Josh McAfee is a 23-year-old Marketing Director with Leaders Credit Union ($141M) in Jackson, Tennessee.
Synopsis: In 2008, Leaders Credit Union's marketing allocation was $230,000. Last year it was $90,000.
Over the past couple of years, an economic climate of uncertainty and NCUA assessments have forced credit unions to cut core function budgets as a means to maintain an acceptable operating income. In many cases, this has meant cutting marketing efforts. What this doesn't mean is that management teams should expect less of their marketing programs.
I intend to educate my peers and colleagues on what implications this "new normal" has for how credit unions need to market their products and services. I will prove that although discretionary funds for marketing purposes may be on the decline, we can apply more efficient methods to see better results than ever before. Throughout the competition, I will illustrate how key balance sheet measures will react to fresher, more dynamic content and member touchpoints.
By the way, in 2010, we grew total net assets and membership by over 5%... with less than 40% of the funds we used to have to do it with.