Blaine Questions the Value of Marketing.

Jim Blaine’s Credit Union Marketing SOS! blog post has been

the shot heard round the credit union marketing industry.

It started when the president/CEO of the $29 billion State

Employees’ Credit Union based in Raleigh, N.C., wrote in a blog

post, “Credit union marketing adds no appreciable value to the

movement. Any credit union product can be marketed when pushed with a

sufficient lack of scruple. There really is little point in doing well

that which shouldn’t be done at all.”

The reactions were mixed. The majority of comments expressed

disbelief, anger and outrage that the high-profile CEO made outdated

assumptions.

“Credit unions are data driven but also are investing time and

energy to understand the credit union’s business model and how

their marketing efforts can impact the key ratios. Marketing is no

longer just about color palettes but about helping the credit union live

their purpose and attain their strategic goals,” wrote one

commenter.

Ron Shevlin, senior analyst at Aite Group, admitted in his

Snarketing blog post that he was at a loss for words in response to

Blaine’s position. He pointed out that growth enables credit unions

to invest in capabilities that better serve members.

“To accuse marketing of driving growth for the sake of growth

is an indefensible accusation,” Shevlin wrote in his post entitled,

“What Do You Do If the CEO Doesn’t CyGet’

Marketing?”

Not all the comments were negative.

One CEO thanked Blaine for “helping me feel less apologetic

when I tell people this $250M CU does not have a marketing department.

Value to the existing members is our priority.”

Another individual also agreed with Blaine and shared, “Growth

is essential, but growth for the sake of ego and recognition can have

terrible consequences. Common sense has always been in short supply and

often falls victim to the dreams of joining the $100,000,000 or billion

dollar boys club.”

In the end, Blaine suggested advocates and detractors alike not

take his comments too seriously. He said his goal was to provoke

marketers to a greater, more difficult challenge to explain, market and

educate members/public that credit unions really are something different

and unique.

“We’re losing the ‘war’ … we really are …

all of us. As you point out, so many members are still going astray much

to their financial detriment. I’m tired of losing, aren’t you?

C?Why aren’t we being carried through the streets on the shoulders

of consumers as the white knights, the answer to their financial

despair? If you think taking up the fight for the CU consumer has become

a fight for economic survival, then you have a friend and ally for life.

So, where do CU marketeers stand? More of the SOS? Or ready to roll up

your sleeves, unbox your brains and take on the most difficult of

marketing challenges,” Blaine wrote on his blog in response to

comments.

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