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During the women’s 2015 World Cup final, USA Women’s National Team member Carli Lloyd had a match for the ages. Lloyd scored a first-ever hat trick (3 goals in one game) in a World Cup final. She almost scored a fourth, narrowly missing the goal by a couple feet. In fact, Lloyd’s third goal – a shot from 54 yards out – is said to be one of the greatest World Cup goals ever – for men or women. Lloyd saw these shot opportunities and – based on her experience, talent and research – took them to help her team win.
Great story, but what does this have to do with credit unions? Well, let me explain.
Before the World Cup final, the U.S. soccer team researched their opponent: a very good Japan team that beat them in the 2011 final. This time around, however, their research, preparation and execution paid off. They noticed a slight crack in Japan’s armor: Japan’s defense was a bit unstable and vulnerable to consistent attacks from other teams’ offenses throughout the World Cup tournament.
The U.S. women’s team adjusted their formation accordingly and went on the attack from the opening seconds of the final match – with Lloyd leading the charge. It paid off. Within 15 minutes, the score was U.S. 3, Japan 0. At this high level of player talent and skill, the game is essentially over – and it was with a final score of U.S. 5, Japan 2.
Looking at how the U.S. team capitalized on their opportunities, is your credit union researching and capitalizing on opportunities that can help it grow and better serve your members? In other words, are you putting yourself into position to win?
Well, of course you are. Or at least you think you are.
- Are you leveraging the latest technology to keep your in-house operations running smoothly?
- Are you implementing the latest financial products/services to retain members and attract new ones?
- Are you getting out in the community as often as you can to keep your name out there?
- Are leveraging new channels of communication that can lead to new business?
- Are you implementing new member programs to help fulfill their needs?
- Overall, are you doing the things necessary to be your community’s primary financial resource?
The reason I bring this topic to light – actually, it’s been in the light for a long, long time – is that I see a lot of complacency out there in, yes, credit union land. Unfortunately, many folks are happy with the status quo and don’t want any upheaval disrupting their day. I’m afraid that’s a slow death.
On the opposite end of the “let’s try this” spectrum, are many, many credit unions that are doing an amazing job of stepping up and leveraging innovative member programs, latest technologies, new communication channels, community outreach efforts, etc. These credit unions are researching, planning, preparing, executing, and tracking to ultimately win the game. They want to “wow” their members like Carli Lloyd scoring a mind-blowing goal from 54 yards away. They want to win and win convincingly.
Truth is, people like to be around success because winning builds a strong tribe – a.k.a. your membership.
Here are a few winning examples of credit union scoring “hat tricks” for their members:
Summit CU’s Project Money Program
Project Money is a chance for four teams to work with a Summit Credit Union financial coach to help take control of their finances and improve their lives. You can watch as the participants build budgets, pay off debt, and figure out how to make every dollar count. At the end of the seven-month challenge, you’ll see which team demonstrates the most change. The winner gets a $10,000 prize, while the other three participants each receive $2,500. Summit CU also has a youth version: Project Teen Money.
Throughout the journey, $2.2 billion/144,000-member Summit CU, Madison, Wis., documents each team’s progress for the entire community to see and learn from. Anybody can follow their stories and candid conversations by checking out the Project Money blogs, videos, and Facebook posts.
Greater TEXAS FCU’s Apple Watch Banking Interface
Totally bucking the traditional credit-union-wait-and-see practice, $556 million/65,000-member Greater TEXAS Federal Credit Union, Austin, Texas, recently launched an Apple Watch banking app (created by Malauzai). The CU went all in with this progressive move to attract the area's massive college student crowd: University of Texas and Texas A&M. Glad to see credit unions leading the way on this one.
Navy FCU’s Social Media Success
Normally any whiff of a sales pitch in the general social media atmosphere is outright blasphemy, sending throngs of offended followers running for the hills. In $67 billion/5.4 million-member Navy Federal Credit Union's, case, it was quite the opposite. The world's largest credit union used its Facebook page to help generate nearly $200 million in new loans and CDs -- and tack on a massive wave of new members to boot.
Who says social media is a waste of time? Navy FCU, Vienna, Va., proved social media can be quite the contrary if executed correctly – well worth the investment.
Altra FCU Getting Younger
Has $1 billion/83,000-member Altra Federal Credit Union, Onalaska, Wis., achieved what famed Spanish explorer Juan Ponce de Leon couldn't: discover the mythological fountain of youth? Perhaps. You see, Altra FCU has accomplished something that a vast majority of credit unions are trying to do right now -- and that is get younger.
The credit union has managed to lower its average membership age by three years to 39 in only three years time – a huge feat for any organization in this short time span. And there's no stopping them now since they have discovered this secret sauce in developing innovative member programs that cater to the younger crowd.
These are just a few examples of the hundreds of credit unions that are doing their homework and winning – ultimately positioning themselves as primary financial resources. They are scoring goals left and right for their members by providing them with what they need. They are not resting on their laurels, satisfied with the status quo.
In fact, the only thing that satisfies these overachieving credit unions is continually trying and consistently attacking to better serve their members and enhance their brand. Sure, they may not score every time, but at least they are seeing the opportunities and taking the shots to win. What are you doing to win?
Mike Lawson, principal and founder of the PR/marketing firm DML Communications and the online CUbroadcast show, has two decades of journalism, public relations and marketing experience. His unique and robust knowledge allows him to meet the varied needs of editors, end-users and clients. Lawson's expertise enables him to enhance his clients' market exposure through media relations, social media tools, advertising efforts, target marketing strategies and more. He also speaks on PR, marketing and media issues to audiences nationwide.
Credit Union Management’s “Inside Marketing” column runs the third Thursday of the month.
