Business Development Efforts Pegged to Relationships
When it comes to best practices, value trumps products every time.
“I think the scope of business development in the credit union industry is growing more and credit unions are getting keenly involved in developing viable business strategies that are becoming more of an important part of their organization’s overall strategic plan,” said Sean McDonald, chief marketing officer/director of business development at Liberty Savings Federal Credit Union. “There is a need to communicate credit union membership as a benefit as opposed to a list of products and their features.”
“The fact is both matter. You can’t ignore the fact that numbers are needed to bolster business development efforts to reflect what you put in,” said McDonald. “The balance is to provide the best possible service you can to as many organizations or people you can realistically serve. Don’t expect a staff of 10 to effectively serve 200 employee groups. Look at the staff skill and who can be served in an outstanding manner, and be involved in the strategic planning before any arbitrary goals are set. If not that then your department should at least have some input.”
He has found at the more successful credit unions, that type of argument has become less of a debate the more involved business development has been in the strategic planning process.