BOSTON -
That was the case for Merrimack Valley FCU in North Andover, Mass, which had watched as SEG growth stalled, no new employers were relocating into the market, and as its largest SEG, Lucent Technologies, downsized.
MVFCU VP John MacDonald likened the charter application process to root canal surgery, but other than that, he's a glass half-full kind of guy. Naturally energetic, he calls himself the "Bionic Business Development Person" and said that's just the kind of person CUs need to put growth strategies into action.
No surprise, then, when MacDonald brought his CEO to see a dilapidated, abandoned factory building in the nearby town of Lawrence, Mass., as the possible site for a new corporate office. "It was on a major route, it had visibility and people saw it every day." But it was also located in a city that had watched jobs disappear and poverty set in.
MacDonald said his CEO was skeptical at first, but the price was right, and the area was underserved. Indeed, immigrants had moved into what was once a mill town and the population of Lawrence today is approximately 75% Latino. But MacDonald saw opportunity for the credit union, and work began in 2005 to serve the market.
That kind of enthusiasm can be infectious, it seems. MacDonald started a community awareness and outreach program to make the CU well-known, develop existing relationships with SEGs and reach out to other potential groups. "Food is the answer," he said. The way to get to people's hearts is through their stomachs, definitely."
Like all business development managers, MacDonald is always looking for ways to open doors so he can make a presentation. One strategy has been to send a candy dish to SEGS and potential SEGs and follow up by refilling them each week. After a while, the companies ask him to do more than that, he said, providing opportunities to do membership drives.
"All you need to do is get their attention," he explained. "And the donuts or the candy or whatever you use will break the ice. Just calling them won't do it. They're busy, too. But letting them know you're there, that you want to help by bringing services to their employees does mean something to them."
MacDonald also found a Hispanic community activist (with her own local radio show) to grow Hispanic membership. "You can find one in your area, too," he said. And you can even start your own radio show. You won't believe how easy it is. Just buy some time."
EXPANDED COVERAGE ONLINE!
CU Journal Subscribers can get expanded coverage of our Business Development & SEG Conference at www.cujournal.com and click on CU Journal Conference Offers 'Bionic BD' Growth Strategies link.
Reporting By Carol Anne Burger
