5 things credit unions should stop doing today

Is your financial institution stuck in a rut? Does it seem as though you have been doing the SAME things over and over again with limited success? Has your staff been “going through the motions” for the past few years? Now is the time to change before that rut becomes a permanent black hole. Here are just 5 things your credit union needs to stop doing right now to ensure future growth, profitability, and efficiency.

  1. Stop running your credit union without a strategic plan. Having clear goals and definitions of success will help you to build focused priorities and activities that will make your vision a reality. These specific goals and objectives will help you determine which refined strategies and tactics will be most effective for your credit union. Set specific and measurable goals so that you will be able to measure your success or make changes if the success is not as great as you were hoping. Set a reasonable timeframe and re-evaluate your goals at the end. If you still have not accomplished your goals at the end of your time limit don’t get discouraged, simply revise your strategies and keep working toward your vision.
  2. Stop relying on your marketing calendar. Using a marketing calendar is great, but without a marketing strategy, a tactical marketing calendar can lead to inconsistent busywork. A lack of consistency in your marketing will create a state of confusion, which can lead your audience astray. Inconsistent marketing efforts will make members less confident in your product. Marketing strategies don’t have to be rocket science – at the very least, start by breaking down your organization’s strategic goals and building your marketing strategy around those.
  3. Stop disregarding your brand. Your brand IS your credit union. Your credit union IS your brand. Branding is a huge, sometimes untapped competitive opportunity for you to stand out among other institutions that offer the same products and service. Building your business around your brand will help you show your differential value to members and prospective members. Branding isn’t simply marketing’s job, it requires dedication and effort from all areas of the organization, and shouldn’t be an afterthought. Living and personifying an authentic brand will make you less of a commodity.
  4. Stop focusing on too many delivery channels. A single channel marketing strategy may not be an extremely common approach to marketing these days, but a reduction in number of delivery channels is something to consider. How many delivery channels does your marketing plan currently contain? Parse out every social media platform separately; count digital channels, traditional media channels, direct mail, events, community and so on. When considering which channels to eliminate or spend less marketing dollars on, rank the channels in terms of best alignment with your products, strategies, and long-term viability. This will help you decide which channels to allocate additional funds toward for the next strategic cycle and each year thereafter.
  5. Stop being inconsistent with your online presence. Digital and social media marketing can be great assets to your marketing strategy if used properly. It is one of the cheapest ways of marketing your brand while achieving a large reach, and anyone can take advantage. That being said, apparently not everyone can be consistent. Once you determine what channels will benefit your credit union the most, USE THEM. If you’re not sure whether an online channel will benefit your long-term strategy, then don’t use it at all. It’s better to not use that digital channel at all than to be inconsistent. Consistency is key, and costs very little.
Hilary Reed

Hilary Reed

Hilary Reed, founder of EmpowerFi, is an innovative thought-leader who has been involved in various aspects of strategic sales and marketing for 15 years. Her career began in 2000 when ... Web: www.empowerfi.org Details