As credit unions continue to experience double digit growth, the value proposition the credit union has to its members will be paramount to sustain this. Partnering with the right vendor allows the credit union to remain competitive. An infusion of new capabilities from a vendor, which did not exist before, will keep members interested while opening new markets. Without spending huge resources, vendor relationships can accomplish everything from initial research to product launches.

After reviewing areas of potential growth in your credit union, spend time on the most effective ways to create these alliances. Often the answers to penetrating new markets are closer than realized. There is an abundance of information in trade journal articles, industry conferences and online. Getting to know a vendor that may be a good fit for the organization can be done through webinars and meetings at trade shows – a low-cost approach, but nonetheless worthwhile. Some of Groovecar’s long-standing clients have been a result of a webinar or chance meeting at a tradeshow. 

The vendor relationship plays an important role when analyzing growth initiatives because they are entrenched in a market segment. This relationship is meant to benefit your members and your bottom line. When a company looks to hire for a new position, areas where the company or department is lacking are the qualifications most sought after. The same is true with vendor relationships: Where is the growth potential and how can that area best be filled to go after that market?

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