Getting it Right: Dow Chemical Employees' Credit Union

Name: Dow Chemical Employees' Credit Union
State: Michigan
Assets: $1,481,052,435
Members: 56,687
Website: www.dcecu.org
 
With 51 select employer groups in its field of membership, Dow Chemical Employees’ Credit Union (DCECU) knows SEGs. Regardless of what employer its members work for, they all have one thing in common – strong member loyalty. “Our members are very loyal to us,” says Barbara Ostroski-Enos, marketing director at DCECU. “Many of them have been members since the 1940s and are known to say ‘we started this credit union and it’s ours.’”

One thing that keeps its members loyal is that DCECU has a dedicated business development specialist that visits each company and whose main job is to keep the lines of communication open with them. The second thing that keeps members loyal is the credit union’s tradition of paying its members rewards each year. To date, they’ve given back $11.5 million to its members.

This generosity doesn’t go unnoticed by its members or their coworkers. Many new members have joined over the years thanks to news spreading about DCECU’s rewards. The credit union’s strong member loyalty definitely sets them apart. Barbara states, “It makes us feel good and differentiates us from the competition.”

The Credit Union SEG/HR Equation

by Amy Neale

Credit unions with SEG charters have higher membership growth than those that don’t. According to Callahan’s Peer-to-Peer software, it costs SEG credit unions $316 to add a new member, while community credit unions spend $371. And SEGs credit unions have a deeper average wallet share than non-SEG credit unions: $15,516 per member versus $13,722.

Your SEG development will go nowhere if you don’t have devoted and well-trained staff on either side of the equation. First, make sure your SEGs match your credit union’s values. This will help you build a long-lasting relationship and positively impact your credit union’s bottom line. You want your SEGs to look forward to hearing from you!

Next, train your branch managers and help them refine their networking skills so they can effectively spend more time in the communities they serve. And you should probably consider hiring a business development representative if you don’t currently have one. They’ll be able to focus exclusively on area businesses and SEG development. Make sure they have clearly defined goals, this will encourage ownership – and incentivize them accordingly. Compensation programs like HRN Performance’s Compease can simplify the process.

“We have a business development specialist that works with every one of our 51 SEGs,” states Barbara. “He works on site at the SEGs and educates them on the eligibility and benefits of membership. He also sends out monthly emails to the HR managers for them to send out to employees.”

The goal is to make your credit union fully accessible to your SEGs. This could include participating in their new employee orientation or onboarding process. Or, at the least, offer them a welcome kit, or brochure to hand out. Some credit unions even have introductory videos for the SEG HR department to use in orientation.

SEG Customization is Key at Credit Unions

by Amy Neale

Customization and target marketing are key for promoting your credit union’s products and services to its SEGs. Regardless of how many SEGs your credit union may serve, each one should feel special – that they’re the only group you have. CU Solutions Group has a few suggestions to help make that happen at your credit union:

• Incorporate SEG branding on member and loan applications, brochures and apparel
• Develop a microsite created specifically for that SEG
• Keep an eye on your SEG’s event calendar and volunteer credit union resources like time, people, money, venue or ideas that would help make the event a successful one
• Create fun contests and promotions at your SEG’s office – maybe even incentivize referrals
• Have your credit union’s mascot (if you have one) make a surprise visit to your SEG

“We’ve done special hours for our SEGs on weeknights or Saturdays,” says Barbara Ostroski-Enos, marketing director at Dow Chemical Employees’ Credit Union. “We also have special promotions where we offer our SEG employees incentives when they sign up during the promotional time period.”

No matter how you decide to market to your SEGs, don’t forget to measure your results. When you’re creating goals for measurement, don’t forget that results won’t happen overnight. You might want to consider measuring based on long-term goals and objectives instead of how much each goal costs.

Also, remember what sets you apart from the competition. If you show SEGs that you offer more than other financial institutions they’ll be happy to sign on or refer coworkers. Focus on what makes your credit union different such as exclusivity of membership and any SEG-related benefits. Sometimes all it takes is the right target marketing campaign at the right time to get the SEG growth your credit union needs.

6 Reasons Your Credit Union Should Be LinkedIn

When it comes to credit unions, blogs, websites, Facebook and Twitter seem to be the most popular kids in the online neighborhood. Too often LinkedIn gets overlooked as solely a business networking site. And even if that is what LinkedIn does best, it doesn’t mean your credit union should ignore it.

We’ve got six great reasons you should build a presence on LinkedIn for your credit union. And if you’re already on the site, you might pick up on some new ways to use it!

1. Promote – Just like you already (hopefully) do on your credit union’s website and Facebook page, LinkedIn allows you to promote offers and discounts to your members by creating a Products tab on your Company Page. Plus, it’s a great way to cross-promote all of your other online efforts like your website, blog, etc.
   
2. Engage – Where would your credit union be without its select employee groups (SEGs)? Guess what, chances are your partner employers are probably on LinkedIn. So, reach your SEGs right where they network! A LinkedIn page will help further establish your brand and presence with the company’s employees.
   
3. Establish – In addition to SEGs, LinkedIn will allow you to further establish your credit union’s brand and presence with is the overall community you serve. With LinkedIn your credit union can search, research and connect with community organizations to team with on upcoming events in your area.
   
4. Answer – Did you know LinkedIn lets your credit union flaunt its extensive expertise? Click on the More tab on the top navigation bar and select Answers. Then you can search by category (like Finance and Accounting) or do your own search for topics like checking, saving, mortgages, etc. Then just look for a question you like and then answer away!
   
5. Optimize – Looking for a new way to help boost your credit union’s search engine rankings? LinkedIn, like most social media sites, can do just that. When current or potential members search for your credit union, a LinkedIn entry usually pops up on page one. How’s that for search engine optimization (SEO)? Just make sure to update your content regularly to keep up the rankings and ensure that visitors don’t click on outdated information.
   
6. Network – For those of you that are already familiar with LinkedIn, you know it’s all about connections and groups. It’s no different for your credit union. Join or create groups that feature other credit union professional. This not only lets you network, but it also enables you to start discussions, exchange ideas and analyze industry trends. You can also ask your staff and board to join LinkedIn and follow your credit union – which helps build Follower and Employee Insights.

We hope this article has motivated you to add or enhance your credit union’s presence on LinkedIn. If you need a hand with this or any other social media endeavor, CU Solutions Group’s social media experts are happy to help.