Not too long ago I was talking to a marketing friend of mine who was extremely excited about doing creative for her client, the Amish. She was getting ready to do a series of billboards, and ads to promote Amish businesses and tourist locations in Lancaster County, PA.
Can you believe it? The Amish are embracing marketing!
Over the years I’ve had plenty of conversations with credit unions about their marketing efforts. Historically credit unions see marketing as a pure expense rather than an investment or cost of doing business. Certainly not every credit union feels this way, but those who do think it fiscally conservative to cut back on this expense when the budget gets tight instead of viewing as reinvesting in tools to grow their business.
Frankly, I’ve never understood this position. I think you can be fiscally conservative, but still recognize that you have to spend money in order to make money.
No one can claim that the Amish aren’t conservative when it comes to spending money. They are nothing if not frugal to a fault. Not a penny is spent unless there is a clear business purpose, and the expectation that the investment of those funds will generate positive financial results.
So why in the world are the Amish spending money on marketing?
They recognize you have to get your message out there in a competitive market. Every summer millions of tourist come to Lancaster County to visit the amusement parks, music theatre, Outlet stores and of course the Amish tourist sites. There are many restaurants, shops and locations to choose from, so the competition for those tourist dollars is heated.
They realize that people don’t spend money with you just because you’re there. Just because tourists visit Lancaster County, it doesn’t necessarily mean visiting Amish sites or businesses are on their agenda. Lancaster County is full of great sites, activities and shopping for out-of-towners to enjoy. Tourists have so many choices that businesses that don’t actively promote themselves will be overlooked.
You get what you pay for. The Amish are competing against a lot of attractions and businesses that have substantial budgets. While they will never be able compete dollar for dollar, they have developed a strategy that allows them to invest what funds they do have in media that will give them high profile exposure at a reasonable cost. The Amish are not ones to squander funds, so they have to be confident that they will earn a dividend from this investment. They put their money where it will do the most good.
I think credit unions can learn a lot from the Amish. Investing funds wisely in marketing that will bring you a return and grow use of the credit union is not extravagant. It’s smart business practice.
Just think about it – if you are spending less than the Amish on marketing, maybe you need to rethink what you’re doing to promote and grow your credit union.
LeighWay 
Leigh,
Great post–and very much on target. Your brand is the most valuable asset you have. If you’re not investing in your brand you will not grow your credit union. Period. Great branding and marketing lead to great growth.
Mark
Thanks for your feedback Mark. I agree with you one hundred percent that your credit union won’t grow if you don’t invest in it. It’s a message that can’t be repeated enough.