By John MacDonald
I’ve been working with credit unions for almost two decades. As a marketer. As a public relations guru. As a business development expert. I enjoyed my time. But over that time the one message I heard over and over again from leaders in Credit Union Land was this: “Do not poke the bear."
Who’s the bear? Banks.
Credit unions, for the most part (yes there are exceptions to the rule and you know who you are), allow the banks in their community to take the role as Number 1. It’s as if the credit union community has been brought up to be the alternative, rather than the first choice. How many times have you heard, “Credit unions are a great alternative to banks”? Or maybe that credit unions are “the best kept secret” in the community?
It’s a defeatist attitude and an automatic admission that credit unions are Number Two when it comes to financial services.
Not only is being Number Two a defeatist attitude, but it’s detrimental to the future success of the credit union community as a whole. Credit unions should be proud of what they offer and how they offer their products. The message needs to be that credit unions are the first choice in the competitive landscape of the financial services industry.
But how do you do this? Psst… here’s a little secret. It might come off as a sales pitch (well I guess it really is, because it’s what I do and it works), but it will work if you take my advice. Credit unions need to know that they are Number One, and that begins by performing a comprehensive review of their marketing programs, public relations programs, and business development efforts. If you’re scoffing at this advice, you’re already taking the wrong path.
I have performed comprehensive reviews for many companies. I have reviewed their current programs, asked questions, reviewed contracts, and reviewed techniques and approaches of how they go about their daily business. It’s made them better and more successful. Now, because I know that as I write this skepticism has already set in and the burden of proof rests squarely on my shoulders. So I’ll share with you an example of a credit union that has done just this.
Not Happy to be #2
Air Force FCU in San Antonio never wanted to be second best. The management of Air Force FCU wanted to be better and wanted to be number 1. Danny Sanchez, the VP of Marketing who is in charge of business development, wanted to put his department in a position to succeed. He wanted his business development officer to be more successful, more focused and striving toward being Number 1, not just in San Antonio, but Number 1 everywhere. Today, the change in attitude and approach has made the credit union more successful. You can even ask the best business development officer in credit unions, Brian Posten. He’ll tell you.
So the moral of the story is never strive for Number 2—it’s the best you can ever hope to do. Get an outside perspective of where your credit union stands within your own community. But be prepared for the answers you are likely to get. You may not like those answers, but accept them and use them to chart a positive course for your credit union’s future.
CHANGE! You’ll never go from Number 2 to Number 1 overnight, but the key is starting, changing your thinking and doing the hard work that will yield positive results. Don’t hesitate, do it. Become number 1!
John MacDonald is president of Big Decisions, LLC. He can be reached at john@bigdecisionsllc.com.