5 Ways to Grow Your Credit Union This Summer

Most organizations seem to face a summer slowdown each year, even credit unions. Thanks to summer vacations, both staff and members become sparse. Even though on some of these slow, summer day it’s nice to relax and enjoy the calm. But there are several, and more productive, ways to spend these upcoming summer months.

1. Play Online
   No, we’re not talking about Candy Crush Saga or Minecraft … But on a slow business day take a look at all of those new social media platforms you’ve heard about but never tried. Set up a business profile and test it out. Come fall, if you don’t think it’s worth it – just remove your profile. You won’t know unless you try!
   
2. Update Your Site
   We’re sure you’ve been meaning to update your website’s content or layout all year long. But the day-to-day tasks can force you to put it on the backburner. Summer is the time to go through your site to ensure everything is current. It’s also the perfect opportunity to review it and see if it’s time to get a new look to better mesh with your credit union’s brand, or update it to be responsive. Don’t wait until fall when your workload picks back up.
   
3. Get Out There
   With all of the summer festivals and community events, now is when you want to get out and about and mingle with your community. Sponsor a charity run or host a booth at the art fair. You’ll not only get your credit union’s name and brand out there, you might get the chance to network some new partnerships and enrich the ones you already have. Plus, who wants to sit at a desk when it’s so nice outside!
   
4. Snap Some Pics
   While you’re out and about this summer, don’t forget to take plenty of photos! Thanks to the prevalence on cameras on phones, you have no excuse to get some pics when your credit union is at these community events. Once you take them, just don’t forget to post them on your Facebook page or website for all to see. Nothing boosts traffic as much as a great photo.
   
5. Tend to Your Staff
   Staff development can also be something that gets put on a backburner when those deadlines keep looming. Work one-on-one with staff to ensure they’re keeping up with their goals and that any issues are being properly addressed. No use waiting until the end of the year reviews to improve the performance of not only your staff, but your credit union as well.

The good news is that no matter what season, the CU Solutions Group team is always ready, willing and able to support your credit union. Our marketing, technologyand HR divisions can help you with any and all of the tips above. Just let us know what we can do to make your credit union’s summer be the best yet!

Branding – Part 2: Taking action

In last week’s post, we discussed branding from an overarching and conceptual standpoint. It can be an ethereal topic, but eventually something has to take shape and lead us to specifics like planning and execution. If your credit union has made the decision to take control and project an identity, or if you think it’s time for an image update, here are a few considerations to take into account.

Putting together the pieces

• Define yourself – Before deciding on color, font, messaging or logo, it’s essential to define your credit union’s brand. Take inventory of the components that are already in place. What is your stated mission? What are the consumer benefits of working with you? Who do you want to attract to your member base? How can you differentiate from your competition? These are all great questions to take in to account when evaluating your identity. Be confident in who you are, and don’t be afraid to project it to current or potential members.
• Develop your look – Logo work, colors, typeface, style – it can be a lot to handle. If you’re going to employ outside help on anything, this should be it. Professional graphic designers spend years honing and developing the nuanced points of typography and color theory. A good designer will be able to take your credit union’s stated mission, goals and targets, and create a visually appealing palette that is appropriate, unique, versatile and memorable.
• Create consistency – The point of branding is to develop a memorable identity. If the look and feel of your collateral changes piece to piece, it could confuse the intended audience and water down your messaging. Items don’t have to be identical, but there should be some continuity among brochures, business cards, letterheads, signage, packaging, forms and the like. This goes beyond the obvious visual aspects, there should be a conceptual continuity as well regarding voice and personality.
• Build awareness – All the branding in the world won’t make a difference if it doesn't reach your audience. Creativity and a good marketing team go a long way in terms of execution. Know your target, stay visible and measure ROI to keep track of what works.
• Follow through – Your credit union’s brand identity is its first impression, but with the right moves, it will be the first of many. Once you've attracted new members and expanded your membership, follow through and keep your promises. The altruistic nature of the credit union industry makes this step especially important, but perhaps the most easily executed. Your members love you for a reason. Once you get them in the door, keeping them coming back should be the easy part.

This may seem like a tall order, but keep in mind that with the onset of any new system, the initial investment (whether time or money) is often the biggest obstacle. Once you've established a structure and have a set of guidelines in place, the routine becomes much more simplistic. Just remember to trust your intuition, engage your audience and be consistent.

As always, CU Solutions Groups is here to help if you need assistance with anything graphic, identity or marketing related. Contact us today to discuss brand development and connecting with current and potential members.

Spreading the Word about Your Mobile Banking App - Part 2

By Amy Neale

This is the second half of a two-part blog.

The best approach to take when promoting your credit union’s mobilebanking app? A holistic one. It needs to fire on all channels of member engagement for the greatest impact:

• Website – It’s not enough to just mention you offer mobile banking, create a whole page on your website stating that you have it, how to get it and how to use it.
  
• Social media – Whatever social media platforms your credit union uses, post a reminder about once a week that you have mobile banking with links to the app stores. Most people check their Facebook status, etc. on their smartphones, so it’s a natural place to tell them about your app.
  
• Email and direct mail – Don’t just email your members about your mobile banking, use a descriptive postcard to get the word out.
  
• In-branch – From lobby posters and frontline staff to your branch ATMs, these are all valuable channels to let members know about your app and how easy it is to use.
  
• Video – What better way to walk your members through how to get and use your mobile app than a straightforward video tutorial?

The key to successfully promoting a mobile banking app is to take a comprehensive approach and not stop once it’s launched. 

If you need assistance at any step of the way, CU Solutions Group can help the credit union develop its own mobile banking app as well as a marketing plan to spread the word.

How Credit Unions Should Market to the 20-somethings

Commonly referred to as Millennials, the 20-somethings of today really cannot be grouped into one simple category. Why? A quick look at this generation you will find some still living at home because they are perusing a master’s degree. Others are making payments on their first home while some are traveling Europe. So how can you market to a group that is so diverse in their lifestyles? To understand how you need to market to this group you need to understand their lifestyle. 

First, here are a few key points to know about the Millennial generation:

• The Millennial group is Americans born between 1977 and 1995.
• Currently age 19 to 37
• Population is around 79.8 million
• Most ethnically diverse generation in U.S. history
• Getting married and having their first child later than any previous generation
• Buying their first home later than previous generations
• Greatest number of college graduates ever – twice as many degrees earned in 2009 as in 1970
• Came of age with the internet, mobile devices and social media

Credit unions need to change how they market to this demographic because this group is so different than any other generation before them. It takes a lot to woo this demographic, so it’s important to know what Millennials are looking for in a credit union. A recent study by an industry trade group Independent Community Bankers of America uncovered exactly what Millennials want in their credit union. Here are some key points:

• Millennials want local – 54% of Millennials prefer to work with a locally, owned, locally-operated community financial institute.
• Millennials want mobile – 74% of Millennials surveyed said mobile banking was very important to them.
• Millennials want a relations – 64% of Millennials believe that developing a relationship with their financial instate was important. They value high-tech and high touch with communication.
• Millennials want to learn more – 70% of Millennials wished they had more knowledge and skill when it comes to financial matters.

Meeting Millennials’ Needs

How can credit unions meet the demand of Millennials? The first thing your credit union needs to do is understand how Millennials absorb information. This generation is highly visual as learners and communicators. Use graphics, pictures or short, fast-paced videos to engage them.

The second thing your credit union needs to do is to turn toward a digital format. Millennials like to see information visually. When creating communications, think in terms of pictures or graphs instead of a wall of text.

The last thing you credit union needs to be doing to reach Millennials is to treat them like a VIP. The study found that Millennials feel that financial institutes treat them like a number. Fortunately for the credit union industry the “people helping people” philosophy has put credit unions in a great position to treat Millennials like individuals, not numbers. Here are some ways to make a new Millennial feel important in your credit union’s branch:

• Introduce them to three employees so they are familiar with the team that runs your credit union.
• Ask them how they want to be contacted. They may prefer a text message or a traditional email or voicemail.
• Invite them to exclusive events that they might otherwise not be able to attend – festivals, sporting events, fashion shows, and non-profit fundraisers.

Looking for ways to better reach the Millennial generation? CU Solutions Groups has what you need to reach this growing group. We can help you connect to the Millennial group better than you ever have before with technologies like: youth sites, social media campaigns, cutting edge graphic design, mobile sites and smartphone apps, and even video creation. 

Getting Your Credit Union’s CMO and CFO on the Same Page

We all know about right brain versus left brain people and the money people versus the creative people. These age-old battles can even be found at credit unions like yours. But believe it or not, a recent study from Market Measurement for Active International discovered that CFOs and CMOs tend to agree more than they disagree.

According to the study, 80% of CFOs say they often or always agree with CMOs when it comes to making major business decisions. 74% of CMOs say the same thing about CFOs. The area where disagreements arise? Marketing priorities. When agreeing on marketing plans and priorities, only 8% of CMOs and 5% of CFOs feel they’re aligned. 

Does your credit union’s marketing and finance departments play nicely together? While no working relationship is ideal, it might benefit your credit union to see if there’s anything it can do to help this one goes smoothly. But it’s not easy to find a melding of the minds with the quantitative nature of a CFO and the more creative disposition of a CMO. But what’s a credit union to do?

Fortunately, the credit union CMO/CFO relationship is constantly changing – and for the most part the change is for the better. Thanks to quality and plentiful information gained through big data creators like websites and social media, marketers have an easier time proving their efforts have a healthy ROI. While changes like this are in your credit union’s favor, there are still some things you can do to keep a positive CMO/CFO relationship chugging along. And if you don’t have actual CMOs or CFOs at your credit union, these tips could help you marketing and finance teams get along better too.

• Informal meetings – It’s hard to blindly classify someone as an adversary if you know about your kids’ name or what their favorite sports teams are. Get together after work or for lunch once a month to touch base, get to know each other and see each other in a different light.
• One side – No matter how you feel about each other, just remember you’re all on the same side – that of the credit union’s. Everything you all do should be to benefit the credit union as a whole. Once everyone remembers that finance and marketing both want to work for a successful credit union, it can help bring things into focus.
• Metrics – The best way to ensure both sides are on the same page is to work off of the same set of metrics. Make sure you’re both measuring your ROI consistently.
• Third party – Sometimes you need a neutral territory – kind of like Switzerland for your credit union. If your areas are at odds, sometimes bringing in a consultant can help. Whether it’s a marketing consultant or an overall strategic consultant, having an expert come in can shine a new light on your credit union’s concerns and issues. The key element is to make sure everyone is on board to listen to the consultant’s recommendations and working to have everyone agree to implement what the expert suggests. 

Like with a good friendship or marriage, it takes a lot of hard work to bring the best out of each other for the overall benefit of your credit union. If your credit union could use a little outside expertise to help get its strategy back on track, CU Solutions Group has marketing and strategy consultants to help get you there. We also have website and social media analytics to make sure everyone is on the same page to get you there even faster.