Mission over merchandise
As I’ve written about before, in 2020 I left the bright lights of show business and my legions of adoring fans to follow my dreams into chemical manufacturing. Ok, maybe legions of fans is a stretch, but when Covid shut down stages across the world, I joined by college roommate in starting Monarchchem. We manufacture an ecofriendly herbicide that is a safe and effective alternative to toxic weed killers. The question that we struggled to answer is: How in the world were we going to be able to compete against the brands that have hundreds of millions of dollars at their disposal? The answer is simple…We put mission over merchandise. Our whole reason for existing is to provide a safe alternative for the 78 million people a year who spray toxic pesticides around their home. Our market approach did not revolve around promoting how well our product worked but rather how our product help create a safe and sustainable environment for our kids and our pets. This mission-based approach is catching fire.
So, what does this mean for your credit union? Putting mission over sales requires a shift in mindset and a commitment to prioritize the values and goals of the organization over short-term profits. Here are some steps that can help a credit union put mission over sales:
Define the mission: It’s important to have a clear understanding of the organization’s mission and values. The mission should guide all business decisions, including sales strategies. The mission should be communicated effectively to all employees, so everyone understands the overarching goal of the organization.
Align sales strategies with the mission: Sales strategies should be designed to support the mission, not the other way around. This means that sales tactics should be evaluated against the organization’s values and goals. If a sales tactic doesn’t align with the mission, it should be reconsidered.
Train employees: All employees, including those in sales, should be trained on the mission and values of the organization. This will help them understand how their role supports the overall mission, and how to prioritize the organization’s values in their daily work.
Measure success beyond sales: Success should not be measured solely on sales numbers. Organizations should also track their impact on the community, member satisfaction, and employee engagement. These metrics can help ensure that the organization is living up to its mission and values.
Reward behaviors that support the mission: Organizations should recognize and reward employees who embody the mission and values of the organization. This will reinforce the importance of putting mission over sales and encourage all employees to prioritize the organization’s values in their work.
By prioritizing the mission and values of the organization, businesses, including credit unions, can build trust and loyalty with their customers and create a sustainable, long-term impact on the community they serve.