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So much has changed over the past several months that while revenue growth has likely always been a priority for your organization, the greatest opportunities for growth may look considerably different as a result of the effects of the COVID-19 crisis. As you start to make strategic plans for 2021, consider maximizing new opportunities by meeting unique consumer and business needs that have emerged in the past six months. The climate looks different now because of COVID-19, and so should your planning.
As you begin planning for 2021 and beyond, it’s crucial to recognize the impact that COVID-19 and the resulting financial impact will have on lending and plan accordingly.
The recession period of 2008 – 2009 affected millions of people and its impacts were felt in many ways. By December 2009, the unemployment rate was 10% and median family net worth dropped 40% to $84,000. During this recession, we also saw 8 million foreclosures, more than 68,000 bankruptcies, small business loans drop 70%, and the number of credit unions and banks decline from 2006 – 2008 (5.3% and 9.3%, respectively).
If mortgage is a primary business line for your financial institution, your promotional efforts are probably gaining steam as we head further into spring. Whether you deploy full-fledged campaigns during the peak mortgage season, or utilize steady efforts throughout the year, social media can be a powerful tactic in your promotional toolbox.
