BOSTON-Paul Lucas has done marketing and re-branding work for credit unions in 32 states and mailed the postcards to prove it. The former marketing guru of First Advantage CU boosted numbers there then formed his own company to do the same for other CUs. His take-no prisoners style of advice has an advantage in a world of spin consultants and skeptical CU boards. But Lucas gets results, so who can argue?
He recounted some lessons learned from his travels, offering stories about the marketing, name changes, re-branding and charter switches of several clients, including FDIC FCU, Keys Federal CU, Guadalupe CU and Evergreen Direct CU, among others in remarks before the Credit Union Journal's Business Development & SEG conference.
Lucas said that marketing and branding must be integrated within business development and that it's all related to growth. Nothing can be wasted; even going to a conference must show results. "When I was at First Advantage, we expected everyone who went to a conference, including the CEO, to come back with three to five ideas and a plan for implementing them."
Size is an advantage, he said, because a strong branch network is key to a community CU's growth, as is the case with America's First FCU's 18-branch network in Birmingham, Ala. Getting into the community via a sponsor at NASCAR's Talladega Racetrack was an outreach winner, too.
If you're going to go community, you've got to BE in the community, said Lucas. But beware of giving away money for nothing, he warned. "You can do good in the community, but make sure you get something in return," he said. "People want you to do cause-marketing, but it won't make a bit of difference in having people choose your credit union."
Like several speakers, Lucas noted that many credit unions underestimate the marketing challenges of going community, especially if they weren't particularly good at marketing to SEGs. "If you're a SEG-based credit union and you can't effectively market to them, how in the world can you do it as a community charter?"
Too many SEG-based CUs went community charter and forgot about or neglected their SEGs. They paid a price for it, too, Lucas said. "If anything, when you go community you step up your SEG marketing."
Lucas called on credit unions to view all members and prospects to view members as consumers, noting they have multiple choices available to them. "It's getting tougher and tougher to get your message out there. The retail pressure is strong."
Before a name change occurs, the credit union must consider how the new name can be used to re-brand all the CU's services. At First Advantage, for example, there was "Advantage Checking."
"Don't be cheap! Do things right and listen to your gut," Lucas advised. "Some people make good calls, some bad. But if you make good ones, then go for it. You don't know what will work so try a new things."
Finally, Lucas reminded, "Remember that your website is your best, biggest and most important branch."
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-Reporting By Carol Anne Burger
