The No. 1 question for your next credit union board meeting

Often, when the waters are still and things seem to be going well, I like to stir the pot of the credit union boards we work with to avoid getting into a sense of false comfort. Not for the sake of stirring the pot but to make sure we are keeping it real and don’t get comfortable with our success.

I wanted to share this question with you. It’s one worth asking at your next board or leadership meeting:

What is the weakest part of the value proposition or sales pitch about your credit union that you should spend resources on to shore up?

This is a great question to open up and be vulnerable with when times are good. You won’t be in a hurry to answer, and you won’t be emotional while answering. Honest answers followed by action will result in even more success than you are currently experiencing.

I recall asking this question at one board meeting several years ago. At first, the answer was a very safe, ‘Nothing. Everything is fine.’ As the conversation continued, one leadership team member was vulnerable enough to share a concern she had.

“We’ve gotten so used to this extremely great loan growth that we’ve forgotten to take the time to build a relationship with these new members. We won’t keep them very long if we check the box and move on to the next loan.”

OUCH!

But a good ouch. The conversation continued, and there was an honest discussion about how new members were being treated. Not bad, but it had become a culture of ‘next, please!’

Their value proposition had always been to serve with heart. They built relationships with their members, allowing them to make loans and do business differently than any other financial institution could. With their newfound growth, they had forgotten what made them unique and gotten away from building those relationships.

Having this dialogue before the concern became a full-blown problem helped the board and leadership team talk through the issues without the urgency of immediate action. A plan was created and communicated to the team about expectations, reminders about processes sent, and the credit union’s culture shared. The team found ways to continue growing loans and membership while living out their value proposition in every member interaction.

Again, my question to you is: What is the weakest part of the value proposition or sales pitch about your credit union that you should spend resources on to shore up?

 

Contact the author: Your Marketing Co

Contact the author: Your Marketing Co

Bo McDonald

Bo McDonald

Bo McDonald is president of Your Marketing Co. A marketing firm that started serving credit unions nearly a decade ago, offering a wide range of services including web design, branding, ... Web: yourmarketing.co Details