Payment Industry Insider

A recent analysis by First Annapolis Consulting Firm showed credit card revenue growth will slow to 5% over the next five years due to the maturity of the segment.

What does this mean to credit unions?

A generic industry response would be, "We must continue to explore product innovation and new market segment opportunities." But where is marketing? We tend to forget about marketing and focus on technology innovation to help us grow. That’s great, but they really go hand in hand. You can’t have growth without new technology, but at the same time you can’t have growth and success without marketing.

We tend to shy away from marketing because we think it needs to be a complex process with millions of dollars in the budget for it to be successful. You would be surprised how a simple marketing plan can lead to fabulous results.

A few years back, Citizens Equity First CU ran a simple black and white print ad of an oversized asterisk with the tagline, "Sure it looks harmless." It ran for three weeks and helped double their card application volume by 82% - exceeding their marketing goal by 26%. 

A simple black and white ad was successful because it was focused, member oriented and visually distinct. Don’t let your ad get lost with all the others. Be different, stay focused and get it done.

Do you have any marketing ideas that are different from the norm?