Thinking outside the box may be just another catch phrase of the decade, or is it? For years we, as marketers of our products, have been struggling with differentiation and diversification. What can we do different than our competitor? How can we attract members or customers better than the next guy? How is our company better than theirs? In our haste to one-up our competition, we must remember the primary issue, "What's in it for me, the consumer?" When it comes to financial services, there is no doubt that everyone is fighting for your member's dollar. The key is to make the credit union your members' first line of thought for their every financial transaction. There are three key ways to grab your members' attention and keep it: * Technology: You've heard the expression, "We can send a man to the moon, but we can't..." Well, now we can! The sky is virtually the limit in today's technology driven marketplace. There are so many more avenues to reach members than ever before and if you don't take advantage of them, someone else will. Instant gratification can easily sum up the wants and needs of today's consumer. Through avenues like ATMs, audio response, and more recently the Internet, they have been conditioned to expect self-service and instant results. When developing a business or technology strategy, keep this in mind, "If you don't take care of your member, someone else will." Every day there are more mortgage lenders seeking to help your members consolidate their debt, there are car dealerships looking not only to sell your member a product, but to gather interest by financing it as well. More and more companies are competing on your playing field. With the wide-range of technology available to credit unions today, it is possible to stay in the game and even to win! There are so many ways to reach your members; to make their lives more convenient. Take for instance home banking. Members are able to do almost all of their transactions on-line, and while they're at it, they can apply for a credit card, consumer loan, or even a home mortgage. In some cases, an on-line loan application can be approved within 24 hours; some even less! That is the instant gratification that your members are craving. Within the next few years it will become an expected service by your members. Another way to reach members at their convenience is to put branches "in their way." A "virtual" branch may be just the ticket in gaining repeat business, as well as new business, without the cost of a new facility and additional staff. A step up from the traditional ATM machine, a virtual branch combines the flexibility of home banking with the cash dispensing capability of an ATM. Put this branch in a local shopping mall, grocery store, college campus, or even their place of employment and you've got a new point-of-sale for your credit union without the cost of the "brick and mortar." Technology is a big part of bringing you together with your members, 24 hours a day, seven days a week. Never before have businesses been able to serve their clientele with such a range of services without requiring the staff to support it `round the clock.
* Service: Be careful, "high-tech" can be associated with impersonal service. While technology has placed in our hands the ability to reach our members in more ways than ever, it is important to keep in mind the "personal touch." Service is a factor when a consumer makes the decision to buy, so make sure your service is top-notch. Something to keep in mind is that your credit union, as well as every other organization, is being compared to every service experience your member has ever had with any company. Whether your member has just received excellent service at a diner, a local hardware store, or other retail establishment, you want to be sure that the service they receive at your credit union is comparable or better! A good exercise would be to visit local establishments your members may frequent and benchmark the service. If a company has exceptional service, find a way to replicate that in your credit union. If a company's service is severely lacking, figure out why and be sure your credit union is not falling into the same trap. Perhaps the most important component of excellent service is outstanding employees. Employees that are happy with their work will reflect that when delivering service to their clients. Remember that "behavior rewarded is behavior repeated" and be sure to recognize acts which are above and beyond service.
* Image Branding: While fighting for your members' attention, ask yourself these questions: Does your credit union have a strong image? Is there a certain message that pops into the mind of your members whenever they hear your name or plan a financial transaction? If you did not answer "yes" to both of these questions, it's time to make a plan. A corporate image is key to recognition. A good start would be to develop a position statement that describes what services you offer, who your target market is, how you intend to deliver to your market, and how your success is measured. Answering these four questions will help you stay focused as you define your image or brand. Moving forward, you may want to develop a "positioning line" that will help your members instantly think of you. Examples of this are, "Just do it," and "The Choice of a New Generation." Those two positioning lines are widely recognized as Nike and Pepsi respectively. Does your target market have an instant recognition of your credit union upon hearing a certain phrase? If not, develop a catchy five or six word line that sums up your mission. Now comes the most important part; be sure to use your positioning line in every aspect of your business. In fact, if you include it with your logo on each piece of printed material, you will go far in communicating your image. But it doesn't end with printed media. Ask your staff to use the positioning line whenever possible. As they say, "Repetition is the key to learning." As a final thought, when developing your technology or business strategy ask yourself this, "How will this allow me to better serve my membership?" Today's consumer is much more savvy than yesterday's, and look out for the consumer of tomorrow. With the advent of the Internet, the consumer is in the driver's seat. This is a world of computer-to-door delivery, and those who are not in the game will be left behind.
