Are you looking ahead to plan your budget for the next year, or maybe just assess where your marketing spend compares to your many competitors?
In a 2019 Financial Brand study, the average credit union marketing budget as a percentage of assets was 0.12%. This percentage is more typical of credit unions with between $400 million and $5 billion in assets (with smaller credit unions typically spending a slightly higher percentage).
While factors such as the level of competition in your local market, how aggressive your growth strategy is, and your overall level of brand awareness tend to be primary drivers of your budget planning exercise, getting a baseline level of how your marketing budget stacks up against competitors, can be quite helpful.
Our Credit Union Marketing Budget Calculator is intended to provide credit unions with at least $400,000,000 in assets, with a basic recommendation for what you should be allocating toward your yearly marketing budget.
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