CHICAGO-Like most CUs, Alliant Credit Union knows one of the best ways to open the door to a new SEG is by going through companies' human resources departments.
And, like most credit unions, Alliant knows the toughest door to open is that of the HR department itself. That's why the credit union has taken a unique approach to SEG development, positioning the credit union as a resource to help HR professionals do their jobs better.
Alliant's marketing philosophy is manifested in a website dedicated solely to business development, and a consultative sales approach, explained Joe McGowean, director of marketing and member communications. "From a marketing perspective we want to stand out and differentiate ourselves as opposed to being a commodity. We want to position the credit union as a resource."
The $6.7-billion credit union accomplishes that through www.aliantbenfitsolutions.com. The website is separate from its main site (which can be found at www.alliantcreditunion.org), and at the top of its homepage it asks, "What's on the minds of HR Professionals?" It lists three key areas, McGowean said, that many HR managers deal with daily - cost control, employee engagement, and competitive differentiation - and positions the credit union as an expert in each.
Alliant explains it can help companies manage the rising cost of benefits through financial services and Health Savings Accounts, keep employees engaged by reducing their financial stress, and maintain their competitive edge by helping them attract and retain top talent through financial services benefits that exceed those of "local and national banks."
The site also includes white papers, produced in-house, on topics HR professionals are interested in (
"If you are an HR professional, what's the first thing you might do if you are looking for a new employee benefit?" asked McGowean. "You'd probably Google it. We know the web is an important place where our target audience is looking for information."
Once the lead comes in via the website, the credit union has a 10-person team of business development experts that partner with HR and benefits mangers at SEGs to drive strong relationships.
The other reason ACU takes a consultative sales approach is to determine if the SEG and CU are a good fit for each other. Alliant, which served only United Airlines until 2003, switched to a multi-SEG charter and now serves over 100 SEGs across the country. It has only ten locations, however, many are in airports. So the credit union relies heavily on online banking.
"We need to know if the SEG and its employees can work well with a financial by doing their banking online," said McGowean. "That's why we ask a lot of our up-front questions."
"It's more about not being a product- pusher or order-taker, but adding value to our SEGs," added Sherry Thomas Palmer, Alliant national manager for benefit solutions.
McGowean added that the consultative sales approach is not for every credit union. "Those that have community charters and branches everywhere can serve virtually anyone. When you rely on the web to do business with your members, you have to take time to make sure the relationship will work."
So far it has. Alliant's shift to a consultative sales approach began a little over two years ago. Since then the credit union has grown assets by $2.2 billion and members by 50,000. This year Alliant has grown loans by 10.77%, assets by 16.79%, and members by 9.93%. ACU's net-operating-expense-to-average-assets ratio is 1.45%.
