worked
with credit unions over the last eight years, and I've been surprised at what data-fairly important data, particularly when it comes to marketing and understanding your membership—
is not in their data processing system. We just want to get a sense here, and so we've just got a couple of data points that I think are fairly important. This is, again, check all that apply.
Do you have your FICO score in your data processing system? Now, again, this is not just in a file that's in a drawer somewhere, but is it in the data processing system so that you can essentially
extract that data en mass?- is the question. FICO score, birth date, income, and field of membership source. Now, for a single SEG, it's only one field
of membership, right, but for a lot of you-you've expanded. You may be multi-SEG, and you may have 30 or 40 different employee groups that you have.
Do you have the data captured as to which employee group each member came from? For those of you who are in community who have the community charter, have you captured what was the source
of that original member? A lot of them may have walked in off of the street, but some of them may have come from other employee groups that you've worked with. They may have come through a
community connection that you've made. Again, trying to tie each member to an original source that then you could maybe sort of go back to that source and say, "Thank you
so much. We got 50 members from connecting with you. "- that kind of thing. All right, so let's see if we've got any results so far. Again, check all that apply. Let me
refresh. Let's push the results. Okay. Most of you-59% of you-are collecting income electronically and 25%
FICO score, and 35% field of membership source. I'm glad to hear that. Birth date-that's really important.
With these days, remember how Chairman Matz-I think the last number she put out there was the average age of credit union members as 47. That's pretty old. Nothing wrong
with being old, but in terms of products and services for loans, it's the younger folks who are borrowing. The more that we can target our marketing to younger members
and know that we can do that by having their birth dates in there, I think that's really helpful. Kathryn Baxter: Vanessa, we need some more questions. All right. Come on audience. We
need some more questions. We'd like to have some nice questions to give to Amanda and Renée. Keep them coming, folks. Vanessa Lowe: All right. Let me actually jump in here too and say
that we've gotten notice that the handout-so Amanda has created a fairly simple sort of employee program sheet for what she was talking about in terms of the campaign-helping the employees
to be engaged in the campaign. We loaded that in the resource tab, which is the green tab, but apparently we're having some trouble with it, so we acknowledge that. We're working on it.
Worse comes to worse, it will definitely be available when we load the archives in three weeks, but if we can get it available before this webinar is over we will let you know. Another heads
up, there's a blue icon at the bottom of your screen. In there, you'll find biographies for our speakers. All right. I'm going to go ahead and turn it back over to you, Amanda, to continue
with talking about our anatomy. Amanda McMeans: All right. Thank you so much, Vanessa. Now the campaign is launched. Your staff members know exactly what's
going on. They're excited. Now we get into the during the campaign” process. This can be a month, two months, three months-whatever your campaign period is.
This is a critical part in making sure that your campaign is successful. Once your campaign plan is complete, you'll want to make sure that you have the architecture
in place to measure the progress of your goals, compare year-over-year, period-over-period, and how much you have yet to go on your goals. I'm a data nerd, but I also
believe that what gets measured gets managed. It's a lot easier to change the trajectory of a trend not going where you want it to go, if you see it happening earlier in
the campaign instead of having to play catch-up for the last couple of weeks in a campaign or the last month of the campaign. That measurement is really, really important.
The next thing is, if you're measuring this and you have the architecture in place to be measuring it, we want to make sure that you're communicating the results early and
often. I'll get into how to do that in a minute. The most important part of this particular thing is remember those pom-poms. Make sure that you're celebrating successes
and making it fun. Whether you have huddles with staff daily or weekly, thermometer gages in your break room or staff-only areas, recognize top performers in
front of their peers. The bigger deal you make over individual and team successes, the more your team will take ownership of these goals and help your marketing
campaign to become a successful revenue-generating machine. Don't forget to take time once the campaign has ended or you've completed the various tactics, to review and
assess what went well, what didn't go well, and where you could make adjustments for the next time to ensure even more success in the future. Here's an example of what a
measure, measure, measure might look like for your credit union. This is part of a spreadsheet that I've built for a client, and it's a blank example of something you
could build to track progress on your goals. You see what your goal is and then that loan actual-the dollar amount and the number-will update throughout the campaign
period, so you know how many you've gotten and how many you have yet to go, in order to celebrate and benchmark successes over the course of your
campaign. Here is that spreadsheet actually filled out with actual credit union data. We see actual data here, and it shows us how much we've done so far
over this campaign and how much we have yet to go. You can see here we've already met our used auto loan goals for this particular campaign. We doubled what we
wanted to for our direct used auto loans, so that's really awesome. We also see that we got a home equity loan out of it. Again, just building something very simple
like this to keep your team excited and knowledgeable about what your credit union is doing is very, very important in the process. Now, our campaign is over,
we've got some more work to do. We had our pre-campaign planning with determining what we wanted to do and how we wanted to do it. Then we had our pom-poms
going throughout the campaign. There is a little bit more work to do after the campaign is over. People want to know that their efforts are valued, so even if
you're a small credit union and you don't have very much money, just taking the time to say, "Hey, I see what you're doing and we really value your efforts over
the course of this campaign. Thank you so much. " It could be a pizza party. It could be having a local masseuse come in and do chair massages during break-whatever works
for your credit union. Do something special to show them that you really do value their efforts over the course of the campaign. Second is taking all of that data that we've
looked at earlier and calculating, okay, what does this do for our bottom line?” Then we use that information to evaluate the success at the end of the campaign. Here is how
to calculate your return on investment. This is also known as your return on marketing investment. You can see it both ways. Again, we need to know what our product profitability
is. Instead of using the data that we had for loans before the campaign, we want to know the information of the loans that came in during that same campaign period.
We've got to calculate. We've got to know what our average rate is of those loans coming in during the campaign, what the average term was of those loans, and then
the average balance. Once we know the yield over the first year, that's our product profitability that we would then use in our return on investment calculation. The
calculation in the blue is how to do that return on investment. We know what our product profitability is, and then we also need to know what total we spent on the marketing
campaign getting that out there. Then we take that sum and divide it again by the marketing investment, and that's
ROl. The next slide actually uses real numbers for that. I had a credit union client, and we got $23,857 ROl
that came in on their loans over the first year. We spent $3,286 on the campaign. We subtracted that by the $23,000 number, and divided
it again by that investment that we made in the marketing-that $3,200-and our return on investment just in that first year alone is 626%.
That's awesome. There aren't a whole lot of investments that a credit union can make to get that much of a return, so if you plan and follow all of these
steps for your campaign, you can have a successful campaign just like this example here. Vanessa Lowe: Amanda, can I jump in here? Amanda McMeans: Yes.
Vanessa Lowe: Okay, I know you want to talk about trends, but let's go back to the measure, measure, measure screen, because when we were going over
this yesterday, we talked about how that data-I love that little table. I'm going to find it and display it again on the screen-is so helpful, actually,
for giving to your board members. I'm clicking it, and I'm going to push it to the audience. This slide right here-it contains so much helpful
data about that marketing campaign. Amanda, talk about how that can be helpful to share with the board? Amanda McMeans: Yes. That's a great
point, Vanessa. I've been a credit union marketer for a long time. I've worked for the credit unions for a long time, and the managers and the staff members all
knew what it was doing for the credit union, but oftentimes the board isn't knowledgeable about what actually that campaign did for the credit union's bottom line.
This is a really great thing. If you have this spreadsheet, not only do you use it for those celebrations, but you can also say, "Here is what we did. Here
is what the ROl was on it, and here's how many loans we got from this campaign. " It has multiple uses. That's why that measurement is so very important.
Vanessa Lowe: Then, going to the one that you ended with-626% return on investment-there's not a whole lot that they can do in the credit union, period, that has that kind of return. I
think these statistics are really, really important to be sharing with the board members to make sure that they-like I think you mentioned yesterday that they then continue to support the
marketing budget, which a lot of times they want to cut. Thank you. Okay. I'll turn it back to you now. Sorry about that. Amanda McMeans: No. Thank you for jumping in. That was a
really great point. Yeah. Any marketers sitting on the line today, this is a really easy calculation to make, and it really does show in actual numbers what you are doing to help the
credit union's bottom line and keeping those relationships with members. A lot of people don't think that you can quantify marketing like that, but we've gone through how to do that here today, so
it's a great thing to just show, "Hey, here's what I'm doing for the credit union. " You can put numbers behind your efforts there, so absolutely. Thanks so much, Vanessa. The next thing I wanted to
cover is it's very important in writing and executing a marketing plan and having those campaigns within the plan is knowing what's going on in the credit union space. One of the
things I love about credit unions is that we are so good at sharing information with one another and really have that cooperative spirit. That's what I love about credit unions.
Just like other industries do, it's important to look and see what is going on in the credit union industry to make sure that our marketing is successful. The first one is make sure
that your website isn't just sitting out there and it's been out there for ten years and you haven't done anything to it. You really have to change the way that you think about your credit
union's website. It's really your digital branch as, again, more people are carrying around miniature computers with their mobile phones and their tablets, and they can look up information
on you really, really quickly. That's how they're doing business with you now. They may not be coming in your branches anymore, but they're visiting your digital branch. My suggestion
here would be, if you don't have a website, get one. If you have one, make sure that it works. Then the last thing is make sure
that it's optimized for mobile. This next slide here talks about-and this is actually just a 2014 number here-but it shows that
graph there of the number of people doing any type of research on consumer products has gone down dramatically in relation to mobile apps and mobile
phones. Again, if we have those computers with us and if we think about, oh, yeah, I've been meaning to figure out what the credit union's auto
loan rates are, and you happen to be out shopping with your family, you can check it out right there on you phone. We have to make sure that we're giving our members
in the community data in a way that they need to see it. We have to make sure that it's optimized for mobile. Another trend-and this very, very important-there
are sites with content that you control like Facebook and Twitter and other social media sites where you do have some control over what get's said because you're posting content,
but there are also many ways that that content is not in your control-like on Twitter and Facebook and other sites like Yelp and Foursquare and Google that are consumer-based
sites. I bet money that many of the credit unions on today's call, even if you haven't claimed these pages and you're managing them actively, someone has gone on to
one or more of these sites and has said something about your credit union-good or bad. The key is make sure that you know what's being said about you online and you're
managing those profiles as effectively as possible. Some other trends in credit union marketing are just looking for ways
to deepen those relationships with members. Members don't have just financial needs. They've got ancillary financial needs.
A lot of them are based on their lifestyles. Look for other non-interest income opportunities that are available your members-like pet insurance, for example, or identity
theft protection services. If you know your members really well, like Renée was saying earlier, you've got a better chance of figuring out how else you can help them, because the
more we can help them, the more they're going to think about us for other things and the deeper the relationship that we're going to have with them, and it helps the credit union's
bottom line with non-interest income. The next thing is using psychographic member and community data. The more we know about our members-like how they buy things and what influences
their decision-making on buying things and what businesses they do business with-that helps us to make sure that we're positioning our products and services and
the relationship we have with them in the best way possible and in a way that is important to them. That helps really deepen the relationships with them. Then
we've talked a lot about this-member experience. Everybody here has a favorite place they love to go shop and a favorite place they love to go eat and a favorite
place they maybe love to go on vacation or a hotel they always stay at. One of the things that credit unions have that a lot of other businesses don't have
the ability to do-we're small and we're agile and we're able to make changes, and we're able to be deliberate about the experience that members have with us. While we may
have a little bit higher rates on loans or a little bit lower rates on savings sometimes-we may not be the best price-if we're deliberate about our member experience and we
take what we love about those other places that we love to shop at or travel-if we take those things and make them about the credit union and the credit
union does it in its own special way, we can really provide a service that delights and excites our members and keeps them coming back. The goal here is to
really have such great relationships with our members and they get so excited about how we help them and what the experience is like banking with us that they go out and they do our
marketing for us. They're our raving fans, and they pick up the pom-poms and tell their friends and family, really thinking about that member experience. It's something that your whole credit
union really needs to get involved in-all of your staff members and your board members-really finding out how you can have a deliberate and
exciting experience for your members is because of (inaudible-technical difficulty) and the entire relationship that you have with your members. Then
looking at another way that credit unions are marketing, these statistics are great because there are a lot of small credit unions on the line today.
Digital marketing is a fraction of the cost of print and traditional media. You can geo-target based on area. You can do it based on online behavior.
Ever shopped for a vacation or a dress or a new couch? Have you ever noticed how you start seeing those ads for things on the sidebar or even maybe if you're on Facebook and see
them on the sidebar? It's not coincidence. There is so much data out there and a lot of great partners you could utilize to help you with these channels. Again, this is a statistic
as of 2014. All of these are all digital channels for your marketing, so the more we get into digital and mobile, the more
important these channels are going to continue to be. Then the last thing is utilizing video. Go back to your differentiator and
the story you have to tell. This is a great channel for leveraging your story and the stories of your members. Here are just some great statistics on ways that you
can help tighten your online profile and your online awareness just by having videos on your website and utilizing throughout your social media. This would help to
augment any existing read, digital, or social media plan you already have in place just by adding video to that product mix. Vanessa
Lowe: Thank you, Amanda. Yeah. If I had another poll, I would ask about videos because I think they are becoming very, very popular.
Just look at how many people look at those cat videos. I think, for some reason, people really do like those short videos. All right. Let's move on, and we're going to hear, one last time
I think, from Renee, talking about managing the engagement if you're working with a contractor. Renée, take us away. Renée Sattiewhite: Thanks, Vanessa. Amanda provided a lot of great
information, so armed with that information, the scope of work, and contracting the consultant is very, very important. Whether you're using a staff person or a
consultant, you must have a budget. Amanda gave us a great looking timeline. You have to have a timeline as well. When do you want these things done? What's that look like?
Then what type of campaign do you want to have is critically important when you're deciding on a consultant or the staff person executing it needs to know that as well. The
other important thing is the consultant autonomy. What are they able to do? What are the parameters? Whether that's a staff person or a consultant, they need to know the parameters
of what they can do, what decisions they can make and what they can do on behalf of the credit union. Reporting and monitoring-extremely important. Besides what the approval
process is, who has to sign off on this campaign? Is it the CEO? Is it the staff member, or is it the marketing committee, if you have that at on your board? What does that look like?
That's very important, because if you don't have that then you can't get things done. The project gets stuck. You can't move it along. The other thing that's important is scheduling the meeting and what
types of meetings you're going to have. Are they going to be face-to-face meetings? Are they going to be via teleconference or video? What does that look like and how often do you need to have them to make sure
that you're measuring the progress of that campaign? All of these things help to manage the engagement and so that expectations are met instead of being unmet. You don't want
to have a campaign where the consultant is not meeting your expectations or the staff person isn't meeting the expectations. If you do all of these things-the scope of work, the
contracting, reporting, and monitoring-those things will take care of itself and you'll have a successful campaign as well. Vanessa Lowe: Thank you, Renée.
I want to add onto that, kind of wearing the NCUA hat, is remember that if you hire a consultant that's a third party relationship. NCUA has a letter out
about that and how to manage third party relationships. One of the main things is you want to look at not just one, but you want to try to look at least three different
professionals that you might hire for something like that. That scope of work that you draft giving background on your credit union, writing out as much-maybe sort of high
level-but sort of what you're looking for in that consultant. Are you looking for a campaign of x amount of dollars or to reach x number of members?
Give some parameters so that they can all consistently reply to your request. That scope of work can be so helpful, because that can be your bid process.
You write out your scope of work. You put it out there in the industry, and then you start getting responses of people who say, "I can do this for x amount of dollars and here's how I would
do it. " You would ask for them to essentially explain how they might go about working with you. Again, third party relationships-you may want to pull up that memo from NCUA about that.
All right. Let's move on, and we have one more poll. Here the question is, what is the biggest factor that you think of for a successful campaign? Here it's a
one response only. Is it that employee engagement and training? Amanda talked a lot about how important it is to get employees involved. I've been in many a credit
union where they've said, "Well, the manager is the only person who knows about that campaign, and we didn't really get the employees involved," and so they're
not the ones promoting to the members as they show up on the teller line. Is it staff ownership and execution? Very often, if you are hiring contractors
or consultants for things like this, maybe you've given them too much control, and do once they leave you can't execute on it. If they're not going to take you through to the end, it's
really important for the staff to take ownership and really execute that process of pushing out that marketing campaign. Is it knowing your numbers? Again, that goes back to this data issue
that we started off talking about. Are you able to access your data? Is it accurate data or is it out-of-date?- those kinds of questions. Then is it the marketing budget?
For a lot of credit unions, you may not even have a line item for marketing. Hopefully, we've at least convinced you that it's important to put in a line item for that. Then,
finally, there's a not applicable option for those who aren't credit unions. Let's see what kind of results we're getting. Remember, it's a one response here. I'm going to refresh, and then I'm going to push
to the audience. The biggest factor you all thought was employee engagement and training, and I would agree on that. I think the others are also very important, though. Thank you so much for participating
in that. Let's move on. Here's a reminder about the certificate. I want to give you an update too on the resource that Amanda provided you-the little template
for employee for the management of a campaign-has been corrected, and so you should be able to upload it. Now, you do have to refresh your browser, though,
and you can do that with F5 or Control-R. All right. If you do that now, you should be able to go to the Resource tab and download that tool that Amanda
has provided. Okay. We are going to move on to the Q&A. I'm going to turn it back over to Kathryn Baxter: Kathryn Baxter: Okay. Thank you, Vanessa.
I'm pushing out a survey to the audience right now, so please just take the survey on your screen. It's very brief, and you can do that. You can also take
this opportunity, if you haven't already, to work on the quiz. Remember, 45 minutes you needed to be on this call. You needed to answer three of the four
poll questions. Twelve out of the 15 quiz questions have to be correct. When you look at the certificate
screen, it's the first magenta icon at the bottom. That will tell you if you've met all of those qualifications,
and if you have, look in the right-hand corner of that screen, and there's your certificate that you can print or you can save it. You can do either one. You can print it now or you can
save it. While we're doing all of that, we're going to just, first of all, I'm going to push you to our next screen. No, I'm not. I'm going to let you stay on the survey for a minute,
but I want to announce to you some of our upcoming webinars for the remainder of the year. November 18, we're going to have a very exciting webinar again.
This one is on auto-lending. You don't want to miss this one. Tell your friends and everyone else, because this is going to be a very exciting webinar—
a very interesting field of lending right now **. Then we're going to close out the year December 16, getting started in mortgage
lending. If you don't have a mortgage program, this is one that you may want to sit in on. Even if you have one, you may want to
join us for that as well. Also, before we go to our Q&A, I want to take you to-we
have a video series for new boards and seasoned board members. You can find the
information going to our NCUA website. This one also offers a certificate of training. It's a seven-part video series that we have right now,
and I would encourage all board of directors to view this series. It's online, and we're getting ready to release the Spanish language one
as well. Let me move onto the Q&A. Vanessa? Did you want to ask the first question, Vanessa? Vanessa Lowe: Sure. Kathryn Baxter: All right,
so I'm going to turn it over to Vanessa to ask the first question. Go ahead, Vanessa. Vanessa Lowe: Please continue submitting your questions.
Kathryn is going to look through them now and start passing them on. I've got one for both Amanda and Renée.
I'm going to take the screen back to managing online profiles. That is such a tricky thing. In the instance
where you do find that people have maybe posted some negative information on one of these sites, how should a credit union handle that? Amanda
McMeans: Hi. This is Amanda. I've had some experience with this. I would say the first thing is make sure that you don't just delete. If somebody
says something that you don't like, the purpose of having a social media platform and a plan is that you're showing a little bit more of autonomy and the genuine nature you
have with the members. Most of us have really, really great relationships with our members, and that's why we're on social media, but in the off chance that somebody gets upset
with you and they go onto Facebook and start saying negative things about you, I definitely would not recommend that the first step is to delete everything that you don't
like, because that shows to the audience that there is some distrust there and it causes them to distrust you if you just delete it. I would recommend responding in a very
courteous way-not a canned response-really level with the potential member or the member and talk a little bit about what it is that is upsetting them so much.
Then the next step would be to recommend them going offline and really talking to somebody that can handle the situation and somebody that would be able to make
a decision about how to handle it and whatever it is that the member wants fixed. That would be the decision-maker. That would be my suggestion. Vanessa Lowe:
Thanks for that. Renée, anything to add there? Renée Sattiewhite: Just to make sure that, if possible, have the CEO contact that person via phone call or an in-person
meeting, if possible. That way the damage control is being really seriously dealt with, and that way you know that the credit union takes it
seriously whatever the issue is. Kathryn Baxter: Thank you for that. All right, so now let's jump back. Amanda, I've got a question for you.
This is question number nine that the credit union said, you have some examples where you were
showing how the return on investment was being in the best interest of the credit union. The question
is, did you use auto loans or total loans in those numbers? Amanda McMeans: I used in all of the examples, the only loans that we're tracking
for the campaign. If we are doing an auto-loan campaign, I will only track auto loans. Even if we go one step further and say that the campaign is
for used auto loans, we would only use used auto loans in the calculation. Kathryn Baxter: Okay. Very good.
Let me give you another question, Amanda. Here's one. We have question 23. The credit union wants to know
can you give them some examples of trying to dig up some usable data on members. What would be some examples that come to your mind? As a matter
of fact, we could put that question to both you and Renée. Amanda McMeans: Okay. One of the slides-I don't remember what slide it is-but we had
given- Vanessa Lowe: I just pushed it forward. Amanda McMeans: Oh, you did. Okay, good. That one actually was a snapshot of a lot of the different data that
we used to target any campaigns. I don’t know if the person who asked that question wanted to know additional examples, but these would be where I would start.
Kathryn Baxter: Did you want to entertain that, Renee? Did you want to entertain that as well? Renée Sattiewhite: You need to make sure that
you're looking at some-perhaps you're doing some other marketing or you're there with members and you find that you are at open enrollment
or something like and you're looking at your demographics. There is usable data that way as well. Usually looking at long-term
members, staff members, and what they know about the membership and that kind of thing. Vanessa Lowe: Again, I've shown on
the screen now slide number 25, which has a list of about seven different data points for data for targeting members-income level, age, credit score, length of membership,
source of membership-we talked about that-number and type of products they are using, and online and mobile activities. If you've got all of these, you're starting
off real well. Some of that psychographic data-actually, let me turn that into a question for our two speakers. Like yesterday, I think Renée, you
gave the example of knowing that the predominance of your members are single mothers. Now, that's interesting-not a data point you'd probably keep, but
how do you get some data like that or just an understanding of your membership? Where did that come from? What do credit unions need to do in order to have those kinds
of non-data point understanding of membership that they can use to help in their marketing campaign? Renée Sattiewhite: Being very cognizant of their membership, so for
instance, if it's a hospital credit union and they have new employees that come in, perhaps they do a jump start loan, which is to get them
settled with some of the equipment and/or uniforms that they need to have. When you're looking at what's not captured, so what types of loans-when
you're talking with the members, what are they saying they need the loans for when they're going for the personal loans. That way you can specialize loan products especially for that. You've got your vacation
loans. You may have equipment loans. You may have computer loans. When you're looking at what the members are saying their issues are or what they need the money for, especially when it comes to loans,
then that's where you're looking at-oh, okay, so these are products or maybe services that we can target to this particular membership, this particular
member. I see a lot of this coming in. Maybe we need to look at doing this kind of a loan. That's where being very, very relatable to the members,
so that they'll want to tell you what their issues are so that you can better give them information and/or products that help them. Vanessa Lowe: Thank you. That's a really good point, Renée.
I've been with credit unions who actually just sort of say general on the form where they say what's the purpose of the loan. I think really having a deeper conversation about not only the purpose
but what's behind the purpose. It's like well, I just need a personal loan because I've got to catch up on my rent. Knowing a little bit more of the back story can help you really understand your
membership better, particularly when you're dealing with a low income or a credit-challenged community. Amanda, anything to add to that? Amanda McMeans: No. I think that was great, Renée. Yeah.
The more we know about our members, the better we can help. Maybe it's just throwing a label on a product based on consumer behaviors. It's really all about how we're
positioning our products to our members and our potential members. That's why knowing that psychographic data is so important. Kathryn Baxter: Thank you. All right.
Amanda, we have a question for you. It's question number 48. This credit union wants to know whether Instagram would be a good
platform to use for a credit union. What are your thoughts? Amanda McMeans: I'm going to answer a question with a question.
There are several hundred people on this call today and probably at least a few hundred credit unions on the call. That question depends on each one
of those credit unions on the call. It depends on what's your strategy? What's the reason why you want to be on Instagram? Who are you trying to reach?
What's the objective that you're trying to reach? Do you just want to increase your awareness? There are some credit unions that do it really well, but it all goes back to
that very first slide that I talked about. What are your objectives for doing it? If it seems like it's a good fit, then absolutely it would be a wise move to use Instagram,
but it depends on those objectives. Kathryn Baxter: Now, I have a question for both you and Renée. I'm going to address Renée and let you have a chance
to answer this first, Renée, and then Amanda, I'd like you come and give us your answer. This is a very good question. The credit union says is it good
practice to focus-this is question 52-is it good practice to focus marketing campaigns on one or two products or services at a time or does it become
hard to maximize campaigns trying to juggle one loan product or one related product all at the same time? What's your opinion? Renée Sattiewhite: My opinion
on that is this-what Amanda gave us and data mining the golden nugget-if you have a marketing plan, how many products are you going to be advertising at one
time? That's the key. It's all manageable if you plan. Plan, plan, plan. Amanda says measure, measure, measure. I say plan, plan, plan. When you have planned
out for it, you know what resources are going to be used per campaign. We're asked to do lots of things. There are holiday loans. There's
new car loans, along with those types of other products, so what you want to do is you want to make sure that you have a marketing plan
that goes throughout the entire year. That way you can see what resources need to be used when there is a push on a certain product, and if you can adequately
fund that project. By funding, I mean do you have enough resources-human capital-and money to make it work with all of the things that you have to do with that
campaign? Perhaps it's postcards. It might be digital print. Whatever that is, you need to make sure that you have an ample time that's planned out so that if they do overlap, you can work
that out. That would be my answer there. Kathryn Baxter: It seems like you're talking about it's all about organization when it comes to that, more than anything? Renée Sattiewhite: You have
to be organized. Planning and scheduling, planning and scheduling, planning and scheduling, and knowing what the expectations are. Again, the information that Amanda provided with us, in terms
of how many loans do you want to do? If you know that you're going to do 50 loans for three months over a quarter, then you can break it down by weeks. You can break it down by day. What happens
is then you're able to see, okay, we can get this done. It's accomplished. You cannot eat an elephant at one time. It takes one bite at a time, so if you plan the steps,
then I believe that you can then have successful campaigns going at the same time. Kathryn Baxter: Amanda, do you want to shoot in there? Amanda McMeans: Renée, really
is full of great information. I don’t really have anything to add to that other than just you want to make sure that you're not stretching yourself too thin. I don’t know if I'm reading the question
and I don’t know if it means the same campaign is promoting more than one product or if she's talking more about promoting two different types of products in two different types of campaigns.
You don't want to overwhelm your members with a bunch of different things all at one time, because it's good from a brand awareness perspective that they're
seeing your name out there, but if you're doing a successful campaign with that really solid plan and organization, you don’t want to stretch yourself too thin.
Kathryn Baxter: Stay on the line. Did you have a question, Vanessa? Vanessa Lowe: Can I chime in here? My chiming in is also going back to what Amanda talked about-about targeting
your market. I could imagine that if you're targeting your market-particularly let's use the example of age-you may have four different campaigns going on, but you're sending it to
those select four different age groups, so you're not sending the same thing to all members. Everybody is getting a different piece, so that's just an example where
you could be doing multiple pieces but touching different markets. I think everything she talked about targeting your market-that's really the key to making your
campaigns work. Kathryn Baxter: Okay, so I'm going to throw the ball back to Amanda. Amanda, this is question 46. Since you talked about return
on investment, so the credit union wants to know if you have suggestions for measuring ROl for specific mediums used in a campaign such as radio,
TV, or billboards? Amanda McMeans: That's a really good question. I work with small credit unions and most of them don't have the budgets for
large mass media type of things. These are historically hard to measure because you don't know how many people drove by that billboard every single
Thursday and how many people saw your TV ad or the radio. Certainly, you have the statistics, hopefully, from the radio station or the television station
to show you, but really at the end of the day, at least from a measurement standpoint, you know how many people came in during the campaign and you
know how many loans you got and what the dollar amount of those loans was. You can really only calculate, again if you're doing bigger things like this-you
can calculate based on the number of loans you got, but not the specific ROl of specific mediums. Kathryn Baxter: Let me give you another question.
Actually, I'm going to give both of you a question. Here a credit union asked-they're curious-they said-this
is question 14-that which tactic works best-postal mail campaigns versus email campaigns? What are your opinions?
Renée Sattiewhite: It depends on your target. It depends on the age. I would say that an email campaign wouldn't work so well for people who are 65 and
older, because they are not probably checking their email as quickly as other people would. Direct mail probably wouldn't work as well for people under 30,
because they're not checking their U.S. postal mail that often. I think it just depends on the age and professional,
certainly, of the demographic. Amanda McMeans: I would just add in too, it depends on what it is that you're trying to promote
and how you'd want to get the message out there. There are credit unions that perhaps still mail out an application and a letter with a loan campaign
versus sending out a postcard or driving them to an online site where the application is right there online and they could do it in five minutes. I get the
email question a lot. It just depends on, if you have members that have given you their email address for e-statements or that permission-based marketing-yes, you can use my email
for marketing-if you have a lot of members doing that, it is a very cost effective way to do it. Again, it goes back to what it is that you're trying to promote and that target market.
Kathryn Baxter: Ladies, we have another question for both of you. I'm going to address Amanda first. You stay on first, Amanda. It's question 26.
The credit union just wants the general from the clients that you work with, I guess. What is the average return on investment for credit union
marketing? Amanda McMeans: That is a very broad question. It really depends on-I've had good success with all of my credit union clients,
but they've all been on different things. We focus a lot on used auto loans this year because I'm in Ohio, and that's a big market in Ohio.
I can't say that I have an average. Okay, when I work with a credit union, we're always going to reach 400% or 500%. I can tell you that some of the
recent ones we've done have been over 1000%. It depends on, again, what the credit union's objectives are, what the credit union's specific goals are,
their members, their target market, their messaging, and all of that sort of thing. That's really what gets is to what the ROl's
number should be for that particular credit union. Kathryn Baxter: What about you, Renée? Renée Sattiewhite: Well, let's see.
It just depends on what it is the campaigns are and what the credit union is generally trying
to do. With my credit union clients we try to decide on a market goal. Once we get the goal,
we generally average probably about 10% over. We meet goal, and we average about 10% over. I work
with a lot of small credit unions, and so we meet the goal and a little bit over. I'd say about 10%.
Kathryn Baxter: I've got another question. We have a lot of questions from credit unions about ROl, but we also have credit unions that want to know
something about the mobile market. This is question number 37, and it was actually addressed to Amanda, but feel free to chime in, Renée. The credit union
says that they agree 100% that the website should be mobile-optimized, but how important do you think it is to have their online membership and loan applications
also mobile app optimized? What do you think about that? Amanda McMeans: I think that's a great question. It depends on how you're pushing that out to the members.
I can speak for myself. Again, I do work with some very, very small credit unions, and I don't have a big budget and they don’t have mobile apps, but speaking for myself
as a consumer, I don’t check my email on the computer at all anymore. I just use my tablet or my phone. If somebody sent me like a survey or something and I was really
applying for online and they sent it to me and it's not optimized, it's really going to annoy me that I can't get that. If
you're sending me an email for the campaign and it's coming to my email address and I'm checking that on my mobile device, then
I would recommend that whatever you're sending also be a mobile app optimized, if that makes sense. Kathryn Baxter: Indeed, it does. Vanessa, did you have something? Vanessa Lowe: I'm looking
at a follow-up comment from one of the-I think it was the person who asked about what kind of data points should they be using. We showed them the list from that slide, but they make a good point
here. Let me go back to the phrase data mining that we used as the topic of this. Data mining can be extremely granular. This webinar is really sort of
talking to those who aren't doing much with the data that they already have, but one of the things you can start looking at-and let me go ahead and ask
our guests if they have experience in using data like looking at credit card transactions or where they're writing checks to
as data points to help determine how to or what to market to them. Am I making sense with that comment? Does that make sense?
Amanda McMeans: Oh, yeah, absolutely. Go ahead, Renée. Renée Sattiewhite: None of my credit unions that I've been working with have become that sophisticated yet. Vanessa Lowe:
Okay. What about you, Amanda? Amanda McMeans: I would agree with that, but there are ways. I used to work for a small credit union. It was $37 million in assets. I was the one
processing the holiday skip a pays at the time, so I remember that we did this because I had to build this spreadsheet. Every time somebody sent us a skip a pay for their auto loan with us and they wrote
it from their Chase accounting or whatever, we had a spreadsheet of all of those people who had checking accounts elsewhere and sent them a follow-up at the end of the year. "Hey, we noticed that you paid
your skip a pay for your auto loan with your bank account elsewhere. Here are the benefits of banking with us for your checking. You could make your auto loan
payment a lot easier. " Blah, blah, blah. There are a lot of ways that you can mine that data. At that same credit union, we had a specific data processor-and I'm not
going to say who it is-but they did have very sophisticated data on where members were swiping their debit cards and where their auto
loans were and where their checking accounts were-just by the transaction history in those members' accounts. It amalgamated all of that.
Vanessa Lowe: I don't know where that's from, but we're going to keep talking. Thank you for those ideas, and it occurs to me-one of the things we have to acknowledge these days is so many people
have multiple financial institutions. I think that example that Amanda gave of looking at their transactions with other financial institutions-is there some way you can get more business with them by
looking at that data, I think that's a great way to use that. I thank that person for that follow-up comment. Go ahead, Kathryn. Kathryn Baxter: This is a good segue for another
question. It's question 22. A lot of, of course, the credit unions that we deal with are small, so they may have limited resources. Here is what the credit union said. If you have limited
resources for a campaign, what are the best tips to choose a delivery method for the campaign? Renée Sattiewhite: Internet, Internet, Internet. Don't you agree,
Amanda? Amanda McMeans: I love digital marketing. I'm a big fan. Yeah. Just to piggy-back on that answer, again-I've said this a lot-but it goes back to your
objectives for the campaign. If you're a small credit union and you don't have that loan-to-share ratio that you want, always, always look at your current members first. I've
yet to talk to any credit union that says, "We have as much business as we possibly can get from our membership. " We want to make sure that we're using those great relationships
that we already have and then look at how your current members are interacting with you and what their behaviors are and what relationships we have
with them. All of that information together and just knowing our members well helps us determine what the best delivery channel is for a campaign.
Kathryn Baxter: Fantastic. Now, here's another question, Amanda. It's referring to your measure, measure, measure spreadsheet. Its
question number 30. The credit union says, "How do you distinguish which loans are generated by the campaign? Would you have to have the
loan have a special code like a purpose code or activity code or something like that? How would you do that?" Amanda McMeans: A very good question.
Again, in these examples here we're using used auto loans or new auto loans or both auto loans. You have the credit code for that on your system.
If you're talking about delineating between somebody coming in that month who didn't see any of your stuff but they really just needed an auto loan and you're looking at
delineating about that, there are some great ways. Again, it depends on your data processing system and it depends on the processes that you have in place for that loan process, but
having your member service people say, "Hey, how did you hear about us and how did you learn about this?" There are a lot of really great ways in that
relationship building with our members to know where it is that they're coming from. We can use that information effectively. It doesn't have to be sophisticated.
Kathryn Baxter: I think I'm going to-really close to the end of our webcast here. I think I'll give the last question
to both Amanda and Renée. The credit union wants to know-this is question number 51-they said, "What are your thoughts
on allocating a portion of your marketing budget to hire a third party for search engine optimization because of the concerns
expressed about being able to be at the top of the food chain when it comes to your marketing?" What are your thoughts on that?
Do I need to repeat it? Amanda McMeans: No. Again, going back to the objective you have for marketing-why are you marketing? What are you trying to
accomplish?- that's definitely up there. Then the other thing is there are a lot of things we could do-just like that video statistic at the very end of the
presentation today. Making sure that you do everything on your end that could optimize your site just by doing it yourself. It's free. Those are where
I would start, especially if you have a smaller marketing budget. Again, if one of your objectives of your campaign is really to just get your brand
awareness out there and get some new members, then I would say that that might be a good option to look into that search engine optimization. If you really are looking more to get more at
loan-to-share ratio from your current numbers and you perhaps want more checking accounts or whatever, that might not be the best fit. Again, just look at your objectives and that should help
you determine if that's a good use of your dollars. Renée Sattiewhite: If you decide to do that for the use of your dollars, you want make sure that your website is tight, that's it's
user-friendly, that it's got the mobile optimization as well, because there's no sense in driving people to your website if it doesn’t have great functionality and/or can't be downloaded on
the mobile apps. Kathryn Baxter: It makes sense. We want to remind our audience about our new board training series. You can go to our website. I
pushed out the slide, so that you can see. It's a brand new board series. It's getting quite a bit of play. If you have any board of directors and
you'd like to get them some free board training, here's where you go. Of course, if you want to get in contact with our office, there's our
contact information. We'd like to thank our host, Vanessa Lowe, for this wonderful data mining webcast. We'd like to thank our speakers,
Amanda McMeans and Renée Sattiewhite, for their insight into this very interesting sphere, and also Franz Ayento, who is our technical support
here at NCUA. My name is Kathryn Baxter. Hopefully, I'll see you next month for our auto lending webcast. On that note, I want you all to
have a great afternoon
and a wonderful week.
