Losing Momentum – Bad for Football, Bad for Credit Unions
By. Sharon Simpson, Ongoing Operations
Watching the first half of the Super Bowl, most people assumed the Ravens’ victory was in the bag. They had such momentum. Then the power went out for 30 minutes and it was like watching a different game.
Credit unions, and all of us really, can learn a lesson from the game. Don’t assume victory, or continued member loyalty and growth, and take a break from aggressively pursuing your goals.
CUNA recently announced that membership growth was at its best in 15 years, 0.2% in November 2012. This is an annualized growth rate of 2.5% and adds up to a total of 96.12 million members. Bank Transfer Day helped many credit unions build positive momentum in 2011 and the fact that growth has continued is phenomenal. But is it enough?
Is 2.5% really the best we can do in this new environment where many consumers have finally been shaken awake from their relationships with big banks? Now is the time to be more aggressive than ever before and build on that momentum.
“Aggressive” is a word that isn’t usually used in the credit union movement. It probably sounds too bank-like and is not a word I’d use to engage front-line staff, but at the end of the day we all need at least a little fire in our bellies to be successful.
Some of my favorite industry stories recently have focused on credit unions pledging to save their members millions of dollars. How? By simply doing what credit unions do – offering better deals on financial services and refinancing higher-rate loans from other financial institutions. This is not a new concept, but the proactive (one could even say aggressive) communication and marketing spin is. We have to ask members for their business and celebrate our victories.
As we all recover from Super Bowl parties this week, let’s not get too comfortable with the remaining momentum that seems to keep pushing us forward. Just like the Ravens in the final minutes of the game, it’s time for us to re-group and make sure we’re effectively and consistently getting our message out to the right audience. That’s the only way to ensure continued momentum and growth over the long-term.
