COLORADO SPRINGS, Colo.—Built around the theme “Seize the Now,” CO-OP Financial Services held its THINK 15 meeting here with numerous speakers from a number of diverse fields outside credit unions offering their perspectives.
During the meeting CO-OP also introduced research it commissioned and which was used to introduce four content concepts: Betterment, Ubitech, “Helpfull,” and Local Love.
CUToday.info provided extensive coverage while the meeting was occurring. Below are overviews, along with links, to all of the viewpoints that were featured.
Say “Yes To” Carrots, & A Concept
COLORADO SPRINGS, Colo.—The creator of one company with a “completely stupid name” that has seen extraordinary success, and another company that is not just “ridiculously awesome” but also fixing a big problem in many schools, told credit unions they have “more opportunity than anyone else on the planet.”
Ido Leffler speaking to THINK.
After all, he said, credit unions share some common traits with his companies, including a “kick-ass product” and an “awesome cause.”
Ido Leffler is the CEO of is Yes To, Inc., a shortened version of the original name “Yes To Carrots;” among the job titles Leffler uses is Chief Carrot Lover.
“It’s a completely stupid name, but it made people smile. It encouraged them to look at this,” he said.
Yes To has grown from six products in 16 stores to a presence in Walgreen’s more than 5,500 stores.
It has now taken that business model and created Yoobi, which is upending the school supplies business by helping to provide school supplies to schools all over the country.
The complete story can be found here.
Credit Unions: ‘Hip & Sexy’ In The Sharing Economy
COLORADO SPRINGS, Colo.—Credit unions as “hip and sexy?”
At least one person thinks so, arguing CUs are in vogue because “sharing” is going to be the great theme of the 21st century. But that same person also cautioned credit unions they need to get prepared to meet the needs of the “pathologically delighted” consumer.
Lisa Gansky speaking to THINK 15 conference.
Lisa Gansky, founder and chief instigator of Mesh Labs, and author of the book, “The Mesh: Why the Future of Business is Sharing,” said there is a dramatic shift occurring that should bode well for credit unions if they leverage the opportunity.
Gansky told CO-OP Financial Services’ THINK 15 Conference here that in the 21st century, the world is experiencing something the world has not seen in a while. “We have a very different operating system. At least the first half of this concept is organized around a very fundamental concept called sharing. Sharing isn’t new to us. But what is new is we are moving from an organized kind of mindset in the last century where most of us as individuals and businesses aspired to own things. We are shifting to a world in which access to talent, goods and services will triumph over owning them.”
Additional coverage of Ms. Gansky's presentation can be found here.
Why It’s Critical To Become A Habit
COLORADO SPRINGS, Colo.—Is your credit union a “habit” with members? It needs to be.
Nir Eyal at THINK conference.
In a different way of thinking about products and services, credit unions were given some interesting insights into the psychology of human behavior and why consumers make the choices they do. These factors help explain why one start-up company fails, and another creates a service that can literally touch the lives of millions of people and, in some cases, billions.
The person who has studied all that is Nir Eyal, a consultant, a teacher at the Stanford Business School, an author of pieces in Forbes, TechCrunch and Psychology Today, as well as author of the book “Hooked: How to Build Habit-Forming Products.”
It’s the subject of that book and the insights gained that was the subject of Eyal’s presentation at CO-OP Financial Services’ THINK 15 Conference here.
“What is a habit?” asked Eyal, before answering, “A habit is a behavior done with little or no conscious thought. It’s about 40% of what you do every day. I believe we are on the precipice of an age where we can use habits or good.”
Habits, said, Eyal, can be very good for business in four different ways:
* Habits increase customer lifetime value.
* Habits give us greater pricing flexibility.
* Habits supercharge growth.
* Power of habits to increase defensibility
More coverage or Mr. Eyal's insights can be found here.
A Lesson From Tesla For Credit Unions (It's Not About the Car)
COLORADO SPRINGS, Colo.—One executive with Tesla wants credit unions to realize how he and others view the company: “We are not a car company, we are an energy innovation company.”
JB Straubel at THINK conference.
The point of that is to urge credit unions to rethink what it is they are. While Tesla is known for its revolutionary and extremely popular electric cars, J.B. Straubel says the automobiles are really the end-result of that thinking.
Straubel, who is co-founder and chief technology officer with Tesla, shared with CO-OP Financial Services’ THINK Conference here the history of the company and what’s coming next, as well as offering four intriguing predictions for the future of batteries and energy, including a tipping point he believes is taking place this year.
“I see us as more of an energy innovation company more than an automobile company,” he said. “We were focused on the long term, where things are going. We felt that being focused on electric vehicles was going to be very relevant.”
The full story on Mr. Straubel's presentation can be found here.
A Lesson from Steve Jobs: ‘F The Channel’
COLORADO SPRINGS, Colo.—Nilofer Merchant still recalls the nervousness. She had heard of Steve Jobs, but had never met the man who had founded her employer, been shown the door, and had now been brought back to resurrect Apple Computer when its stock was trading below the price of a cup of coffee.
Nilofer Merchant at THINK conference.
Merchant had been handling Apple’s channel strategy, and had reason to be proud of the results. What had been a $2 million business was now $180 million, with a margin in the 50% range. She had spent the night working up a PowerPoint presentation, and was wearing her best suit when Jobs walked in wearing a t-shirt and sandals.
Standing before a slide that read “Channel Management” in the meeting room, Merchant began reciting her well-rehearsed remarks when Jobs interrupted. “Fuck the channel,” he told her.
“I was a 20-something and didn’t know what to do,” she said. “But in that moment I learned more about innovation than at any other point in my career.”
Merchant has gone on to author several best-sellers, including “11 Rules For Creating Value in a #Social Era.” At the center of her message to credit unions was this: “It’s not ‘if,’ but the new ‘how.’ It’s not if we are ready, it’s how we will be ready.”
The full story on Ms. Merchant's presentation can be found here.
Honestly, This Really Resonates With Consumers
COLORADO SPRINGS, Colo.—The Honest Company says it has a few things in common with credit unions.
Lisa Myers speaking to THINK 15 meeting.
Its products are boring. Not very sexy. Commodities. But it has also done something uncommon at most CUs: it has taken all that and made it “exciting” for its customers, and its sales are skyrocketing.
And it’s done all that in just three years by recognizing what is truly “sustaining.”
“It’s about having an emotional connection with the customer,” said Laurel Myers, Senior VP with the Honest Company, in remarks to CO-OP’s THINK 15 Conference here. “It’s about more than just a commodity. It’s about tapping into those needs. You need to put yourself in the customer’s shoes. How do you get inside their mind to identify their needs?”
The Honest Company was co-founded by the actress Jessica Alba, who was seeking safer, effective, natural lifestyle products for herself and a new daughter, and Christopher Gavigan, who was previously CEO of Healthy Child Healthy World and who has dedicated his life to helping families nurture healthy, happy babies and children. The company is based in Santa Monica, Calif.
Since it’s founding three years ago, it has grown from 15 to 120 products, from three product categories to six, and form $10 million in sales in year one to $150 million in sales in 2014. It is now preparing to go global.
The Honest Company has built its business model on a core value of doing good. It’s a model Myers said has much in common with that of credit unions. It’s also a model that should hold another more-than-tantalizing aspect for CUs, as well: The Honest Company’s target market is Millennials, and it has found its message and model greatly appeal to that demographic.
For the full story on the Honest Company and what it means to credit unions, go here.
What Can Be Learned from ‘Joyful Funerals’
COLORADO SPRINGS, Colo.—Called the “fastest growing media site of all time,” Upworthy.com has surged to more than 12-million monthly visitors every month, and it’s been in business for less than two years. One reason: “Joyful funerals.”
Sara Critchfield at THINK Conference.
The site is built around video content related to social good and the theme, “Things that matter, pass it on.”
How has it done it? According to Sara Critchfield, founding editorial director of Upworthy.com, it has attracted so many eyeballs by constantly testing and re-testing variations of its messaging and packaging to see what works, and what it can learn from that to apply to future content.
Critchfield used as her example of how Upworthy.com presents content a video from Zach Sobiech, who while dying of a rare form of terminal cancer became a “rock star” when his song “Clouds” became the #1 song on iTunes, ahead of numerous established stars. The video of Sobiech’s story has been viewed more than 17-million times. The video can be found here
Critchfield used Upworthy.com’s handling of the video to make four points
* Think divergently to ask better questions.
* There’s more going on there. “
* Leave the 1950s Behind.
* Embrace Data, but stay human.
For the full story on Ms. Critchfield's presentation, go here.
Four Trends That Are Coming to a Convergence
COLORADO SPRINGS, Colo.—CO-OP Financial Services launched its THINK 15 Conference here with a message of “Seize the Now,” with presentations and content built around four themes: Betterment, Ubitech, “Helpfull,” and Local Love.
Samantha Paxson speaking to THINK Conference.
Those four trends came out of research done by TrendWatch and commissioned by CO-OP.
In introductory remarks to the meeting, CO-OP’s Chief Marketing Officer, Samantha Paxson, noted much of the discussion in the research and at the conference is around the idea of “convergence.”
“We are in the right place at the right time,” said Paxson. “This is a moment of convergence, a great opportunity to seize the now.”
In exploring the four themes that are the basis of the meeting, Paxson explained:
- Betterment. This is “building the business by helping consumers achieve life goals/desires.” This includes items such as Fit Bit and online learning.
- Ubitech. This is exploring the technologies that are transforming consumers’ daily lives.
- Helpfull. “That’s helpful, with two levels of waiting,” Paxson explained. “There is no patience. When people tap an application, they expect it to load in two seconds. They want a faster way from here to there. The idea is not new, but the expectations are.”
- Local Love. “This is prospering by being a mission-driven company. Yes, local still matters. It’s a mega-trend that is relevant to credit unions. A real commitment to consumers can win the love of consumers.
For the full story on Ms. Paxson's presentation, go here.