Beating the competition through creativity

The world of credit unions is terrific in that we are a relatively tight knit community of like-minded financial institutions dedicated to member service and improving the lives of those that rely on us. On the flipside, the world of credit unions is sometimes challenging in that we are a relatively tight knit community of like-minded financial institutions and more or less all up in each other’s business all the time.

By this I mean, both locally and on a larger scale, credit unions are typically painfully aware of what other credit unions and banks in their area are doing to attract consumers. There are obviously pros and cons to this. One of the trickiest cons comes when credit union professionals become so obsessed by and enamored with the activities (marketing, promotions, strategic plans, etc.) of the competition that they seek solely to copy and rarely to create.

This is, of course, a problematic approach to operating and growing your credit union. Certainly, it pays to be aware of what the competition is doing. On the other hand, you don’t want to become so bogged down by that knowledge that you allow it to dominate your thoughts and energies when it comes to creating unique and relevant marketing content for your own members and potential members.

What are some ways that can help boost creativity and benefit your credit union with new ideas? Check out the tips below.

• Take more risks. Everyone is going to fail at some point. It is only through failure that we grow stronger and learn. So don’t be afraid to take calculated risks with your credit union ideas. Yes — from time to time you’re going to strike out. You’re also going to realize successes beyond your wildest dreams, all by having the guts to step over the line.
• Build time into your day for creativity. It’s unrealistic to think you can become a more creative thinker if you don’t make time for this activity. It’s just like physical exercise — the more you work at it, the better results you can expect. Also, look for unusual times or places to practice creative thinking. Some people come up with their best ideas during a morning shower or while out for an evening walk. Wherever your best time or location, schedule time daily or weekly in your busy schedule to concentrate on creative thinking.
• Become a go-to credit union expert. Read voraciously. Check out relevant marketing books, publications, blogs, social media channels and other outlets. Make it a point to read at least one new business book per quarter. Never stop learning. Never stop sharpening your credit union skills. Have lunch with peers from other credit unions and make sure you bring as much to the table to share with them as you hope to learn.
• Take a break. Sometimes the best way to boost creative thinking is to walk away from the roadblocks that hinder you. This could be something as simple as a brief five-minute lap around the credit union parking lot to a two-week overseas vacation. Point being – sometimes you must clear your head in order to come back, think more fully and truly be on top of your creative “A” game.
• Get out of the credit union. Sitting in a credit union office surrounded by credit union people all day long can definitely serve as a hindrance to creative thinking. One solution is to purposefully spend time in other retail environments (and make no mistake about it – credit unions are in the retail business) such as banks (gasp!), clothing stores, coffee shops or fast food joints. Make it a point to look at creative work from the perspective of other professions. The view through someone else’s glasses might work as the kick in the pants you need to think creatively in the credit union world.

Don’t get me wrong — one of the strongest elements of the credit union movement is our cohesion and shared ideals. I also believe one of the greatest weaknesses to credit union growth and innovation comes in trying to copy each other too much. Let’s work on celebrating ideas together at the marketing award ceremonies and the rest of the time focus on developing our own unique marketing messages. Credit unions and members will benefit.