NORTHGLENN, Colo.-Several employees of Horizons North Credit Union here work late every Thursday night to call members and simply thank them for their business, with a soft cross-sell.
That kind of approach is critical for small credit unions that have limited resources, said Brad Harvey, CEO of the $64-million CU. Staff also fill out member profile cards by hand to help deepen the relationship. Marketing dollars are used to maximum effectiveness, as Harvey noted that the institution doesn't "market minor products. Every one of our marketing pieces is loan-related, checking account-related or occasionally electronic services."
"And we only use postcards," he added, noting that many members don't even open letters from their financial institutions. "With a postcard at least they see one side of it and they know that we are there."
In the three years since Harvey worked with Fairfax, Va.-based marketing consultant Paul Lucas to develop a brand strategy, crystallized in its slogan of "better banking begins with membership," Horizons North has seen the share of members banking electronically jump to 35%, a quarter of its membership enrolled in e-statements, and 10% using online bill pay.
While small credit unions do have their challenges in building brand and sales cultures, they do have the advantage of flexibility, especially those who have only one location. "When we roll out something new we can let everybody know within one day," Harvey noted. "We can make changes and quickly go in a different direction if we have to."
