This article first appeared on YourMarketing.Co

In the world of marketing, diving straight into creating strategies and campaigns without fully understanding the financials of the credit union is like setting sail without a map. For any marketing initiative to succeed, you need to know more than just your target audience and brand image—you also need a strong grasp of the credit union’s financial situation and goals.

Asking the right questions from the get-go is crucial to developing a well-rounded, strategic marketing plan. Let’s break down why this is so important.

1. Aligning marketing goals with financial health

Before you even think about crafting marketing tactics, it’s important to understand the financial goals and health of the credit union.

Ask questions like:

• How are the credit union’s assets growing?
• What are the main revenue streams, and how can marketing help enhance them?
• Are there any areas of financial vulnerability or opportunities for growth?

These questions allow you to align your marketing objectives with the broader financial goals of the credit union. For example, if the goal is to increase loan applications, understanding the current loan-to-deposit ratio will guide your messaging and targeting strategies.

2. Budgeting smartly

Knowing the credit union’s financials is crucial to setting a realistic marketing budget. Asking questions about the available marketing spend, and understanding where funds might be better allocated, helps avoid wasted resources. It also ensures that your strategy can deliver a return on investment.

Consider asking:

• What percentage of revenue can be allocated to marketing?
• What marketing channels have proven effective in the past?
• How will marketing performance be measured in financial terms?

These insights guide your decisions on ad spend, digital campaigns, and community outreach programs.

3. Understanding member behavior and financial needs

Credit unions are mission-driven to serve their members in ways that go beyond traditional banking. Understanding the financial needs and behaviors of your members is key to positioning products and services effectively.

Some effective questions are:

• What are the most common financial products your members use (e.g., loans, savings accounts, credit cards)?
• Are there segments of the membership that are underserved?
• What financial challenges do members typically face?

These answers will help tailor marketing messages and product offerings that meet specific member needs, driving both engagement and loyalty.

4. Identifying growth opportunities

Marketing isn’t just about the short term—it’s about positioning the credit union for sustainable growth. By asking questions that help you understand the broader financial landscape of the credit union, you can spot opportunities for growth.

You’ll want to ask:

• Are there any underutilized products or services that could benefit from marketing support?
• What market segments are ripe for expansion?
• Are there any competitive threats we need to consider?

For example, if the credit union has a strong but under-marketed auto loan product, focusing efforts on promoting that could yield significant growth.

5. Building trust with leadership

When you approach marketing with a strong understanding of the credit union’s financials, you gain credibility with leadership and other stakeholders. It shows that your marketing plan isn’t based on guesswork but on real data and financial insight. This trust can lead to greater buy-in for your ideas and more collaboration across departments.

In the end, a successful marketing strategy for a credit union starts with asking the right questions about its financials. Aligning your tactics with financial goals, budgeting wisely, understanding member needs, identifying growth opportunities, and building trust with leadership will help ensure your marketing efforts are not just creative but effective also.

So, before you dive into your next campaign, take the time to understand the bigger financial picture—it’s the foundation of a truly strategic marketing plan.