Credit Unions Start Massaging the Octopus
by: Bo McDonald, President, Your Marketing Co
If you’ve attended a DID’12 Conference, you’ve seen us preach it in our presentation: “Your Marketing Needs More Fiber.” We advocate for it in our posts on the Great Ideas blog. We urge the credit unions we work with to consider it. It’s time to get off the “better rates and better service bandwagon” and find a message with more meaning. I see the “better rates and better service” message like the stale words on a generic pizza box used by mom and pop pizzerias. You’ve seen them. “You’ve tried the rest, now try the best.” But I’m always disappointed. I can’t think of any time I have grabbed a slice of pizza out of one of those boxes and been blown away. It’s an empty message with nothing to back it up.
I’m convinced that you can deliberately set out to wow your members with an enjoyable banking experience. Then provide second to none products and services. The result is you can win and win big. Before you dismiss this as rubbish, let me introduce you to Jiro Ono, an 85-year-old sushi chef who is a legend in his field. Jiro owns Sukiyabashi Jiro, a restaurant that seats only 10. It’s considered the best place for sushi in Japan. A full meal is priced upward of 300,000 yen (about $300 in US Dollars). The Michelin Guide has awarded Jiro‘s “three stars”. That’s a rare accolade that only sweetens its prestige, especially for a restaurant that can be found deep underground next to a Tokyo subway platform. “No one ever has a bad experience there,” says Japanese food critic Masuhiro Yamamoto.
To Jiro, it’s a painstaking process to create the perfect sushi roll. Jiro daily hand -selects each piece of fish. At the local fish market, he participates in a tuna auction just to get the pieces he wants. In the kitchen, he makes sure to always eat a sample of that day’s sushi to make sure they all suit his palate. Jiro’s recipe for success doesn’t end with just purchasing the best fish available. It’s about the process after purchase, especially with the octopus.
If you’re a sushi fan, you may have tried octopus before, but may have been left with a less than desirable taste in your mouth. In American sushi restaurants, octopus is known for being overly chewy with a bunch of suction cups on it. Jiro agrees. That’s why he developed a special process for making his octopus. The secret: The octopus needs to be massaged for an hour every day, in order to tenderize it and also to bring out the flavors of what the octopus has been eating. The octopus that Jiro buys only have a diet of clams and shellfish. By massaging the octopus they unlock all the flavors inside of it. That’s one of the reasons the Jiro’s octopus is so delicious.
Jiro can proudly claim that he serves the best sushi. But he doesn’t. His product speaks for itself. That’s why people will put their names on the guest list weeks in advance and drop $300 just to eat a few rolls of his sushi. If your members aren’t waiting in line to sign-up for everything you offer, it’s time that you consider massaging the octopus at your credit union. Most checking accounts and auto loan are the same chewy rubber sushi-type product you can get anywhere. How can you massage your product and service offerings to bring out the best in them that will leave members waiting in line and paying a premium on rate?
It’s certainly not easy, because if it was, everyone would be doing it. Your credit union has the opportunity to step up to differentiate itself right now. How will you do it? Will you even do it? You can continue serving that rubbery suction cup-covered thing. But if you find a way to bring out the best and develop a reputation that needs no explaining, your members will do the work for you.
Bo McDonald is president of Your Marketing Co. A marketing firm that started serving credit unions nearly a decade ago, offering a wide range of services including web design, branding, product launch, printing and more. Think of YMC as a marketing department for your credit union without the overhead. Our focus is on one industry: credit unions. But that doesn’t mean our Credit Unions are all the same. We’ll highlight your credit union’s unique personality and position in the community in a custom way. Let us help you shake up the status quo with a modern marketing message planted on the foundation of personal service you’ve worked hard to establish. www.yourmarketingco.com
