Every day, we hear how bad the economy is and we are justwaiting for it to pick up so that we can return to business asusual. We hope for things to get "normal" soon. But what if theeconomy we are in is the new normal?

Many say the time is ripe for credit unions to capitalize on thepositive press the industry has received on a national level,although it often seems the opposite happens. Instead of expanding,growing and working to obtain more market share, many are stayingput or even contracting, wanting to ride out the financial storm.Taking a wait and see approach for things to get better, for thingsto return to normal, seems to be the standard approach rightnow.

It is human nature to hold tight to what we have and know asnormal when times are tough. It makes us feel safe and secure.However, what if we challenge conventional wisdom, let go and moveinto the unknown areas that make us feel uncomfortable? What if weused these tough economic times to breed innovation and embracechange? If we fail to change, to option to evolve and grow willsurely parish.

Like all industries, financial service providers are on a crashcourse with commoditization. For your credit union to succeed, youcan no longer compete on "great rates" and "member service" as thisis what other financial service providers are competing on as well.Take a look at your products and services; ask yourself what reallymakes you any different than the financial provider down the streetor even online.

To compete today and in the future, your main point ofdifferentiation will be the experience you provide. Starbucks hassucceeded by taking a commodity, coffee beans, and capitalizing onan experience. At Starbucks you no longer get a simple cup of hotcoffee, but instead, enjoy a multi-sensory experience of sight,sound, smell, touch, emotion and customization.

Credit unions can work to have the same success by focusing onthe experience that is provided to members through multiple touchpoints, both physical and virtual. Instead of fighting andcompeting in competitive, commoditized red oceans, credit unionscan create blue oceans that have never existed. Don't try to beeverything to everyone, instead, focus and capitalize on a nichethat makes you different and become a market leader.

Wake up, smell the coffee and take these challenging times as anopportunity to spur innovation. The goal is to truly embrace changeand grow. We cannot wait for things to return to normal or as theywere before as that day may never come.

This blog was written by James Robert Lay, grower ofrelationships at PTP New Media.