Credit unions in Belarus recently learned some marketing tips tobuild awareness among locals in the former Soviet satellitenation.

As a member of the GlobalWomen's Leadership Network, Cindy Schrader, marketing directorfor the $221 million Heritage Credit Union in Madison, Wis., recently traveled toMinsk, Belarus to share her marketing expertise.

A joint initiative by the World Council of Credit Unions and theCanadian Cooperative Association to bring women leaders from creditunions worldwide together to connect, learn and advise, the networksponsored Schrader's visit in response to the growing demandfor marketing knowledge in countries in transition.

According to Schrader, the small credit unions in Belarus havevery limited resources and face a general lack of awareness aboutcredit unions and their benefits.

“Credit unions are spreading their message through members,their business association and education,” Schrader said. “Withmany credit unions run by only one or two people, they do not havededicated staff to help get the word out.”

The country's credit unions must also pay an income tax thatbanks are not required to pay. The high cost of funds sometimesmakes credit union loan rates higher than those of banks.

She added that despite the challenges, Belarusian credit unionsare becoming an increasingly critical resource for consumers withwhom banks will not do business, making them part of the country'ssocial fabric and increasing marketing's importance.

“Marketing is a brand new idea to many people, and they aregrasping the concept and understanding the difference” Schradersaid. “Hopefully, I taught them to think differently and putthemselves in the shoes of members they are trying to reach.”

In a meeting with representatives from the RepublicanAssociation of Consumer Cooperatives for Mutual FinancialAssistance, Belarus' credit union trade association and a WorldCouncil member, Schrader focused on target and life-stagemarketing, helping credit unions understand the nature and needs ofthe members they serve.

By marketing to member needs rather than focusing on thefinancial products themselves, credit unions could more effectivelyextend their reach. Limited marketing resources make targetingspecific members even more important to credit union success, shesaid.

“The credit unions need to work toward developing top-of-mindawareness by keeping the credit union name in front of both membersand potential members,” Schrader said. “There as well as here, whena financial need arises, members need to think of the credit unionfirst.”