Monday 1.30.12 - Mark Dudley

It’s one of those days... Everything is going wrong, the paperwork is stacking up on your desk, the phone won’t stop ringing and you are 30 minutes late to lunch. Or maybe there is this one line of fine print in a policy that is causing you to say “I don’t think we can do that.” There’s always a laundry list of excuses to no go above and beyond and create an extraordinary member experience at your credit union.  It reminds me of a comedic piece from Brian Regan. Does your staff treat members like they’re a nameless number or do they find excuses to create a “service first” experience?

If  opening a new account at your Credit Union is like switching over your phone service or cable service, you might want to put more focus on the SERVICE experience! Everyone expects to be treated with respect, but some companies can’t even do that! Give your staff the autonomy to find excuses of how they can better serve your members, and watch the results. You’re credit union will be full of members who are raving fans!

Monday 1.23.12 - Bo McDonald

OK, so the name of this post is a little deceiving, but you clicked on it right? We don’t really want to lower the productivity of the employees at your credit union, just contribute to the wasted time in other offices. A new study shows  "Between 9a-5p, more consumers surveyed reported using FACEBOOK than watching TV," according to Frank N. Magid Generational Studies. "This was true for each age group broken out from ages 15-46. Among the youngest consumer group, 8-14-year-olds dubbed 'iGens,' 16% logged on to FACEBOOK during those hours, the same percentage who said they tuned in to TV."

Who cares? You should. Even if your credit union does not participate in social media, some of the other findings in this study could alter your marketing plan for 2012. For example:

-          Baby boomers are the only generation still consuming more television than social media. 26% of the boomer generation consume some form of television between 9am – 5pm.

-          44% of millenials (those between the age of 15-17) are very active on social media between 9am – 5pm, compared to 28% who were watching television. It’s important to note that in this study, there was massive crossover between those watching television AND using social media.

According to EMarketer.com, Facebook has replaced television as the main source of media consumed curing working hours. Here are some tips for your credit union to take advantage of this research:

-          - Best time to post content for maximum viewing according to statistics from social media consultant Bre Roz is 11am – 12Noon.

-          - Keep your post to a minimum of two sentences (one if you can)

-          - Include a call to action in your post (for example, ask your members to “like” your post or to comment on the post. Asking a question is a great way to encourage your members to interact with you

-         - Respond to your members. Even if it’s just a “thanks” or hitting the like button on their post, let them know that you have seen their post

-         -  Post photos instead of links. With the new Facebook, posts with photos will be displayed more often than those with links (Facebook wants its users to stay on Facebook and not visit other sites, driving up their consumption among users)

Wednesday 1.11.12

If it has your credit union name on it, the credit union of course! Right? Maybe not. I’ve seen several occurrences where a young credit union employee sets up the social media accounts for a credit union, then leave the credit union taking with them the usernames and passwords for twitter, and being the only admin person named on the Facebook page. Sure, you can sue. But by the time the court gets to hear the case the damage is done and the hundreds, perhaps thousands of fans and followers you’ve worked hard to get are gone!

What about your personal twitter account? Maybe you use the name of @John_MYCU as your twitter name. It’s your personal account, but can the credit union control the content of your tweets? What about if you leave MYCU and go to another credit union, can MYCU ask you to surrender your twitter name when you leave? That’s what the courts will have to decide in South Carolina, in the case of one employee who left a technology firm after building a follower base of over 17,000 on Twitter.

Don’t let your credit union fall victim to any of these social media missteps. Here are a few ways you can make sure that your credit union OWNS its brand on social media:

-          First and foremost, make sure that you have a social media policy in place outlining who owns the rights to what names and accounts, as well as the rules you expect to be followed (this goes for both credit union accounts and anyone using social media personally that displays the name of your credit union)

-          Make sure that several staff at the credit union have the user name and password for the social media accounts

-          Urge the creator of the credit union Facebook page to add several admins

-          When posting content, be sure you know who is posting what. Each tweet or post should be marked with an initial so you can trace content (eg: John Doe at your credit union could post on Twitter: It’s a Great Day @MYCU (^jd)

There are many do’s and don’ts of social media for commercial use. If you have additional tips not mentioned here that you feel could help other credit unions who are beginning to use social media, please email them to bo@yourmarketingco.com. We’ll post them here and make sure you get credit!

Wednesday 11.30.11 - Bo McDonald

I received a note from Laura Woods at 1^st Financial Federal Credit Union in Missouri with news of another great Black Friday promotion. In the spirit of the cooperative movement, Laura was gracious enough to share details and some of their creative with fellow credit union marketing folks.

On very short notice, Laura and her team at 1^st Financial FCU decided to do a “Black Friday” loan promotion. Like most credit unions, Laura was working with a VERY small budget so she had to think fast, and think way outside the box. One of the most successful elements of this promotion was their online advertising on the 1^st Financial FCU website with a 1.6% click-through rate and a 30% open rate. For reference, the average click-through rate on web ads is only .07%. An example of the creative they used on their website is located below this post.

So far it sounds good, right? But what was the ROI? Though they have not run the final numbers as some loans are still pending, so far just over $300,000 in loans have closed from this promotion. That comes out to a 2000% ROI (yes, that's four zero's) based on the amount spent to promote this loan special.

As we preach to the credit unions that we work with, it does NOT take a huge budget for your credit union to be successful. And Laura at 1^st Financial Federal Credit Union is proof that it CAN be done!

Monday 11.28.11 - Bo McDonald

As we crawl back to our credit unions with a turkey hangover this week, I want to highlight a special promotion I heard advertised by Visions Federal Credit Union from my hometown of Binghamton, New York. While I was visiting family for Thanksgiving I heard their radio ad promoting a “Black Friday Loan Sale.” What? A Black Friday “loan sale?”

The pessimist in me wanted to immediately dismiss this, but the more I pondered the idea the more fond I became of it. It seems Visions took a multi-channel approach to marketing this loan promotion.

-          Traditional advertising (at least radio) was utilized in getting the work out to the public about this promotion. The creative was rather vanilla, but the words were crafted just perfectly. Besides, it fit my criteria for creative (it doesn’t have to win awards, but it MUST show ROI.)

-          Visions also utilized their Facebook page and social media networks to promote this loan special to members.

-          Both radio and social media drove traffic to the Visions website for more details and to apply for the loan (with a special invitation to non-members to join and take advantage of these special rates.)

Of course, Visions was open Friday and Saturday but they added in “Cyber Sunday and Monday” as dates that were eligible for these special rates. You can see more details about the rates and components of the promotion on the Visions website, but here are some of the details:

-          Loan sale was promoted as “Black Friday and Saturday” and “Cyber Sunday and Monday.”

-          No payments until February 2012.

-          New and used vehicle loans started at 1.79% APR.

-          Most branches were open through Friday, and some were open Saturday. Members were directed to the website for “Cyber Sunday and Monday”.

I did some research and only found one other credit union that ran a similar promotion this past weekend. Heritage Community Credit Union based in Sacramento, California advertised their “Black Friday Loan Sale”, but details on their website were not as robust as Visions.

Hats off to Frank Berrish and the team at Visions FCU and the folks at Heritage Community Credit Union for thinking way outside the box to come up with some Great Ideas this holiday season. If your credit union is doing something similar and you would like to share it with others, shoot me an email bo@yourmarketingco.com. We love to share Great Ideas with other credit unions!

Monday 11.22.11 - Bo McDonald

Last week Mark sparked a great discussion with his blog post about traditions and what that means for your credit union. If you think back to your childhood, you can probably think of a few traditions. Perhaps it’s a tradition involving family, or perhaps even a “retail” tradition.

My fondest memory of a “retail tradition” was going grocery shopping at the “cluck-cluck” store. At only a few years old, calling our local grocery store the “cluck-cluck” store was a lot easier than saying its real name, “Great American Grocery Store.” So why was it the “cluck-cluck” store? When you first walked through the automatic glass door, there was a huge vending machine with plastic eggs in it. Inside the plastic eggs were little plastic toys, but it wasn’t about the toys. It was about what happened when you put the quarter in. Instantly a screaming plastic chicken started swirling around making what today I would quantify as a horrific high pitched noise, but at that time it was a great form of entertainment. Hence the name, the “cluck-cluck” store.

While most children don’t get excited about a trip to the grocery store, it was the highlight of the week for myself and friends in the neighborhood to get to go grocery shopping, just so we could drop the quarter in the machine and watch the plastic chicken go crazy. Let’s apply this story to your credit union.

Just like a grocery store, your credit union is a commodity. Not many kids will get a kick out of walking through your door, or beg their parents to take a trip to your credit union. But what if a “normal” trip to your credit union was anything BUT normal? What if you could create an experience that kids looked forward to? I’m certainly not suggesting you put a screaming chicken vending machine in your lobby, unless you want to drive your tellers to the local bar every afternoon at 5, but there are probably ways you could turn a normal trip to the credit union into something memorable and exciting without devoting a chunk of your marketing budget to it.

Not only is it a memorable experience for the children who, someday will be looking for their first car loan, and someday be seeking someone to help with their first mortgage, but the parents will remember just how well you treated their children. And that means more to parents than any glossy slick looking ad in your local “mom” magazine any day.  Does your credit union currently provide an “experience” for young members? I’d love to hear about it! Or maybe your credit union would like to brainstorm some ideas on how to create this kind of experience. Shoot me an email: bo@yourmarketingco.com

Friday 11.18.11 - Mark Dudley

For me, the holiday season is a time to reflect on long standing family traditions. Think back to what your family has always done for Birthdays, Christmas and especially Thanksgiving. Most of us have holiday traditions, but if we don’t, the good news is we can start creating them today.

One of my favorite holiday traditions that I remember is time with my grandpa. Every time my grandpa came to pick us up or drop us off from spending time with them in Sumter, South Carolina we would make a stop at the local Dunkin Donuts.  This was back when Dunkin Donuts stores had a bar with swivel stools. I thought I was a big boy sitting way up there on those stools. My grandpa would get my brother and I a donut and drink and he would smoke a cigarette and chat up the other older fellas at the Donut shop. It never failed, we did this every time. Whether it was for him or for us, I don’t really know, but I always loved this, and to this day it makes me smile when I think about it.

Almost, everyone has a story like this, right? Take a moment to think about a memory that makes you smile. What can we learn from traditions like this? Traditions take real time events and forever link the heart. Whether its holiday traditions or Saturday morning traditions, there are warm feelings tied to those memories. 

Are we creating traditions for our members? What traditions are in place at your Credit Union? What traditions can you start so that members now have a warm and fuzzy feeling when they think of your Credit Union? A lot of great moments happen at Credit Unions: first checking account, first auto loan, first house, and I’ve even seen a couple get married at a Credit Union. What if we started creating traditions for our members instead of just a transaction?

Check back in on the Great Ideas blog Monday morning for some Great Ideas on how your credit union can start some traditions.

Monday 10.31.11 - Bo McDonald

As I do most every evening, I was stuck in the black hole of wasted time looking at my Twitter timeline. A tweet from Wells Fargo appeared, and it made me look twice. Is this for real? Wells Fargo has just tweeted that they were cancelling their debit card fee pilot program. “We heard you, and we have decided to cancel our debit card fee pilot” said Wells Fargo via Twitter. One Wells Fargo employee on Twitter, @tommymorrow6293 was quite relieved. After the announcement, he posted on Twitter: “thank god im a employee and i get so many complaints.” Nice to have some inside information to confirm our suspicions that their customers weren’t very excited about forking over a few bucks a month to access their deposits.

Now before you begin to fret that the gravy train of great public relations opportunities are over for credit unions consider the fact that Bank of America continues to proceed with their $5 debit card fee, as does Suntrust with their $5 / month fee and Regions Bank with their $4 / month fee.  In fact, I would be willing to bet that the damage is already done with Wells Fargo customers. Think about it. Have you ever been in a relationship where your significant other has done something to lose your trust and confidence in them? Even if you stay in that relationship, you’ll always be skeptical of their motives. Same goes for Wells Fargo. Their customers may stay in that relationship, but it will never be the same. Evidence of this exists on their Facebook page, just check out some of these posts:

Shae Rupley: It's a shame that Wells Fargo didn't try to see the "big picture" before they implemented this pilot program. While I still have my Wells Fargo account, I've already moved most of my money over to a local credit union. And guess what? I get free checking and even get interest on my checking account if I use my debit card at least 10 times a month with them.

Jeff Raetz: I was about to leave you guys for this reason. If you guys bring the charge up in the future i will be leaving to a credit union and most people will be following!

Peter A Kerstetter :How are you making up for this decision? What other fees have you raised? Just curious...

Hunter Raffety: Too late, cancelled my accounts and moved to a local credit union. Scam artists.

Now, the lesson of the week for credit union executives: Keep up the good work. The pressure from unhappy bank customers and the public relations efforts of credit unions from across the countries have made a difference. But don’t stop now. There’s still work to be done! With “Bank Transfer Day” this week, how is your credit union going to take advantage of interest being shown by your local media? CUinsight has some great ideas on how your credit union can grab some attention and benefit from yet another opportunity handed to us on a silver platter from our banker friends in their ivory tower.

Wednesday 10.26.11 - Bo McDonald/Mark Dudley

I recently did some deep thinking and reflecting about the meaning of life. I may have come up empty handed, with many unanswered questions, but much of my reflecting had to do with "what's my purpose?" So I own and operate a marketing firm that works with credit unions? I strive to do good work for our clients, I strive to treat my employees fairly... but what else? It's about the members. We may work directly with credit unions, but our goal is a better life for the members of our credit unions through the work we do every day. That's my vision. But do my employees share it? Last week I gave each of my team members a homework assignment. I wanted them to give me the meaning of their job, aside from showing up 5 days a week and collecting a paycheck, just to see if they shared my vision. And of course, they did. I'd like to share with you one of the responses I recieved from my project manager, Mark Dudley, that put into words why we do what we do everyday:

We upset the TIME continuum. What we provide for our credit unions is TIME. Yes we give them our time and services, but in reality we give them their time back. When we work on projects that they give us or that we take on to create a new product, service, and even working on compliance issues, we add hours back to their schedule. To them the services we provide are worth gold. Everything they give us or we take the initiative on, means one less thing that they have to do. Example: A Marketing Director (who also handles HR) at one of our credit unions works 50-60 hours a week. How many would she have to work if we didn’t exist? How many people would feel the strain of the extra hours and responsibilities on her plate? What if she didn’t have time for payroll? What if they missed a fraud attempt because they were working on newsletters, Facebook, or print materials?

TIME, you only get what you get! Every day we add extra hours to the days  of our clients. They work 8 hours, but because of us they reap the benefit of getting more done in a day.  That’s tough to beat.

Members

Without members, we wouldn’t exist. So it would be a real shame if we didn’t impact this group. I see the impact we make here to be on several levels.

1.            We provide convenience. If the member is connected online, we have done a good job of providing quick, timely product information for them to better use their credit union. Aside from connecting electronically, I feel our print materials give them the information they need better than they would receive at other financial institutions.

2.            We provide an opportunity. Through the outlet of the credit union and our product development, we offer hope and opportunity to solve a problem. How many lives have we affected by coming up with campaigns, products, and promotions???

3.            We provide them with eye candy! Everything we put out there looks hot. Our members could take hours a day look at our hot designs and graphics. How many members do we make smile on a daily basis?

Monday 10.24.11 - Bo McDonald

Beginning in 2008 and throughout 2009 the advertising world was counting down the minutes before Ford jumped on board proclaiming to be THE domestic automotive company that did NOT take a government bailout. Let’s face it, it was a huge selling point to a large chunk of the consumer pie.

We continued to wait for that point when Ford would pull that trump card and call out “government” motors for taking the government bailout. In fact, coming into 2011 there was still not one iota of a mention of that fact in any advertising coming from Ford. Many ad execs chalked it up to Ford taking the high road, still others held out for the fact that Ford would belly up to the bailout trough for their own bailout before it was over and done with.

Fast forward to the Summer 2011 Ford television campaign which features paid actors (representing a Ford driver) speaking to the media at a staged press conference about why they purchased their Ford. Finally, in this campaign the bailout is mentioned. You can see the spot here, where the customer explains that he would NEVER buy a car from a company that was bailed out by the government, which turns out in many research studies has been a compelling reason for NOT buying a certain brand over the last few years.

In finally mentioning itself as the un-bailed out domestic auto manufacturer, Ford has politely ended its silence, and by using a paid actor to point this out rather than a talking head or faceless announcer, has scored even more points with consumers.

Has the way that credit unions responded to this matter with our bailout loving bank friends compared? In this case, credit unions are in the same seat as Ford. How did our handling of the same matter compare with that of Ford? Did we pass the test with consumers by politely educating them on credit unions standing strong and cleaning up our own mess without government help, or did we sit back quietly hoping that the media would hold hands with us in promoting the story. Or worse, did we stand on the sidelines pointing and yelling at the big bad banks warning their customers that if they didn’t join a credit union the bankers would bring harm to cute cuddly kitty cats and starve our grandparents into eating Alpo for every meal?

How would you rate the response from the national trade organizations such as CUNA and NAFCU? How would you rate the response from your League, and more importantly how would you rate the response from your credit union in its marketing messages? Food for thought.

Friday 10.21.11 - Bo McDonald

The folks at Central Missouri Community Credit Union took their International Credit Union Day plans to another level yesterday, living out the credit union mantra of "People Helping People". Here's a look at how the staff at this credit spent their day yesterday with a recap from Laura Eblen:

It was still dark when I pulled into the credit union lot this morning, waaaayyyy to dark, but I was filled with excitement. Normally, ICU day means punch and cookies, maybe a few small giveaways. But this year? This year was going to be bigger and better. I wanted to actually build a better world.

Wed 9.28.11 Guest Blog Post: Laura Eblen, Branch Manager - Central Missouri Credit Union

Last week I, along with Brandon Michaels, CFO Mazuma Credit Union brought nine young credit union professionals to the 2011 Missouri/Oklahoma Convention and Exposition to experience the “Crash” philosophy and the advance the credit union movement.

The goal of Crashers isn’t to show up where you aren’t wanted; instead it is to have a chance to be exposed to the internal workings of the industry and to pick the minds of some of the greatest credit union leaders. We were there by the invitation of the Missouri League and took advantage of every learning and networking opportunity made available to us.

The young professionals were asked to define what Crash meant to them. In their words Crash is…an immediate indoctrination into changing the status quo, it’s about making an impact, redefining innovation and remaining both persistent and open-minded.

The Crashers were all under 33, and had been with their credit unions anywhere from 1 month to 10 years. For too many, this was their first exposure to a credit union conference.

I’ve been lucky enough to attend several CU conferences over the last few years and quite frankly not too much has changed. The hot topic sessions have been the same each time; the industry is aging, the economy has gone to pot, and the regulators are breathing hot and heavy down our necks. There’s a lot of talking, but maybe we really just need to be asking different questions.

Instead of talking about an aging membership and questioning how to attract younger members, maybe what we need to be asking is: Do our members know or care that they are members? Should they care? How do we get them to care?

It’s time to stop talking and start taking action. It’s not enough to say you want to change; you must put a plan into action and follow through. We need to stop sitting around and talking about an aging membership saying we want younger members. Instead, lets make a plan to change our marketing strategy; get on YouTube, Twitter and for goodness sake, unless we are going to take the time do it right, take down our Facebook page.

We talk about the importance of the cooperative spirit, but do we as an industry always act cooperatively? If so, then why are we fighting each other for the same 6% slice of the pie? Are there ways we can be banding together on a broader scale to accomplish our mission? Let’s stop talking about technology like it is some great barrier to growth. We were founded on the principles of being a cooperative, so let’s cooperate. Hey big CU, can you help share in some processing expense? Can a medium size CU sponsor a smaller one into shared branching? What processes can we streamline across a broad spectrum of needs? 

Crash is about changing the questions to effect change within the industry.

As part of their participation in Crash, the young professionals have formed teams to address two specific areas of concern. Some Crashers are taking on the challenge of creating a Recruiting CUSO to develop and retain talent within the industry while another group is focusing on the development of cooperative marketing and shared technology.

It was a long and exhausting three days. We learned from some of the best and the brightest. We challenged each other and asked some uncomfortably questions. We grew wings and decided it’s time for us to defy gravity.

When we returned home, we received a poignant e-mail from Rob Givens, the CEO of Mazuma CU. He reminded us that to accomplish our goals sometimes we must refuse to accept limits just because someone else says they’re so. He went on to say

“You and your fellow Crashers, whether in person or in philosophy, have a chance to revise and rejuvenate one of the greatest ideas of all time - cooperative financial services. To paraphrase an old and famous military saying "Damn the regulators (and senior folks in control!) - full speed ahead." Thanks for your willingness to take on a big challenge, because we need big solutions.”

Thank you Rob, and a big thank you to everyone who challenged us, who accepted us, and who thought we didn’t belong. You have given us the courage to get out of our own way and move the industry forward together.

Hey Crashers-Don’t Stop Believing…

Wednesday 9.21.11 - Mark Dudley

If I were to walk into you credit union today, how would I be treated? More often than not I would be greeted with a smile and asked how I could be helped. The service would be good, polite, and I would find exactly what I needed. If I reported my findings to most CEO’s they would be pleased. However, in the ever changing world of banking is this enough?

Monday 9.19.11 - Bo McDonald

“I’m not sure Ford knows why folks listen to the radio, or why people keep listening.” This direct quote from Mark Ramsey of Mark Ramsey Media is perhaps the most arrogant thing I’ve heard in quite some time. If you’ve been following the Great Ideas blog for any length of time, you know that we admire Ford for their growth by looking beyond just “building and selling cars”. Ford has done a superior job to get in tune with car buyers and understanding their lifestyle, and building solutions (cars) that fit into it.

You may also be aware that in addition to working with many credit unions on growth and marketing strategies, I spend a few hours every morning in a radio studio hosting a morning show. Being part of the radio industry, I see many similar issues that industry shares with credit unions in regard to survival.

As I was reading the Mark Ramsey Media blog, I was dumbfounded at his attitude toward Ford. Ramsey’s post stems from an open letter to the radio industry from Ford executive Jim Buczkowski, who made the following points:

-          Yesterday’s car radio has been transformed into today’s mobile digital infotainment platform. Listeners (drivers) have more choices than ever before including satellite radio, Pandora, Spotify, Music Unlimited, Slacker, Stitcher, iHeartRadio, and a wide variety of apps.

-          Drivers used to be happy with just being able to tune to their favorite radio station. Slowly a change in technology starting with eight tracks, cassettes and eventually CD players (and now the technology listed above) began changing drivers’ habits.

-          Ford has been at the forefront of recognizing these changes, and adding them to the standard technology available in new vehicles

-          Consumers have come to expect the same consistent “look and feel” from their in-car media as they experience with their iPods, Smartphone, internet radio and other digital technology, and are looking for seamless integration of all of these entertainment sources into their vehicle.

Buczkowski reminded the radio industry that they have a great “free” service, but the opportunity is there to enhance it with the digital options available, such as HD radio. It seems as though Ford has done the work for the radio industry. With the amount of money spent on research, not to mention the steady rebirth and growth of the Ford brand over the last several years, this is advice I would be taking note of if I were a radio industry executive. Ford is sharing the secret to survive the changing media landscape. Yet some radio industry executives such as Ramsey want to brush this information to the side in favor of business as usual.

Ramsey responds: “People listen to the radio not just because they haven’t yet awakened to radio alternatives.  They listen because they actually enjoy what radio is and what radio does.  They listen because it’s worth it.” Perhaps. But that’s not a very compelling argument. Ramsey gives no figures to back up his passionate statement like Ford does.

Here’s the tough question. Are we in the credit union industry listening to outside sources when they’re handing us research on what our members want? When a company such as Geezeo presents information on financial trends of our members are we brushing that to the side in favor of business as usual? When Filene presents research on trends and new technology to help our members, do we assume that “members just aren’t interested, all they want is a checking account and loan”? So many times I hear from my credit union peers that something new won’t work. Why? Because “this is the way we’ve always done it.” It sure is, and look at where it’s getting us.

Let’s look outside of the box, and heed the information that is being presented to us by folks who have the numbers and research to back up their warnings to us. Those credit unions that adapt to change and not only what consumer want, but give them what they want will enjoy a surprising growth over the next few years, just as Ford has. However those credit unions that continue on “the way they’ve always done it” will join Oldsmobile and Pontiac in the brands-that-have-been graveyard. RIP.

Monday 8.29.11 - Bo McDonald

When it comes to credit union marketing, we often tend to look at other successful credit unions for ideas. But how many great ideas are we overlooking by NOT looking outside of the credit union industry for fresh ideas?

Every conference I have attended has featured a session covering the topic of using social media and reaching out to GEN Y. I can’t think of any more power-point slides or bullet points to cover the subject. Either your credit union embraces social media or it doesn’t, period. If your credit union is willing to embrace social media and truly give it a fair chance, you’ve got a good shot at firing up a virtual movement with passionate brand ambassadors for your credit union.

Despite the challenges of reaching millennials, one company has embraced the challenge, and they understand that it’s more than having your administrative assistant putting a Facebook page up and hoping for the best.

Ford understands that they can’t build cars specifically for millennials; it just wouldn’t be cost effective. However, they understand that their old marketing message (showing off speed, style, and look) isn’t reaching GEN Y. So what gets their attention? Technology!

Through Ford’s research, millennials don’t see a car as a status symbol as their parents so do. They see it basic transportation. But adding in the latest technology makes the vehicle an enabler to their technology driven lifestyle. Ford also understands that retooling yesterday’s marketing message about “how cool” the technology is in the new models isn’t going to cut it. So Ford is bringing the conversation online. Notice I said conversation, not marketing message.

In a recent Ad Age article, Ford outlined several key components they use in getting GEN Y interested in their vehicles. In short, Ford gives them what they’ve come to expect from their online AND offline lives. And that’s connectivity, individuality, and instant gratification. Here are some examples of Ford’s initiatives to reach millenials:

-          Self-Expression: One in six millennials have a tattoo. Ford now lets customers “tattoo” their car by offering colors and patterns for both the inside and outside the vehicle, making it a lifestyle enhancer, not just a vehicle. How can your credit union let millennials “tattoo” their account? Perhaps an instant issue debit card that they can customize?

-          Connectivity: Millennials see their cell phone as their freedom of expression, not a car (and certainly not your checking account). Ford understands that connecting a cell phone to their vehicle is no longer an option, it’s a standard. Other information like weather and traffic is available on demand using the new technology Ford has installed in their vehicles, to quench the thirst for constant information that millenials demand at the snap of a finger. How can your credit union provide account information on demand? Text banking, internet banking, virtual branches…

-          Gamification: Millennials have grown up with video games, starting with Atari in the 80’s into today with the Wii. Ford has incorporated “gaming” into new vehicles to attract younger drivers. How can you possibly play a video game while driving? Easy. Some new Ford vehicles have a gamified smart gauge, with a digital display of leaves and flowers that either grow or shrink depending on how economically the vehicle is being driven. The game can be played against one or multiple people via internet connection in the car to see who is driving more economically. Perhaps your credit union can take advantage of available technology to gamify the savings process?

-          Access: Ford’s research also shows that when millennials mention a brand on social media, whether it be Twitter or Facebook, they expect a response from a real live breathing human being. Millennials expect to be met where they are, on their terms, and they expect to have their concerns addressed immediately. Embrace it or not, it’s how they do business and you can either meet their needs or someone else will. One important point for your credit union to take away from this bit of research from Ford. Simply having a Facebook or twitter account for your credit union isn’t enough. Posting your current promotion or holiday closings isn’t enough. At least one staff member at your credit union should be constantly monitoring your social media channels and ready to respond instantly with assistance. Most small credit union are lucky if they have a full-time marketing person. If this is the case, seek assistance from a social media consulting firm to pick up the slack and turn your social media efforts into a movement.

-          Brand as Content: Millennials share content with their friends that they think is cool, and more importantly authentic. Ford constantly monitors the content being shared on Twitter as well as hash tags being used to keep track of what content and conversations are being shared online. Is your credit union sharing “real” content online? Last year, CUDL attempted to take a custom video program online for millennials to share. If you didn’t see it, it’s no surprise. I give CUDL and “A” for the idea, but it was clearly not produced with millennials in mind, and the execution was what most of us in the credit union world do. Post it online and hope it becomes and overnight success. It wasn’t. It’s certainly not wrong to post loan promotion and info for members, but if you want your online initiatives to catch on like wildfire and become a forum for your members to communicate passionately about your brand, you need to step-up the game and be relevant.

The work is done for you. Ford and several other national companies have invested their resources into finding out what makes millennials tick, and how to speak their language. It’s time for your credit union to get to work and start putting a plan together to take advantage of what you now know. Maybe you need some assistance? I don’t normally “plug” our services in our blog, but (in the words of the mess that is Charlie Sheen,) I’m passionate about credit unions WINNING! And if we’re going to continue to survive and thrive it’s important to do what credit union pioneer Louise McCarren Herring said:

“We must remember what we started out to do and then find ways to do it with the modern techniques available.”

How can the YMC team help? bo@yourmarketingco.com

Monday 8.22.11 - Bo McDonald

Have you ever seen the show “Mythbusters?” Yesterday afternoon I embarked on an impromptu research project that had me calling several large banks in our area to research rates and customer service. My goal: to bust the myth that large banks are cheaper and more convenient than a small credit union. Here are the results:

Bank of America: It only took one call to find out their rates on auto loans, which while they are fairly low, most of the credit unions we work with are either competitive with or beat the rate they quoted. They did a wonderful job on the sales process of trying to get me to fill out an application before going to the dealership.

TD Bank: TD is brand new to our area, so I wasn’t familiar with their operations. Their main marketing message since they’ve opened their doors in my community has been convenience. That may have some truth to it, but as far as rates go we blow them out of the water. Rates for new auto loans were just over 5%, and they wouldn’t lend on anything older than a 2006 according to their website. Convenient for deposits, perhaps – but when it comes to getting a good deal on your next loan, not so much.

Wachovia: I wish I could provide some insight, but after making 4 phone calls I still don’t know what their auto loan rates are. If I was a serious customer that was in the market for a new auto loan I would have given up calling Wachovia before the fourth attempt. Two calls were answered by front-line staff that “didn’t know rates” and have me another number to call. One number continued to ring busy, and the other rang with no answer (not even a voicemail).

Results: The myth that “big banks” are more convenient and are a better deal doesn’t hold up based on my small and very unscientific research yesterday. Even the smallest of credit unions can hold up to the competition of big banks if you’ll:

-          Educate your front-line staff in the art of asking for the business like Bank of America did

-          Participate in the Co-Op Network or Shared Branching Services to offer your members the convenience that your larger competitors can offer

-          Be flexible with your rates and lending habits to meet the needs of ALL of your members, not just the A+ credit who wants a new Mercedes

-          Make sure your front-line staff knows your products and services, and ANSWERS THE PHONE

Wed 8.17.11 - Mark Dudley

I try to include personal or topics that I can relate with him my blog posts, if not I feel like I am being phony or as we like to say, “Selling snake oil.” (Video in production, if you don’t know what snake oil is.) As a former athlete, I am very familiar with the different types of pain. Whether sore muscles, or the pain of losing, I’ve learned that pain is a part of life. As I moved into the real world, the different types of “pain” don’t leave you; they just show up in different forms. However, I believe two will remain with you forever, the pains of discipline and the pain of regret.

Monday 8.15.11 - Ashley Ruff

The economy is tough, we all know this. If you're having to outsource your graphic design projects, and you’re looking into a freelancer and you're in luck... we've got a few pointers that may help you feel better about making the decision on who to choose. 

Friday 8.12.11 - Guest Blogger, James Robert Lay

It's been awhile since we've had a guest blogger, and after Monday's post we've had some great dialogue with credit union professionals across the country. James Robert Lay responded on twitter earlier in the week with some interesting thoughts, very much worth posing. When we describe our competition, are we too much "inside the box"? Read what James has to say and think about the competetive landscape in 2011:

More and more, I am hearing credit unions talk about other credit unions as their competition.  Just the other day I was at an industry event and when talking SWOT with some, no one wanted to mention other local credit unions.  Yet, I brought the issue to discussion and all those in attendance wanted to laugh off the fact that they do “compete” with other community credit unions.

Mark Dudley - Wednesday 8.10.11

It’s pretty normal for my mind to wander, especially when I am driving. So this morning on the way into the office, it happened again. I started thinking about what if… What if there was only one credit union. What if all credit unions across the world were merged into just one? The World Credit Union. (I’m sure there is a more enchanting name out there.) Bo mentioned in a blog post earlier this week that right now credit unions are sitting at 6% market share, and have been for quite some time. So when the World Credit Union took over, let’s assume we would still have 6%.

I know, very unrealistic and somewhat scary for some. However, let’s look at it in a different light. What if credit union CEO’s and marketers around the world locked arms and acted as one? What would change? Instead of fighting each other for part of the 6%, what if we went after the bigger piece of the pie? 94% of the market share belongs to Bank of America, TD Bank, Wells Fargo and other banks, yet every day I hear of fierce competition between local credit unions. Why? Why fight over 6% when there is 94% still yet to be had?

Credit Unions live by the philosophy of “people helping people” and were created to serve their members. Personally I believe there is more than 6% of the population that would love to make the switch to credit unions if they only knew what a credit union was. However, are we talking to them? Is your marketing message focused at changing their banking behavior, or is it focused at the members of other local credit unions? I truly believe the credit union movement will be stalled indefinitely until credit unions lock arms and go after the 94% of bank customers, not each other’s members. How can you be part of the solution?

Monday 8.8.11 - Bo McDonald

I feel compelled to write about this subject, in hopes that it may spark a debate and perhaps even spur some to have a change of heart, all in the name of the credit union movement. Let me preface this thought by saying that I always have been and always will be in favor of healthy competition.

Take a look at your marketing materials. Is the term “financial co-operative” in there anywhere? Now take a look at notes from your last strategic planning session, or even your marketing plan. Under “competitors” do you mention any other credit unions? WHY?

Having grown up in Upstate NY, I’m a huge fan of the work of Rod Serling, most famous for his creation The Twilight Zone. One of the last episodes on the first season was titled “The Monsters on Maple Street”. The episode starts as the residents of Maple Street are enjoying a late summer afternoon cutting grass and playing ball. Immediately, a showdown passes overhead, a loud boom is heard accompanied by a flash of light. Once the sun has gone down and night is near, the residents of Maple Street find that their cars and electronics aren’t working, and there is no power. The neighbors of Maple Street  gather to discuss the matter. One of them, Pete Van Horn, volunteers to walk out of the neighborhood to discover the extent of the problem.

Another Maple Street resident, Steve Brand, offers to go into town but a boy from the neighborhood, tells him not to leave the street. Tommy rehashes something he has read in his comic book about an alien invasion that took place, and the “aliens” would not allow Steve to leave. Furthermore - as part of this fictional invasion - the aliens insidiously placed within the neighborhood a family that appears human. The power outage is meant to isolate and contain the neighborhood.

Another neighbor, Les Goodman, tries unsuccessfully to start his car. He gets out and begins to walk back towards the group when his car starts by itself. The bizarre behavior of his car makes Les the object of immediate suspicion. One woman begins to discuss his late nights spent standing in the garden looking up at the sky. Les chalks this up to a case of insomnia. Later that night while the residents are still gathered, Steve tries to defuse the situation and prevent it from becoming a full blown witch-hunt. Charlie, one of the loudest and most aggressive (and perhaps intoxicated) residents, pressures Steve about his hobby building a mystic radio that no one has ever seen. Now the suspicion is on Steve when he sarcastically remarks he talks to monsters from outer space on his radio. Steve remarks to the neighbors "You're standing out here all set to crucify someone! You're all set to find a scapegoat! You're all desperate to point some kind of a finger at a neighbor! Well, believe me, the only thing that will happen is we're going to eat each other up alive!"

The panic hits an all-time high when a shadowy figure is seen walking towards them. Charlie, now disturbingly hostile (and perhaps even more intoxicated), grabs a shotgun and immediately shoots the shadow believing this to be the alleged “monster.” When the crowd reaches the victim of the lethal shot, they realize it is only their neighbor, Pete Van Horn returning from his scouting mission.

Suddenly the lights in Charlie's house come on and he panics as the crowd begins accusing him of being both a murderer and the monster responsible for the power being out. He makes a run for his house while the other residents chase after him, throwing stones. Terrified, Charlie attempts to deflect suspicion onto Tommy, the boy who originally brought up the idea of alien infiltration. Lights begin flashing on and off in houses throughout the neighborhood; lawn mowers and cars start up for no apparent reason. The mob becomes hysterical, with terrified residents smashing windows, and taking up weapons, devolving into an all-out riot.

Immediately, the episode cuts to a nearby hilltop, where we learn the mysterious "meteor" that had flown overhead is indeed an alien spaceship. Two alien observers, are watching the riot on Maple Street while using a device to manipulate the neighborhood's power. The aliens comment on how easy it was to create paranoia and panic, and conclude that the easiest way to conquer the Earth is to let the people of the Earth destroy themselves.

Despite this episode first airing in 1960, this is eerily reflective of the credit union industry in 2011. Large credit unions get larger by bullying smaller credit unions. Small credit unions run scared of big credit unions pointing a finger in their face for bad business practices. You and I are the neighbors on Maple Street. So, who is playing the part of the monsters as this drama in 2011 plays out? The banks. Bankers are sitting in their ivory tower watching you and I destroy each other, just waiting for their chance to celebrate a victory when credit unions are no more.

Every single conference I’ve attended over the last few years at least one speaker (and I’m guilty as charged) regurgitates the fact that credit unions have owned a mere 6% of the banking market for many years. Why doesn’t that number grow? Because we continue to think of other local credit unions as our only competition! Many times when I see credit unions researching rates, they pull rates from other local credit unions? Is there not a Bank of America, Wachovia or TD Bank in your neighborhood? There’s your competition!

Until we stop stabbing our fellow credit unions in the back and start focusing on chipping away at the other 94% of people who are using a bank as their main financial institution I fear the future looks grim for credit unions. Some may say that they have a “larger” credit union around the corner from them taking all of their members. Just remember that there is a bank (or two, or five) in your neighborhood with a few disgruntled customers who would LOVE to become your members. Craft your message, appeal to bank customers who have become surly with the bad service and abundant fees and watch the growth at your credit union!

Wednesday 7.27.11 - Mark Dudley

“The whole is more than the sum of its parts.”       Aristotle

As an avid sports fan, I keep up with the ins and outs of professional and college sports alike. There isn’t a sport I won’t choose over my wife’s TLC or HGTV shows, I mean even bowling is more entertaining than that, right? But if I had to choose between watching professional or college sports, I will choose college 100% of the time. Why? Because it’s not about the “superstar”, it’s about the “team.” The team concept is very powerful. With a team of people working for common goals, it isn’t always easy, but it is a lot more fun. The individuals aren’t looking for accolades, they are looking to help the team win.

Recently, my hometown team, the University of South Carolina Gamecocks won their second National Championship in as many years. It was awesome to watch and to follow their success. Along the way, it was evident that they were a TEAM. Throughout the year whether they were considered star players or just fill ins, each player did their best to reach their common goal. As the season passed, the TEAM beat individuals that were considered “professional” prospects, in all cases the TEAM was better. When the final out was recorded, and they dog piled on the field, the best TEAM had won!

How does your team stack up to the competition? Do you have team members in the right position? Do you have a few superstars that go it alone? Does your staff have individual or group goals? Do you hear, “well I did my job?” or do you hear “we’ll do whatever it takes?” How are you preparing your TEAM to win?

Monday 7.25.11 - Bo McDonald

Monday 7.11.11 - Bo McDonald

One of my favorite cities to spend time in aside from London is New Orleans. There is a certain charm to Louisiana, and the folks in New Orleans harbor a certain kindness and welcoming culture you just don’t find anywhere else. Whether you’re a first time visitor or a returning guest, the locals know how to make you feel at home.

Wednesday 7.6.11 - Mark Dudley

                We’ve all heard the expression mentioned in the title and it’s really easy in this day and age to get good at absolutely nothing. Kind of scary, huh? Don’t let it get you down.

Take a minute, take a week, or longer, and come up with one (maybe two things) that you do really well as a Credit Union. Be tough on yourself, ask for staff and member input if needed, but don’t take the easy way. What do you do really well? Be prepared to hear some tough feedback, your thoughts may not line up with your members impression of your credit union.

Sort through the comments and find the common denominator from your members. That one or maybe two things that you excel at, that you do better than the rest, is what sets you apart from the competition. Some call it niche’ marketing, but I call it doing what you do best! Having this knowledge is priceless, if you use it to your advantage.

As a credit union you can apply this practice to what loans, what services, and what programs you provide for your members. You can also use this to apply to your staff. Putting staff members in the right position can make a huge difference in your credit union. Members will be more happy dealing with someone who is doing something they love, instead of someone who is doing something they quite frankly aren’t very good at, or don’t want to be good at.

As a Credit Union CEO, FSR, or staff member your job is to provide the best products and services to your members possible. It might not be fancy, or even good looking, but when you focus on doing just a few things to the best of your abilities, it will make all the difference.

Monday 6.20.11 - Bo McDonald

When outsourcing marketing and business development tasks to an outside firm not only are there many choices, but there are always many questions from management and the board.

-          How will the relationship work?

-          Will we lose productivity by not having someone in-house performing these tasks?

-          How much will we REALLY save?

All of those questions (and more) are great questions, but if that’s all you’re looking at you’re missing something. What about compliance?

-          Does the firm understand the regulatory responsibilities of credit union marketing?

-          If member information is going to be viewed by this firm, are you aware of their safety precautions when using and/or storing this information?

At YMC, we’re not compliance experts but we do understand the regulatory concerns of the our credit unions and take that very seriously. If you’re considering hiring an outside firm to handle marketing ( or any other task within your credit union) check out this article and make sure you (and your management team and board) understand the risks of bringing in a third party. it might also be a good idea to invest in a Vendor Management program, similar to what TicTocTech offers to the credit union industry.

Wednesday 6.15.11 - Bo McDonald

Terror is looming over many CU boardrooms these days. Tough decisions are having to be made in light of these troubling times. Today I speak to those credit unions who are stuck in the middle. Growth and financial issues are keeping you up at night, but you’re not far enough gone to be thinking worst case scenario (or the dreaded word: merger.)

Mon 6.13.11 - Mark Dudley

Imagine that tomorrow morning you woke up to a knock on your door, and there stands Ed McMahon complete with balloons, a big fake looking check check, and several TV cameras to let you know that you have won the Publishers Clearing House Sweepstakes! Or for you young bucks out there lets call it the Powerball Lottery. Your life would be changed greatly forever (good or bad), but what would you learn from this fortunate event? A large sum of money would probably solve a lot of your problems in the short term, but what would you learn the experience? For most of us when times are tough, we can’t rely on Ed McMahon or the Powerball Jackpot to step in and save the day.

1. You didn’t get here overnight, so don’t expect to wake up tomorrow morning with a solution. It will take time, and quite often longer than you think.
2. What are your pain indicators? My good friend Jay Handler talks about paid indicators with his various chamber clients. A pain indicator is something you feel you need right now. (Eg: more loans, less deposits, decreased expenses, etc.) Pain indicators aren’t always the problem but they can get you to the core of the problem.
3. As you continue to work through your current situation, there is going to come a time when you’ll have to be honest with yourself and/or your team. Tough decisions will be probably be made and will require discipline to carry out. Come up with a list of 5-10 changes that you believe need to be made and put them out there for discussion.

Wed 6.8.11 - Bo McDonald

Earlier in the week, Mark posed the question “how can we build loyalty among our members?” This question hits close to home this week. To reach a goal we had set for loan growth over the summer, we broke down the numbers and realized that we only needed about 150 new loans to reach our goal. We arrived at that number based on the average loan amount, but something more earth shattering hit us as our team debated how best to reach this goal.

1. How can we get these members to refinance these loans at the credit union (because surely we can help lower their payment and save them money)
2. How can we build loyalty among our members so that they don’t have to seek out loans and products from other financial institutions?

Monday 6.6.11 - "Are Your Members Getting Dressed in the Dark?" Mark Dudley

Tuesday 5.31.11

Theodor Geisel, better known as Dr. Seuss, may have thought he was writing books for children to enjoy. But somehow, each one of his works can be translated into a life lesson for adults. It’s written that Geisel made a point of never writing his stories with a moral in mind, he enjoyed writing about “issues”. “There’s an inherent moral in any story” said Geisel, stating that he was “subversive as hell”.

Monday 4.11.11

Hey, I’m “Mark” the new guy. It’s been a great two months here at the Your Marketing Co. office, getting to know even more about the world of Credit Unions. It’s been fun, challenging, and eye opening all at the same time.

Saturday 3.26.11

After presenting a session at the CUNA Marketing & Business Development Conference about connecting with members online, I started thinking how that information applied more broadly than just individual credit unions. The session, “Connecting with Members Online” talked a lot about how to find the passion conversation with your members and your community online, as opposed to pushing rates and bragging on service.

Looks like it's time to dust the cobwebs off from the Great Ideas blog. It's been a busy holiday season and first quarter around the YMC office, so we'll take this opportunity to share with you some of the great things happening around here.

First: Like many of you this time of year is "annual meeting" season. You know how much time and energy is put into your annual meeting, imagine having several annual meetings to be in charge of! We're in the midst of planning and producing several annual meetings. It's certainly a LOT of hard work, but at the end of each meeting we're reminded why we enjoy working with credit unions. The passionate speeches from members about how their credit union has played an important role in bettering their lives, the dedication from credit union volunteers to serve and steer their credit unions through these turbulent times. Just a few examples of the high points that are a great reminder of how humbled we are to be a part of an industry that thrives on helping people.

Second: Since last fall, we have been searching for the right person to join the YMC team. After many interviews and several near misses, God delivered just the right person at the right time. At a time when we least expected it, and under circumstances we would have never guessed we had the right person. In February, Mark Dudley joined the YMC team. Mark understands the credit union philosophy, and has been a great asset working with credit unions across the country who need marketing assistance. What you may not see on the surface though is the wealth of great ideas Mark has been able to bring to credit unions. Mark is great with quick ideas to solve marketing problems for our credit unions, a wit that the rest of the YMC team is a little jealous of. Mark has been a blessing to YMC, and especially our credit unions.

So what's next for YMC? VEGAS! We'll be hosting a lively discussion with the CUNA Marketing and Business Development Council on connecting with members online. After the conference, we'll share a few of the ideas from that discussion here on the Great Ideas blog!