Gaining the Competitive Advantage for Your Credit Union - Part 4: Walking the Walk

by Amy Neale

Below is Part 4 of a four-part series we've done on Gaining the Competitive Advantage for Your Credit Union.

To tie this all together – what good is having the competitive advantage with marketing, technology or rewards if you don’t have a staff qualified to support it? It’s no secret that to have a successful credit union you need successful, happy employees.

It’s not enough to say you have excellent member service; you need to walk the walk too. The best way to make that happen is to make sure your staff’s goals are aligned with your credit union’s goals. These goals need to not only be symbiotic but concise, defined, valued, reviewed and evaluated. The most cost-effective and time-saving way to ensure this happens is through an effective performance management system, such as Performance Pro.

For a performance management system to be effective it needs to weigh goals, offer customized factors, be easy to use and require the employee’s buy-in. Once an employee has bought into not only your credit union’s goals, but their own goals as well, it’s easier for them to understand the bigger picture. Then they’ll truly understand how every single member interaction helps everyone to achieve those goals.

The end result? Your credit union will have, attract and retain top performers – employees who help give you that competitive advantage we’ve been talking about.

The Best of the Rest

Defining what makes your credit union different gives potential and current members a clear, definite choice. And remember, if you don’t rise to the challenge – your competitors will be happy to do so.
 
Related Services: GSTV, Mobile, BoldChat, Financial Resource Center, Video Management, Invest in America, Sprint Discount, Performance Pro  

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Gaining the Competitive Advantage for Your Credit Union - Part 3: The Ultimate Reward

 by Amy Neale

Below is Part 3 of a four-part series we've done on Gaining the Competitive Advantage for Your Credit Union.

Does your credit union’s member rewards program begin and end with points earned for using its credit card? Time to think bigger than the competition. From your grocery store and pharmacy to big box chains, everyone is offering their customers rewards far beyond points.

Instead of offering your members a contingency-based program – they have to spend to earn – why not offer them a program that rewards them just for being a member? A program like this could boost your member loyalty while enabling your credit union to tie its core products to the rewards.

A good example of this idea in action is CU Solutions Group’s member discount program Invest in America (IIA). In a 2012 survey, participating credit unions were most satisfied with these IIA benefits: the ability to offer member discounts (80%), earning additional non-interest-income (69%) and increasing value of membership (68%).

The program that IIA participating credit unions were most satisfied with? The Sprint Credit Union Member Discount, which has 1,806 participating credit unions and has saved members more than $244 million since it began. 

So, you can set your credit union apart by offering your members and business members discounts on their wireless service, all while earning incentives for your credit union – just for promoting the discount to your members. A win-win for everyone!

Gaining the Competitive Advantage for Your Credit Union - Part 1: Target Marketing

by Amy Neale

Below is Part 1 of a four-part series we've done on Gaining the Competitive Advantage for Your Credit Union.
 
Ask anyone in the credit union industry what makes credit unions different and you’ll hear: excellent member service, great rates, low fees, responsible lending and trust. And while these are all wonderful traits, they’re not enough. The problem is, this is what most credit unions see as their competitive advantage, which can dilute the overall impact for your credit union. So, ask yourself, “What makes my credit union different?”

Seeking the unique competitive advantage for your credit union can lead to creative thinking, innovation, diverse products and services, a top-notch staff, strong member loyalty and a better bottom line. And if your credit union can already claim these perks, then competition forces you to reevaluate and fine tune what you have.

At CU Solutions Group, we think you should start with four overall areas to focus your competitive advantage on: target marketing, your website, member rewards and performance management.

Right on Target

For effective target marketing, your credit union needs to know who its competitors and members are. Even if you think you already know, start with a survey and market research – you might be surprised at the results!

Evaluate the success of your previous campaigns; it might be time to expand your marketing channels. Although broadcast and print advertising still rank high, digital, mobile and nontraditional marketing are becoming the norm. If your credit union still feels broadcast is the way to go, there are now several affordable channels to choose from – including location-based video networks called “fourth screen.”

Think of the last time you went to the movies or your gym, video networks in nontraditional venues are everywhere. Nielsen’s “Fourth Screen Network Audience Report” discusses this new phenomenon. It uncovered that the average audience for a primetime broadcast TV commercial was three million while the exposure in movie theatres was more than 35 million and at gas stations over 21 million – seven to ten times the audience.

Chances are your competition hasn’t jumped on the fourth screen bandwagon yet. And advertising through companies like Gas Station TV let you target specific geographical areas near your branches at a cost far below traditional TV broadcast advertising and offer your credit union trackable ROI.

Related Services: Market Research, GSTV, Target Marketing