HILTON HEAD, S.C. - So you say your credit union has been profitable and has also been attracting new members. Who says it will continue?
That was the question being asked by Tim Harrington, who notes that previous success "doesn't mean you will continue to be profitable and you will continue to attract members. The reason is that things are changing."
Chief among those changes is the new generation of prospective members who are "very hard to attract because their choices are practically unlimited. We must be very relevant to the market. We have to ask what is it that is our value proposition? What is it we offer that is attractive to members?
Harrington, president of T.E.A.M. Resources in Tucson, Ariz., told the Volunteer Leadership Institute hosted by Paragon Consulting Group here that "it isn't that members aren't loyal anymore, it's that they have a lot more options than they ever had before."
What that means, said Harrington, is every provider must find a market niche, or to use a French phrase, "cheriche le creneau," or "fill the gap."
In a poll of hands of approximately 40 people in the room, just three said they were still closely connected to a sponsor group. "Fifteen years ago credit unions did not have to be different from one another. Today It's fascinating to see the niches credit unions have raced to fill," he said.
Among Harrington's other points:
"Convenience is essential, but it means different things to different people."
* "What we have to do is mix the real service of hearing someone's need and matching that with product. That's real service. Yet we're hesitant to listen for that need and to ask them to make the switch or ask them to buy. Sales is about listening and be smart enough to know we have a product for their need. And if we don't, a competitor will."
* "Credit unions cannot be outstanding at everything. Usually it's one or two things that you're really, really good at. If you are really, really good at one thing, members will forgive you for not being good at some other things."(c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com/ http://www.sourcemedia.com/
