41 Questions Every Credit Union Should Ask Themselves Today

by Eric Gagliano

As a credit union marketing consultant, I’ve found that it is much better to have all of the right questions than to have all of the right answers.

Here is a list of questions that can help you self-analyze.  Think of it as putting your credit union on the therapist’s couch.

Organizational Effectiveness

Strategic Planning – In what direction are consumer trends driving your business? If you can only achieve one or two objectives this year, what are they? Where should you invest your marketing dollars? How can you measure and leverage your results? What are your competitive advantages and disadvantages?

Targeting – What lifestyle characteristics define the member groups you want to/should target? What new groups are the best opportunities? Are you aware of your highest impact members?

Marketing Communications – What marketing messages resonate strongest with your target members? Is your marketing message and design proven, fresh, and creative? How can you minimize disconnects?

Branding – Is your brand an intersection of quality product and a quality experience in obtaining and interacting with your product? Has your brand been consistently applied through logo, service philosophy, service delivery, and emphasis on meeting the members’ needs?

Channels – What is the best way to communicate with your members and prospects? What channels work best?

Relationship Depth

New Product/Service Development – What new products are opportunities? What lifestyle need can your new product or service fulfill? What does your market demand?

Product/Service Redesign – What changes in consumer lifestyles impact your product or service? How should you change your offerings?

Positioning – What member lifestyle do you need to satisfy that competitors do not? How do you communicate your superiority? Does your marketing message present a clear, sustainable difference?

Revenue Generation

Sales – What is your sales process? How do members respond? Are service and sales the true focus? Does your staff sell all the time, to each member, at each branch? Are you coaching?

Pricing – What are members’ attitudes about price, value and quality? How do they feel about spending and saving their money? What price should you set?

Brand Loyalty – How do members perceive the role of brand in the shopping process? How can you encourage strong brand loyalty? What programs work?

Leverage Market Position

Market Share – What do consumer trends suggest about the future of your business? How can this help you create a sustainable competitive advantage over your competitors?

Community Involvement – Is your credit union known as a community leader? Are you positioned in the community to be a part of major opportunities?

Competition – Are you, your marketing team, branch personnel, and operations aware of the competition’s products/services and their clear advantages? Can you identify the opportunities?

With any luck, these 40 questions have generated at least a dozen meaningful answers … and maybe even a few new meaningful questions.

Now ask yourself one more thing:  How will you measure success this year … this month … this week … today?  Improve on your successes and learn from initiatives that could have gone better.