6 Keys To Credit Union Success
Over the past 20 years, c. myers has worked with many credit unions of varying sizes, and during that time, we have watched credit unions thrive based on a few key factors. Below is a quick list of observations we call the 6 Keys to Credit Union Success:
1. Strategic Clarity: Successful credit unions know:
- Why are we in business? (Purpose)
- Who is the strategic focus of our business/marketing plan? (Target Market)
- What do we do/offer that our target market will find valuable and motivate them to do business with us? (Value Proposition)
- How will we uniquely deliver on our strategy and value proposition better than our competitors? (Competitive Advantage)
2. Making “no” decisions: Have you ever been asked whether you would jump off a bridge if someone else was doing it too? Successful credit unions would rather strategically say “no” to opportunities or initiatives rather than jeopardize future success.
3. Data Information equity: It’s not enough to have simple facts or data; a credit union must dig deeper to truly understand how its business/members are behaving, and why. Successful credit unions are able to deliberately analyze their data for information that can lead to strategic decision making.
4. Mass customization: There’s an adage that says “You can’t be all things to all people.” This is true; however, in some ways, you can be all things to your target members. Imagine serving members with an “Amazon-ish” business model, where you customize your credit union’s offerings to a member based on that member’s needs and desires.
5. Make it easy: There’s a reason why fast-food joints have proliferated over the past 30 years—people want things to be EASY. Successful credit unions know that efficiency allows them to better serve members. This, partnered with customization, can translate to more volume of quality business.
6. Talent, talent, talent! No matter how many right things your credit union might do, if you have the wrong people doing them, you might as well not do them at all. Successful credit unions take seriously their approach to hiring problem solvers who will be passionate and think strategically for their organization. These credit unions also make sure that everyone is in the most appropriate role for their skill set.
