MADISON, Wis.-Bob Larson, financial support consultant at CUNA Mutual Group, believes it's time for old-fashioned SEG marketing to make a comeback.
"Our SEG sponsors helped us successfully grow in the past," Larson said. "They did our advertising for us and promoted us as a benefit to new employees."
While Larson acknowledged that some credit unions still employ SEG marketing very effectively, more can benefit since CUs have a strong story to tell today. "It's important that credit unions tell their story with consumers losing the feeling of ownership they may have had at banks, with those institutions getting bigger and bigger all the time. The small community feeling resonates with consumers today and credit unions have that."
Larson believes the movement needs to go "back to the roots of credit unions" and market their organizations heavily within the community. With limited budgets Larson said that means participating in community events and using "all of the credit union's people" to spread the word outside the walls of the CU.
"We have a story to share that people want to listen to and it will win us business," stressed Larson, who said it's important CUs craft the correct image of credit unions before people make up their own minds. "What people think a credit union is, isn't often accurate. We have to find a way to bring in the Average Joe, and not allow him to make up his own mind as to who we are. We have to tell consumers who we are and what we can do for them."
