NEW ORLEANS - Marketers have sometimes quipped they feel like Rodney Dangerfield - nobody gives them any respect. Well, the times may be changing. One sign is the fact the Education Credit Union Council kicked off its annual convention with a first-ever full-day pre-conference session devoted to marketing. John Blom, manager of venture sales and marketing at Liberty Corp.'s direct marketing company in Mounds View, Minn., and Rick Foy, marketing communications manager, worked with the ECUC to pull this event together. That included sharing some of Liberty's research into consumer marketing trends and changing member profiles. "Much of the research started last July," Blom explained. "Our corporate development department, particularly in database marketing, was looking at "like" credit unions - such as education credit unions. Over the next seven years education will continue to be a rapidly growing career field. Education credit unions alone are expected to add 300,000 members." That would be in addition to the 500,000 current members of education credit unions. Foy and Blom suggested this growth, plus changing demographics, is putting more importance on marketing. "As credit unions move forward, and they meet competitive challenges from banks as well as changing member needs, marketing is playing a more and more critical role not only in allowing the credit union to build image and awareness with members, but also helping determine where individual credit unions are going in the future," Blom said. As for the role of the Internet, "Unfortunately, a lot of the credit unions I've had exposure to are simply entering into the Internet and e-commerce because they feel they should, not because they have a well-thought-out process. One of the things we're trying to help them do is think through what they're trying to provide to the members and maybe direct and focus their efforts a little bit better." Member loyalty also may not be what is was a decade or two ago, Foy and Blom agreed. The Internet plus deregulation of financial services have turned financial products into commodities. If members don't perceive a credit union difference, they will shift accounts for a few basis points. That's where marketing plays a role, showing members how the credit union brings value back to them. The challenge to marketers is conveying to members exactly how the credit union's products and service are different and offer that additional value. Attendees at the marketing workshop heard answers to questions such as: *What is the demographic profile of members who are educators? *How are educators different than other credit union members? How can that information help credit unions better serve them? *What are the profiles of the least profitable and most profitable members? Speakers then applied that data to actual marketing solutions: *When is the best time to reach an educator? *What products provide value to an educator? *What's the best way to communicate with educators? Presenters pointed to more formidable competition and changing demographics as key issues facing credit union marketing. While credit union member expectations are shifting, credit union marketing efforts may not be keeping pace. Speakers included Tony Rizzo, president of Liberty Direct Marketing; Valerie Polancyak, president of Liberty Creative Services; Dean Johnson, lead marketing analyst for Liberty Professional Services; and Michael Neill, a former vice president of The Southern Federal Credit Union who started his own consulting business in 1998. As educators, ECUC members are keenly aware how quickly students can forget much of even the best-prepared lesson. Foy outlined what he hoped people attending the marketing sessions would carry with them six months or a year from now. "We want to reinforce the value of that one-on-one relationship with their members. If they're not already actively trying to cultivate that relationship, we hope six months from now, because of this seminar, they'll be focused on the member and be actively trying to build, grow and protect that relationship," Foy said. -
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