Budgeting is an important aspect of any credit union that is looking to grow, maintain stability and to keep relevant with your members. Resources that are set aside for individual departments provide opportunities to make moves that could potentially benefit the credit union and see successful returns. But, when execs do not see an immediate need to fund a specific area, such as marketing, the money previously set aside for that department could be going elsewhere, and it should not happen that way.
If we are talking specifically about marketing budgets, it is important to know how beneficial those resources could potentially be if they are put into the right campaigns. Generating leads, finding potential clients or members and continually announcing your products and services all come from having a persistent presence in the marketing game. Allowing marketers to have the resources they need to connect with people can end up leading to big things for the credit union, or any company for that matter. The only problem with this is that an ROI from putting money into marketing and communication efforts may not be as immediate as other ventures. CEOs or CFOs might not put as much thought into a marketing budget because of this since most executives are strictly numbers-driven individuals. This is why it is important to incorporate common company goals and data from past successful campaigns into new marketing strategies, to show that there is potential for a return.