Today’s blog comes courtesy of Shari Storm, Vice President and Chief Marketing Officer of Verity Federal Credit Union. Shari is the author of the new book ‘Motherhood is the New MBA”, available here:
Is the economy turning? Are we going to double dip? Will delinquencies drop? Will lending ever get back to normal? What the heck are rates going to do?
The ONLY certainty for this year is that we marketers are being asked to do more with less.
In light of that, I’d like to share with you three ways we are saving marketing money in 2010.
They aren’t easy. We’ve stopped doing some things that we have been doing since the beginning of time. Sacred cows, I believe they are called. But getting rid of them has helped put a good chunk of change in my marketing piggy bank. (OK, enough of the barnyard animal word plays.)
1. Annual Reports: We aren’t printing annual reports this year. Instead, we’ll design it, post it online and print enough to hand out at our annual meeting. If a member asks for one, we will print it for them.
Savings: $5,000 / year
2. Yellow Book Advertising: We’ve stopped completely. Instead, we’ve made sure our contact information is correct on Yelp and other such websites.
Savings: $12,000 / year
3. Newsletters: We stopped designing and printing newsletters. Instead, we focus our attention on our employee run blog. http://blog.veritycu.com
Savings: $18,000 / year
We knew these changes would save us a considerable amount of money, but we were happy to discover that there were additional benefits we weren’t expecting.
1. Conservation of Time: We hadn’t really realized how much time we were spending putting together the newsletter and sending it to print. It sounds like a simple task, but wrangling content from already busy contributors and formatting files for the printers does take time. We also eliminated the time we were spending on working with yellow page reps, proofing ads, executing contracts, etc.
2. Conservation of Resources: As soon as we made the decision to stop advertising in yellow pages, we started seeing blogs and other social sites complaining about Washington State’s practice of giving each resident at least two phone books. There is a large movement in our state to outlaw this system. We feel good about doing our part in minimizing the environmental impact yellow pages have on our environment. We’ve mentioned in a few places that Washington yellow pages have one less ad due to us.
3. Increased Job Satisfaction: We’ve concluded that our new efforts are more enjoyable than our former task. We like monitoring Yelp better than we like figuring out what to put in a yellow page ad. We like writing for the blog more than we like printing a newsletter. The work is more fun and that’s ALWAYS a good thing.