Why your credit union doesn’t work

We all see the monthly reports – a dozen or so mergers have been green lighted by the NCUA. The reason? The most popular cited are “expanded services,” “lack of growth” and “poor financial conditions.” Your credit union may not be heading down the path of merger, but chances are one of these reasons is keeping you up at night.

If you are like many, you’ve lumped your woes into a giant to-do list that will never get done. Maybe you’re thinking about giving up or just riding things out. Maybe you believe it’s just wishful thinking that you could ever turn your organization around.

Let’s not kid ourselves. Mergers are uncomfortable and are often forced by the powers at be. And I find few credit unions that want to see their legacy intuitions dissolve.

But we need to have a serious conversation.  Are expanded services, lack of growth and poor financial conditions really “reasons,” or are they actually “results” of something greater?

Significant lack of brand awareness and poor decision-making (or the failure to make decisions) is what jeopardizes most credit union. If you have asked yourself the question, “Why aren’t we growing?” – Here are the answers:

Your brand is not disruptive. – Where does your brand want to go and how are you going to get there? If you have a compelling story to tell, chances are your members are itching to retell it. A brand attitude – whether it be fun and quirky, loving, inspirational, outdoorsy or even badass – can be contagious.

Stop marketing what the consumer already expects. –  People expect you to be innovative, friendly, trustworthy and deliver value. “We will exceed your expectation!” Barf. The key to winning is not a well-reasoned argument. It’s about understanding the consumer’s perceived value within the context of why they change or choose.

Cease being all things to all people. – If we want people to feel connected and we want to be specific and relevant, then we must stay focused on our membership. Our mission and values should reflect our ideal member. Instead of thinking of an ideal member as a married female in her 40s, what are her personal thoughts, preferences and practices?

Your brand misfires with your internal team. – Too often we focus on the external brand, but we don’t look at the thoughts, actions and decisions of our internal team. Your employer brand is key to attracting and retaining top talent, and one that is expressive can lead to remarkable growth and performance.  

As credit unions, we have weathered the storm. We have faced adversity. We have survived the world’s changes.

But survival isn’t the real answer, now is it?

It’s “How will we move the world?”

Let’s bring out your brand at its core, tell its story, spark a conversation and bring you closer to your members.