The CUNA Marketing & Business Development Council has released a new white paper that promotes the use of objective measurements to quantify the effect of marketing on a credit union's bottom line.

"Mastering Metrics: Measure What Matters in Marketing and Business Development" outlines a system that helps determine what "metrics to measure, what information is needed to make those metrics actionable inside and outside the marketing department, and how to work with colleagues in other departments to make those metrics as useful as possible," according to a CUNA press release issued Monday.

"Calculations for key metrics are presented, including return on marketing investment, wallet share, return on new member acquisition, lift, pull-through, net member growth, frontline sales, business development reporting, and high-level measures of quality of service and status as members' primary financial institution such as the Referral Performance Score, a rather new measurement," the release also said.