Give Your Credit Union a Slice of Apple…
Mike Lawson, Principal, DML Communications & Host, CUbroadcast
We all know Apple is a hugely successful company with its iPhones, iPads, iMacs, and iTunes. Whether you use their products or not, a company whose stock has soared during the past few years to exceed $500 per share and has more money in its reserves than the U.S. Government ($98 billion to date) is considered to be somewhat successful. Apple seems to have set the success bar for the rest of us. And with its looming iPad 3 release slated for next month and the iPhone 5 release later this year, business continues to look quite fruitful for the multi-vertical tech company. So how can your credit union experience even a sliver of Apple’s success?
For starters, Apple spends a bundle in traditional advertising: $691 million in 2010 on TV, magazines, newspapers, billboards, etc. I’m not suggesting allocating millions for your ad budget for enhanced exposure – and most, if not all, credit unions don’t have millions spend on advertising. But it does go to show that traditional marketing still works in this age of social media. In fact, Apple doesn’t even have an official, corporate blog, Twitter account, Facebook page, or YouTube channel – or any other social media outreach for that matter. But it has something far more powerful that it has in common with credit unions.
Besides advertising, its true communication channel is its ever-faithful, yet sometimes fervent, fan base. This mass of millions worldwide does most of the talking because of the company’s innovative products and excellent customer service. This constant customer chatter creates a seemingly nonstop buzz. Hmmmm … sounds a bit like credit unions. They certainly have some pretty cool products and services and they boast the best customer service around, as well.
Unfortunately, however, many credit unions are still mired in mediocrity – even after the highly publicized fanfare of Bank Transfer Day. According to Glatt Consulting’s Founder/Owner, Tom Glatt, credit unions current performance is “…kind of pathetic.” In his recent blog post, entitled “A Diatribe Against Credit Union Mediocrity”, Glatt states:
“Nationally, 3,895 credit unions out of 7,324 saw membership declines last year. The ‘real reality’ is that that some credit unions are growing, very well, and compensating for the horrible member growth numbers of their peers.”
Kudos goes to the credit unions that are excelling. But for those that are not on the upswing, here a few “Apple-ish” suggestions to ramp up the buzz…
Show the magic
We’ve all seen the latest iPhone 4S commercials with people talking to the voice-command Siri assistant, asking all sorts of random questions and getting immediate answers from the androgynous voice. Whether it works perfectly or not, that’s pretty magical and cool – at least the commercials make it seem that way.
From the credit union perspective, some experts out there state that banking is boring. I totally agree. It’s dullsville most of the time. But what banking does for your financial life is anything but boring. Transferring money from your savings account to your checking via your mobile phone so you’ll have enough in your account for dinner or movie tickets is pretty sweet – not to mention quite convenient. And there’s a certain cool factor, as well. Even taking a picture of your paycheck with your mobile phone via remote deposit and sending it to your credit union is amazing and, again, quite convenient. Personally, I enjoy the ease and simplicity of online bill pay. And with NFC on the horizon, you have to admit that’s pretty exciting, as well. Banking to better your financial life is not boring – and it all should be coming to a credit union near you soon!
That said, credit unions need to play up their technology services to attract eyes – especially if they’re looking reel in Gen Y. They need to show how these products/services can revolutionize their members’ lives. They need to show the magic. But I know a lot of you are going to ask: What if a credit union doesn’t have those revolutionary online and mobile services? My response to you is read the next paragraph…
Show the magic part 2
No matter what your products are, actually show your products in action from the end user perspective. It’s a powerful, objective message. Apple has a whole section of its website dedicated to customer usage stories, showing the various ways people are using iPhones, iPads, MacBooks, iCloud, etc. They are very powerful videos.
Many credit unions already produce similar pieces whether they are written success stories or video interviews. One such credit union that produces quality video member success stories is Evangelical Christian Credit Union. It does a fantastic job of telling stories how it has helped its members succeed via video – and there are no magical mobile products involved. Just good old-fashioned member service using traditional finance products to benefit worthy causes in which its members are involved seems to be ECCU’s theme.
Be a constant, reliable resource
When it comes to anything technology-related in the retail field: mobile, music, computer, soon-to-be-TV, etc., it’s hard not to mention Apple. In fact, Apple is consistently covered in magazine articles, blog posts, TV news stories, and other outlets everyday because of its expertise and leadership in its field(s). Credit unions, likewise, are experts in their field of finance.
Why credit unions aren’t consistently stepping up to the media and other communication outlets such as the various social media networks and presenting themselves as subject matter experts in the areas finance, investments, mortgages, financial technology, compliance, etc. escapes me. This is your wheelhouse; own it. This is your chance to make finance exciting, interesting, and relevant. Again, show how it can change people’s lives based your expertise. Leverage the media to complement your brand.
Leverage your fan base
I’ve already touched on Apple’s throngs of rabid loyalists that consistently sing the company’s praises from their user experiences. These people get nothing in return from Apple – just products in which they truly believe and advocate. They stand in lines that wrap around buildings just to get the first iWhatever to have bragging rights that they were one of the first few to get one and show it off. That’s their reward – and it’s ultimately Apple’s reward because the company gets free advertising via word-of-mouth from its flocks of faithful customers. Every time Apple unveils a new product, it’s Christmas for these people.
Not quite as fanatical, credit unions have their loyal fans, too. So why aren’t credit unions creating more reward programs to incent these devoted members for their authentic viral marketing efforts – telling two friends and so on? Again, word-of-mouth marketing is the best form of advertising. It’s objective, authentic, and highly effective – and credit unions should be fostering their members’ voices.
To further encourage their voices, credit unions need to create a channel for these dedicated members to share their stories (see “Show the magic part 2”). Pithy testimonials like, “ABC Credit Union is wonderful” are nice, but you want these folks to go a little deeper and tell others about how their credit union has improved their financial lives – whether it’s through leveraging convenient technology services, getting financial management advice, buying a home, creating investments, planning for retirement, and more.
Pursuit of perfection
None of the items mentioned above are totally ubiquitous to Apple. Many companies throughout the globe share something similar to Apple’s success with their loyal fans. As a result, they can produce plenty of practical case studies and are reliable and credible sources for news outlets. But the one thing that separates Apple from many of its peers, it doesn’t get complacent. The company is in a constant race to pursue perfection. It may never get there – nobody will get there. But when it comes close, it strives farther to continue reaching for it. Credit unions should share this mantra.
“Don’t think about how great things were yesterday.” – Steve Jobs
Mike Lawson; principal of the marketing firm, DML Communications, and host of the credit union industry’s only online video talk show, CUbroadcast; has more than 20 years of journalism, public relations, and marketing experience. Lawson has an extensive background within the financial services industry stemming back to the mid-‘90s working for Symitar, establishing DML Communications in 2002, and starting CUbroadcast in 2010. He speaks on journalism, PR, marketing, and social media topics to credit union industry organizations nationwide. www.dmlcommunications.com www.CUbroadcast.com.
