Digging for New Members: A Lesson from Discovery’s Gold Rush

by Mark DeBellis, PSB Integrated Marketing

I’ll admit it. I’m addicted to Discovery Channel’s hit show Gold Rush. I can’t wait to catch each new episode of the Hoffman clan in their attempt to pull gold out of their Klondike mine.

The more I watch, the more lessons unfold with each new week. Each week they get closer to meeting their goals.

For the uninitiated, gold mining is a very low percentage game. If you are “on the gold” you might get a few ounces for every thousand yards you’ve processed. It takes lots of people and some very expensive earth moving and processing equipment to separate gold from dirt. Plus, you have to dig in the right spot.

But that’s the way it is when you are after the world’s most valuable metal. If it was easy, anybody could do it.

The show chronicles how these guys continue to show up for work each and every day with the knowledge that on a very good day, they’ll pull maybe 5 -10 ounces out of the ground. And on some days they will get nothing!

They have a dream…reaching 1000 ounces before the winter sets in. And right now they are way behind goal.

And that brings me to a challenge developing within the Credit Union Industry for 2013. Last year showed record membership growth. Much of it generated by the mass exodus of bank clients disappointed with rising fees.

You could say Credit Unions struck gold last year with the new members coming to the industry.

In most years, gaining new members is back breaking work. Good members are increasingly harder and harder to find. Like gold, they are priceless when you find them. And that will likely be the case in 2013.

But don’t let the dream of obtaining the right members be diminished by increasing challenges of finding them. Just like the guys on Gold Rush, it just means you have to invest in the right equipment and strategies to ensure success.

Ask yourself…

Do you have the right equipment?

Are you using the latest marketing and communication tools to get your products and marketing messages out in a crowded landscape? How does your credit union compare to the other competitive choices consumers have in your marketplace?

Is your crew engaged and committed?

Sure there will be good days and bad days but are your employees all focused on the mission? Do they see the new membership goal as a shared goal? Do you have a dedicated business development manager or department putting their entire heart and soul into mining the right opportunities for growth?

Can you overcome adversity to maintain and or regain momentum?

The goal is larger than a single day or single week’s activity. Overcoming large and small obstacles are critical to maintaining the faith in the overall vision. Good communication and shared vision help keeps everyone focused.

Do you know where the gold is?

Are you using demographics, MCIF and other analytics to identify where your best members are coming from? How do you fill your credit union with people just like your very best members? Are you employing your scarce resources in those areas/segments with the highest potential for success?

If you are planning to grow this year, make sure you are prepared to make the investment in people, process and protocol first. Gold mining can make you rich, but few get rich without an upfront investment.