No intro to this post – I’m just going to jump right in….
– “That won’t resonate with our credit union’s members” – how can you possibly know that without trying it first? I hear this all the time about social media and mobile solutions. So what if it won’t be used by your current members? What about the members you NEED to attract and retain (Gen X, Y, Z, Omega, Bridezilla, etc.?)
· “It’s tough to get our employees “on board” with new ideas” – If a new initiative is supported from the top, give the unflinching employees a clear choice: get “on board” or get out.
· “Marketing costs too much” – get over it. You can’t expect vendors to work for free. If you want your credit union to grow, you need to market your services. Look to state leagues, associations, CUSO’s, etc. for cost-effective marketing solutions. They won’t do it for free either but these services are usually less expensive than working with an agency.
· “Young people don’t know what credit unions are” – so let’s tell them! Get their attention – hire a skywriter, do a flash mob, grab a bullhorn, partner with a young spokesperson to share the message, advertise on social media, advertise on a blimp….
· “We need loans” – so steal them…..or in more politically correct terminology: look for opportunities to refinance loans that members have with other financial institutions. Cross-sell, uncover opportunities, take risks, start conversations, get out of your comfort zones. Oh and if a loan is “stolen,” REWARD the employee who made it happen.
· “Our value proposition is that we provide the best service” – not good enough anymore. Everyone says it. Come up with something better or your relevance will be a memory.
· “Credit unions don’t have to pay their employees as much as banks do.” – YES, I have actually heard that (on multiple occasions.) If you want top talent, you need to pay for it. Simple as that. Credit unions are businesses and need to be run as such. If you want better, more passionate, more creative employees, you’ll have to ante up. These people will work for credit unions but only if they can make a living doing so.