Do you know how to calculate your marketing budget?

We see a wide variety of answers for this one with our credit union members. Responses usually fall into 3 categories: 

• "I don't know"
• "I work with what I can get"
• "Yes! we have a solid budget"

So what if you don't know what it SHOULD be or what to even ask for to make things better for your marketing plans?

 

The Budget Formula:  Start With 0.10% of your Assets

What does that mean? If the total assets for your credit union are $80,000,000, your base marketing budget would be $80,000. Shocked? Is there no way you could get that approved? Don't despair.

Here's what we suggest. This base formula is based on loads of NCUA data compiled and reported by The Financial Brand on marketing budgets. In fact some CU's average a larger percentage. But this is a place TO START.

If your budget is way below this or non existent, start sharing these number now to help your management and board see where you need to be. Think of it as your budget's warm-up routine. It's like peeking into the secret diary of your credit union pals and getting a sneak peek at their strategies. Plus, with this intel, you can increase your budget gradually and watch it grow like a well-fed plant. 🌱

Data Source: The Financial Brand

Are you part of our Credit Union Marketing Cooperative?  We invite you to  join our marketing hub!  Simple. Easy to use. Discover Proven Campaigns, Budget-Friendly Strategies, and Editable Designs in Canva.