Creating an impact equation for your credit union
In today’s overly competitive financial services industry, most credit unions and banks are “just making noise rather than making things happen.” That clever play on words is actually the subtitle to Chris Brogan’s and Julien Smith’s latest book, The Impact Equation.
Like their previous book—Trust Agents—this new one is a must read. Trust Agents made my Business Book Hall of Fame, and The Impact Equation is a great companion piece. As the authors noted, this is not a book about social media. Rather it’s about “getting a larger audience to see and act upon your ideas and learning how to build a community around that experience to take it all to an even higher level.”
Below are some of the key points Brogan and Smith make and how we can apply them.
(1) Impact = C x (R + E + A + T + E)
As the title implies, the book’s premise involves the above equation. “C” stands for “Contrast,” “R” stands for “Reach,” “E” stands for “Exposure,” “A” stands for “Articulation,” “T” stands for “Trust” and “E” stands for “Echo.”
- Application: Review your marketing to see how you are doing in each of those six key areas. They spend a chapter on each equation part and provide examples and ways for you to measure your “impact” in all sections.