Promotion Vs. Marketing Strategy March 2016

Preview Discuss the cons of a promotion-only Hispanic marketing strategy Review the components of an effective Hispanic marketing strategy Provide examples Share available resources 2

THE CONS OF PROMOTION-ONLY 3

The Coopera Approach 4 1.The right organizational mentality – Philosophy – Investment 2. Adapt to the market – Personnel – Products – Processes – Promotion/Marketing

A Promotion-Only Strategy… 5 Translations of English Marketing Materials

The Downside Lack of integration with: Hispanic growth strategic goals Hispanic target market segmentation Product/service relevancy for consumers Culture Other marketing needs such as online, social media, public relations, advertising, direct mail, etc Consumer awareness and action wane 6

Hispanic Consumers May Not… See that you care Understand the CU difference Know how your services can help better their financial lives as a whole Distinguish your CU from other FIs and other CUs Be prepared to join Tell their family and friends Use other products and services 7

AN EFFECTIVE HISPANIC MARKETING STRATEGY 8

An Effective Hispanic Marketing Strategy… Starts with your Hispanic Target Market Defines specific, measurable goals that integrate with your CU’s Hispanic growth strategy Conveys consistent, culturally relevant messaging Incorporates integrated marketing tactics including promotional materials 9 Resources: Coopera Marketing Consulting Services

Develop a Relevant Brand Identity Relevant identity and positioning message(s): Family Financial Services Accessibility Financial Future… Have a slogan for your Hispanic target market(s). 10 Resources: Coopera Marketing Consulting Services

Spend Time Building Awareness Easy to jump to products first Define and talk about what makes you different Is it… – Your bilingual, bicultural staff – Your community partners – Your members – Your commitment to the community – Your mission 11 Resources: Coopera Marketing Consulting Services Or, all of the above?

Create Spanish Concepts/Messages From Scratch 12 Millennials Spanglish Dual Identity AT&T #BetweenTwoWorldsCampaign Social Media Multiculturalism

Create Materials People will Use Informational product/promotional flyers to be used at community events Recruitment materials Referral program information Event-specific information inviting the community to your events Member service brochures that staff hand out 13 When was the last time someone grabbed a brochure from the rack?

Avoid Starting with a Spanish Website First. It’s a lot more than just translation Considerations: – What Spanish financial terms will you use? – How will you ensure consistency in terms from the website to other materials? – How will you brand, your branded product terms? – How will you convey important, culturally relevant messages that aren’t available on your English site? – How will you keep it fresh? How/who will make updates based on new info? 14

However, Don’t Forget Mobile and Online. Social media messages – Facebook, Snapchat, Instagram and Twitter Ensure you have staff who can provide follow-up in Spanish Engage your audience on social media Be prepared to education on usage of apps and online 15

Involve your Community Partners & Tout Personnel Growth Talk about your community partners Market to the community together (co-market) Tout your Hispanic advisory groups Write press releases in Spanish and send to Spanish media Let the community know about new hires and new leadership 16 Consider Juntos Avanzamos Designation

RESOURCES 17

Coopera Consulting Services & Resource Library 18 Meeting topic(s) Templates in resource library

The Digital Lives of Hispanic Consumers White Paper 19 AEBB-FAE3-F31E9E28E3AA

Hispanic Growth Resources 20 Coopera Resource Library White Papers Hispanic Outreach Insights Monthly E-newsletter Hispanic Outreach Connection LinkedIn Group (CCHOC) sharedKey=5F sharedKey=5F Coopera Blog Coopera on Twitter Follow

QUESTIONS? 21

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