My Marketing Strategy
Nicolette Lemmon, President & Founder
At the risk of sounding Pollyanna, these are times of opportunity for those with focus and strategy. For CEOs that are looking for increases in revenues to enhance profitability to pay back the insurance fund, the key is to consider the value of every member.
In the economy, the real value of profitable members is critical to monitor because they have economically voted that they trust your Credit Union. This has two implications:
- Who do they influence in their circles of family, friends and co-workers?
- How much more can they bring over to you?
The value of members who have parked significant deposit dollars and taken out large, collateralized loans is that they are truly driving your business.
Take for example an analysis that our MCIF Guru, Denny Koepke did for a client about two significant groups:
- For Deposits – Members over age 65 held almost 50% at the end of 2008. However, at the end of 2007, they only accounted for 45%. The swing was almost $11 million.
- For Loans – Members between the ages of 45-54 dominated with 31% of the loan dollars at the end of 2008, up slightly, from 29.5% in 2007. The increase was $4 million.
The interesting aspect is that they actually did even more in a worsening economy. These members voted that our client credit union was their choice for financial services.
Key is to protect your investment in these relationships by staying in front of influential member households to ensure that they keep their deposits and loans with you. Give them some words to use in terms of safety, stability and security. As they believe in their smart decision to use your CU, they will tell their families, friends and co-workers about the value of your organization.
The end result – protecting and growing your bottom line – what every CEO wants!
With limited budgets, it’s critical to target where and how you spend your marketing dollars. Are you getting the most out of yours? To find out, download our latest white paper, How to Retain Member Business on a Shoestring.