Seems by the end of summer, everyone starts to get back to business much like kids go back to school! There is a lot of flurry to do strategic planning and revisit goals to determine 2017 goals.
It can really start to build an overwhelmed feeling, so here are 5 questions to focus attention on the last push for achieving credit union success for 2016:
|1.||In what age groups, geographic areas, or product types are we not growing?
Reviewing your membership either through MCIF or using the core system, you can determine where there is a deficit such as not growing in new members or maybe specifically not attracting young millennials.If you shift to look at product growth, is there a lack of growth in checking, key loans, money markets or other products linked to your 2016 goals?
|2.||What product/service mix is most profitable?
If you are wanting to reach some goals in the next several months, what are the most profitable ones to focus marketing dollars on attracting? For example, you may want to spur loan growth with the most profitable loans that are easy for the front line to close quickly. For example, personal loans with higher interest rates with a quick approval guarantee. Maybe a refinance on a large home equity loan or auto loan on newer model that carries a larger balance. Key is not to tie up your front line with product promotions that merely take time and add little to the bottom line.
|3.||Why do members choose our credit union?
If you do not feel you really know the reason for members joining, better get out and ask the front line both in branch and in the call center! I have found that asking the people who interface with new members are a wealth of information if they are trained to ask key questions. An example may be that they heard about saving with low rates on loans. Typically, it is about the best deal and not that you have personal service and are friendly.
Another option is to ask Members directly. A Member Survey, targeting new members, can take a few different forms. We have conducted survey work for clients who wanted a traditional survey that was sent in the mail as well as surveys conducted online as well as transaction-based surveys, which were handed out at the teller line. Contact us to determine which one might work for you.
|4.|| What are we offering that the competition does not? Or, what is the competition doing differently than us?
As a marketer, you are probably scanning for what is going on in the marketplace. The key is to understand that new online disrupters such as SoFi, Prosper, Ally Bank, and others are not just attracting younger people away from your credit union, more importantly, they are setting a new standard for your credit union to be judged against in the court of consumer decisions! If Prosper can show a rate based on credit quality in seconds or Ally provides 1.00% APY on their savings accounts, how will your credit union compare? Don’t these prospects have to join first before they can apply for and get an interest rate quote on a loan? Or, what will they think about the 0.10% APY you offer on a share savings account? What can you do to mitigate the differences the members and prospective members see out there online?
|5.|| What impacts a member’s decision to leave a somewhat questionable deliverer of service to try a new one?
Because marketing is based on creating an emotional reaction to get someone to hear your message or act on your offer, it is important to know what might help convince him/her to use your credit union’s solutions. So, the starting point for the “story” of your credit union brand is to know the “why!” Again, having the frontline help you identify why new members have made the choice of your credit union is critical. Knowing what they didn’t like about the past provider helps to create new copy points. Plus, getting testimonials as your frontline is talking with new members will go far in being more convincing to their friends and family members.
Want to delve into the five questions a little more? They are highlighted in our Credit Union Marketing University webinar, Professional CU Marketer Series–Webinar 2: 5 Ways to Develop New Ideas. Click here to learn more!
Or, want help with marketing solutions to jumpstart your credit union’s goals? Contact us at LemmonTree Marketing Group, firstname.lastname@example.org.