small is beautiful. your credit union can remain small and successful
DESCRIPTION
Presentation given on May 4, 2008 at the CUES West AGM in Ottawa by Tim McAlpine of Currency Marketing. With the tidal wave of mergers and consolidation within the Canadian and US credit union systems, it seems as though getting bigger is the only way for credit unions to survive. However, there are fine examples of very successful credit unions that are bucking the trend and purposefully remaining small. Tim McAlpine will explore how these credit unions are using marketing, technology and good old-fashioned member advocacy to not only remain small, but also continue to be viable and successful.TRANSCRIPT
CUES CANADA WEST AGM | OTTAWA, ON | MAY 4, 2008
Small isBEAUTIFUL.Your credit union
SMALLand successful.
can remain
Tim McAlpine
President & Chief Strategist
Currency Marketing
+ Credit union advocate
+ Creative leader
+ Marketer + Speaker + Blogger + Cheerleader
PRESENTATIONTwo slide
FGSJF(For Goodness Sakes, Just Focus)
NLGAD(Now, Let’s Get A Drink)
REALITIESSmall
One small U.S. credit union disappears everyday
The eternal lure of economies of scale
I will give you advice on branding and marketing. I am not an accountant.
OBSERVATIONSSmall
NEWS FLASH Your small credit
union is not differentiated
If your credit union looks like a bank, sounds like a bank and feels like a bank, it’s a bank.
Think of the big banksand the big credit unions as the major TV networks
By necessity, small niche stations are highly specialized and differentiated
In contrast, this is how the financial services industry looks
from the consumer’s point of view
Quality of quantity?
BIG BOX = BIG BANK
DOES YOUR SMALL CU = SPECIALTY SHOP?
BIG=SLOW
SMALL=NIMBLE
The financial landscape is rapidly changing
The dinosaurs didn’t have broadband, what’s your credit union’s excuse?
ADVICESmall
Tune out the noise
Lead, don’t follow
Think niche
Understand your members and your marketplace
Don’t define yourself by what
you’re not
Build upon what you know
CU
BRANDSSmall credit unions
with different and relevant
Your
is critical!
1Credit union branding is
about revealing and
promoting an easily
understood, authentic
difference over an
extended period of time
LESSON
2LESSON Your credit union
difference must be
extremely compelling to a
defined group of people
3LESSON A credit union must
create and promote
compelling products
and services to thrive
4LESSON
Better does not
make your credit
union different
5LESSON
The built-in credit union
difference is no longer
readily understood and
even when it is
understood it is not
compelling
6LESSON
A credit union must actually
decide on its difference,
make fundamental changes
to support that decision
and grow into its brand
over time
6possible differentiatedbrand positions
Wealth sharer (cash/dividends/rewards)
Price leader (savings/earnings)
Innovator (products and services)
Advocate (programs and mentorship)
Agent of change (a cause to champion)
Affinity (taylored to a specific niche)
Mount Lehman Credit UnionLocation: British Columbia
Members: 1,800Assets: $40 million
InnovatorPassionate, relevant and tech savvy
Gene BlishenGeneral Manager
FirstCredit Union
Location: Powell River, British Columbia
Members: 6,500Assets: $130 million
Wealth SharerInnovative rewards program doubles share of wallet
White River Credit Union
Location: Enunclaw, Washington
Members: 7,000Assets: $40 million
AdvocateNew branch design is an authentic community gathering place
BUDGETSmall credit unions
marketing with a modest
Consider pre-designed
materials
However, ensure that pre-designed doesn’t mean generic and bank-like
PSB The Marketing SuperSoucewww.psbonline.com
NationwideMarketing Solutionswww.NationwideMarketingSolutions.com
Cuckoo Campaignswww.CuckooCampaigns.com
SOCIALSmall credit unions mastering
media
THINK Small World Web,
NOTWorld Wide Web
Courtesy of Brent Dixon from Trabian
OLD
NEW
SOCIAL MEDIA
Take advantage of
FREE Web 2.0 services
UFirst FederalCredit Union
Location: Plattsburgh, New York
Members: 3,300Assets: $20 million
Ginny BradyBoard Member
MembersCredit Union
Location: Winstom-Salem, North Carolina
Members: 50,000Assets: $200 million
Matt DavisDirector of Public Relations
Members Credit Union Football Pick’em by Matt Davis
Common WealthCredit Union
Location: Lloydminster, Alberta
Members: 52,000Assets: 1.6 billion
Certainly not small, but a good example of the potential
The Difference Between Banks and Credit Unions Part 1 by Larissa
Y&F Road Trip by Larissa
SUMMARYSmall
Create and live a relevant brand
Connect with your members in new and exciting ways
BE DIFFERENTBE RELEVANT
currencymarketing.ca/blog
currencymarketing.ca/podcast
AQ&
Thank
YOU!
currencymarketing.ca