What’s the key to double-digit membership growth? For Elements Financial Federal Credit Union in Indianapolis, it was to aggressively pursue new SEG (select employee group) relationships and offer value-added, relationship-building services that all employees could use.
That’s the case study Rich Jones, president/CEO of Leaders2Leadership LLC and former senior vice president of sales, marketing, and business development at $1 billion asset Elements Financial Federal, shared during a CUNA Marketing & Business Development Council Conference session last week in Las Vegas.
According to Jones, critical to a successful business development program is creating an implementation strategy step-by-step and then seeing it through. Key steps include:
Creating an overarching strategy;
Building an implementation plan;
Designing a staff model; and
Establishing a compensation plan.
Elements Financial Federal centered its growth strategy around a specific product, health savings accounts (HSAs). They chose this product for three reasons: