As part of an ongoing effort to offer strategies that help you make 2007 a success, the CU Journal has launched its "7 in 07" series, chock full of ideas for your CU to implement.
The topic for this edition: business development. Members of the CUNA Marketing & Business Development Council stepped up to the plate to offer their creative strategies to educate, motivate and reach new members.
1) Getting Through the Gatekeeper-"At my credit union, we call it Project Cookie Drop," said John MacDonald, VP Communications, Merrimack Valley FCU, North Andover, Mass. "Getting past the gatekeeper, receptionist or protective employee and on your way to the decision maker is often the biggest challenge for any business development person."
The key is a fresh and sometimes hot chocolate chip cookie.
"A casual visit with no other intention other than to stop by and say hello with fresh cookies has opened the door to success," MacDonald said, explaining that these casual encounters often turn into a requested meeting or membership drive. "The non-threatening and down right joy that comes with a hot bucket of ooey, gooey cookies disarms even the grouchiest of gatekeepers and often turns frowns into smiles and non-members into members."
2) Keep Your Eye on the U-Tube-"The online technology that kids are using today will be very beneficial for marketers," said Carol Payne, Director of Communications & Marketing, California/Nevada Credit Union Leagues. "It'll be especially effective for specific segmented marketing strategies."
While CCUL doesn't yet have the capacity to create its pieces for this new web technology, Payne said league officials and exploring web technology options that will help it reach the millions of U-Tube viewers who simply click a link and watch a video.
3) Promote Financial Education-Mike Weber, VP Marketing/PR, Dupaco Community CU, Dubuque, Iowa, said his CU does this by offering seminars and presentations about such topics as credit score, home buying, and identity theft to its employee groups. Not only does it help enhance its relationship with existing and potential business partners, it gives the CU another opportunity to talk about the CU mission, he said.
4) Subsidized ATMs-The challenge, "How to overcome the objection that there is not an ATM on every corner," said Anne Legg, VP Marketing, Cabrillo CU, San Diego, Calif. The solution, "Have the SEG identify the nearest ATM and the credit union will subsidize the cost to use that ATM."
Legg explained that Cabrillo CU is community chartered and has three core areas of membership-Federal Government, Sharp Healthcare, and the City of Carlsbad. "Sharp Healthcare has a hospital in Coronado, so we made an ATM nearest the hospital free for the members to use," she said, explaining that while the member is initially charged a fee to use the ATM, the credit union reimburses the cost after the fact.
"The simple process allows us to provide access to our members via close and convenient ATMs and it is more cost effective than installing an ATM on site and servicing it," Legg said, giving credit to Mike DeShazo, VP of Member Service, for masterminding this successful strategy.
5) Coast into Cash-California Coast Credit Union in San Diego developed the Coast into Cash member referral program to help build membership, said Rene McKee, VP Marketing, CCCU, San Diego.
"Current members receive $25 in their account when they refer a new member who opens a savings account with at least $25," she said. "The new member can receive $25, too, if they open certain qualifying accounts and services."
McKee said the vast majority of the expenses have gone toward the incentives since the credit union opted to use less expensive marketing channels like e-mail and website marketing, newsletter articles, statement inserts and lobby materials.
"And of course, the business development staff hand the Coast into Cash buck slips to everyone they meet," she said. "The program works so well because current members feel rewarded for their loyalty, new members get great services and an incentive to get started with us, and the credit union brings in new members. In the best credit union tradition, everyone benefits."
6) Lunch and Learn-"Many credit unions use this strategy as a way to get out into their community," said Rhonda Summerbell, Senior Manager of University Relations, University Federal Credit Union, Austin, Texas, referring to Lunch and Learn sessions. "We are not selling a product or service but educating SEG employees on a high-need product or service."
She said people are hungry for knowledge on a variety of money management topics.
"Our most popular sessions are car buying, real estate, college financing, and investing for retirement," she said. "While educating the members, we are gaining their trust and they come to us to help them with their life stage needs such as buying their first car, buying their first home, paying for their child's college education, and planning for retirement."
UFCU often sets up a series of Lunch and Learn sessions, often quarterly.
"This keeps the credit union in front of them on a regular basis and makes us top of mind when it comes to their life stage needs.
7) Community Partnership-As part of its strategy to reach young members, Erie Federal Credit Union has joined a community-based program called "We Love Erie." Sandi Carangi, VP Business Development, at EFCU, said the partnership includes a one-year branding campaign with more than 1,200 promotions on six different radio stations, four 30-minute radio programs-one per quarter-to discuss what the credit union means to the Erie community, and attendance at 12 special events that include concerts, children's events and family gatherings where officials can distribute CU information.
How To Grow Your Membership
There is still time to make sure you don't miss the only conference dedicated solely to member growth strategies.
WHAT: Credit Union Journal's Business Development & SEG Conference
WHEN: April 12 & 13
WHERE: The Hyatt Hotel, Boston
Register Online at www.cujournal.com
