Press
Marketing CUSO Launches Merger Communications Package for Credit Unions
Lenexa, Kan. (November 19, 2012) – Beyond Marketing, LLC, a CUSO located in suburban Kansas City, announces the launch and availability of a new credit union Merger Package. With the rise of credit union mergers over the last five years, Beyond Marketing designed the merger package to help credit unions proactively prepare a schedule of when and what to communicate to key constituencies during their merger process. Detailed strategic information on the complete merger communications solution is available at www.beyondmarketingllc.com/cumerger. Beyond Marketing will debut the package to interested credit unions on November 20 and is accepting requests for the merger package via e-mail to cumerger@beyondmarketingllc.com. The packages are free upon request.
Beyond Marketing can advise the credit unions and implement any portion of the communications needed during their merger process. The marketing firm has extensive experience in the internal and external roles of merging credit unions. Addressing concerns about the new credit union structure, from start to finish, goes a long way to thwarting a loss of membership. A successful merger rests on the credit unions’ abilities to communicate consistently and effectively throughout the process.
“When two credit unions agree to merge, the operational, administrative, cultural, and regulatory requirements involved can be overwhelming. It’s essential to dedicate the time and resources to successfully manage all the moving pieces,” said Larry Hayes, CEO of Beyond Marketing. “Our intent is to help credit unions retain members, think proactively about communications and focus on their success and sustainability during all phases of their merger. This is where Beyond Marketing makes a big difference, by providing the marketing expertise to successfully navigate the communications stumbling blocks.”
There are three constituents Beyond Marketing recommends credit unions should prepare merger communications to reach: members, internal staff and the community. Each audience has a role to play in the success of the transition. Effective communications with each helps to retain resources and members, while minimizing the quantity and severity of service disruptions. The importance of merger communications revolves around member retention. During a merger, members can become frustrated with service interruptions and lack of communication; if so, they will consider moving to another financial institution. This is generally most true for the members who will be subject to the greatest changes, such as receiving new member numbers, new account numbers and suffixes, changes in electronic/online services and changes in fee structures, among other concerns.
How well merging credit unions share merger details with members is just as important as how well the credit unions manage the operational, system, product and service changes that will occur. Keeping staff informed, engaged, and optimistic is a key component of getting operational needs met in a timely manner and helps the credit unions set the tone with members. Employee concerns might include changes that affect their work life, expectations, security and any changes that affect the credit unions’ relationships with members. Communications to staff should focus on the positive, be timely, informative and always honest. Credit unions must not lose the trust earned prior to the merger, because of a lack of information and leadership during the merger. Employees that are less stressed about merger implications will create less member concern about the merger.
“We encourage transparency while focusing on both credit unions’ intentions and purposes for change,” says Curtis Hays, director of strategy. “Each audience’s loyalty must be primed by focusing on the vision and the evolutionary story that brought the new change. Paying homage to the heritage, effort and trust of SEGs, communities and individual members is a must.”
Beyond the compliance-driven requirements, merging credit unions should take the special opportunity presented to begin celebrating their unique histories, providing an authentic rationale for change and presenting the new future they envision to key constituencies. Precise communications definitely have an important role to play in the success of a merger transition.
“Members expect accuracy regardless of the type of financial transaction involved. While credit unions gear up to make sure they are operationally ready for the merger, Beyond Marketing will ensure that members, staffs and the communities know what to expect during all phases,” said Kat Vorkink, Beyond Marketing account supervisor. “Beyond Marketing can jump in at any point of the merger process, but we provide our best service when involved from the beginning, starting with creating a merger implementation schedule. Our approach will help maintain loyalty and effectively educate people about the changes in an optimistic, well-disciplined manner, to minimize overall disruption and defection.”
About Beyond Marketing, LLC
Founded by credit unions for credit unions in 2003, Beyond Marketing, LLC became the first full-service U.S. marketing CUSO and remains the nation’s only CUSO specializing in full-service marketing for the financial services industry. Its focus centers on providing clients with revenue and results based on ROI. Beyond Marketing offers an array of marketing services to fit its clients’ needs. Capabilities include strategic planning, market research, brand identity development, interactive Web design, print design and production, public relations management, advertising and promotion implementation, media buying, direct marketing, and broadcast production. For more information, visit www.beyondmarketingllc.com.