Star Wars: The Force Awakens – but is your credit union hitting snooze?

Anyone that knows me can tell you right away that I am a total Star Wars nerd. And I wear that title proudly. No offense to my Star Trek fan friends, but Star Wars is definitely where it’s at. I love the series since I was a kid and am super hyped about the upcoming Episode VII (yes, I’ve had the December 18 date marked on my calendar since the announcement).

The folks at Disney have definitely done a good job with teasing fans and releasing bits and pieces of information about the movie as it progresses filming. A few days ago, they sent a ripple of excitement out across the Star Wars fan universe with the official title of the new episode — “The Force Awakens.” I can’t wait to see the new movie and catch up with the adventures of old friends like Luke Skywalker, Han Solo and a host of new characters (just please, meesa no lika more Jar-Jar Binks!).

All the teasing and hype about the new Star Wars movie got me to thinking about how credit unions work to get their members excited about new products or services. There is definitely a subtle art when it comes to this. And while it’s difficult to compare something as over the top cool as a new Star Wars movie with, say, a new checking account line, there are certain comparisons we can draw and from which we can learn.

• Examine how long it’s been since your last new product or service introduction. In the case of the new Star Wars movie, it’s been about 10 years. When was the last time your credit union introduced a new product or service? If it’s been more than two or three years max, it is probably time to do some research and roll out a new relevant product for your members to use.
• Keep an eye on technology. You might not have a new light saber or Death Star to unveil to your membership, but modern technology does move at a dizzying pace and odds are there is some digital access product out there that one day your members could use. Home banking and online bill pay are yesterday’s news. The wave of the future is mobile digital access — make sure your credit union is prepared for that.
• Ask your members what they want. We spend a lot of time in backroom board meetings, strategic planning sessions and marketing get-togethers, but when is the last time you actually asked your members what they need? You might be surprised by their answers and by the disconnect between what you thought and what they say. You can ask them in person, with online surveys via email or your website, or even monitor their questions and feedback on your social media channels.
• Monitor the competition. What are your fellow credit unions and community banks doing when it comes to introducing new products and services? If they’re rolling something out that looks interesting, take note and consider how it or a similar product might work for your membership. This is not to say you follow the leader on your own product introductions — simply a friendly reminder that keeping a watchful eye on the competition is always a good idea.
• Consider conducting a marketing audit. At credit unions, we tend audit everything — loans, teller drawers, balance sheets and financial statements. All too often, however the vital function of marketing and its role in introducing new products and services is neglected. Marketing audits involve a thorough examination of all your current marketing pieces and efforts. It can help give you suggestions for improvement and offer an outsider’s feedback of your marketing efforts. When combined with both strategic and tactical recommendations for change, and marketing audit can also give you feedback and direction into new products and services that can benefit both your members and the credit union bottom line.

Anticipating something fun, like a new Star Wars movie, often means a good time for fan boys like me. And while the hype of a great light saber duel or space battle might not be a direct apples to apples comparison with rolling out a new credit union product or service, certain key elements are the same. The success of your credit union will rise and fall with its ability to stay on top of what members want. Keep your finger on the pulse of those wants. I’ll see you in line in December 2015 for Star Wars: The Force Awakens. I’ll be the guy in the tent who’s been in line for a couple of weeks already.