A Second Opinion

by Ron Daly

Monday's article about CUs picking up steam was full of examples of credit unions making the news for their exceptional service and their remarkable best practices. Some folks don't think we've come quite far enough in the past year, and that we still have further to go. 

When you learn about business and marketing, you're always told to think about what's next as opposed to what's now. What's NOW is that CUs are getting a little extra attention because we're the "good guys". What's NEXT is up to the industry.

Take the Skeptic for example. Not just any skeptic, mind you - the CU Skeptic and a guest post by Bill Grizack of BrightLeaf Financial Network. Grizack started off by declaring himself an "outsider", someone who works around and with credit unions but has never worked for one. His article points out which credit unions were making it into the top ten in overall satisfaction (by region) on the JD Power and Associates study in retail banking - zero. From there, Grizack shows credit unions not ranking on bankrate.com and the 2008 Forrester consumer ranking of FIs (NOTE: Monday's data shows Forrester Research results for customer experience - it is not reflective of financial matters so much as how people felt when using a CU). 

"What gives?" You're wondering. Well, just because credit unions are finally being recognized as generous institutions with helpful staff doesn't mean we're winning people over to our side. If "a credit union" can beat out all comers in customer experience, we can certainly stop showing up in the top ten lists mentioned by Bill Grizack - a top ten list for lowest average fees and best average rates, one that shows people are not only impressed by a CU's service but by its impact on their personal finance.

Grizack makes some great points in his article and has some good solutions for improving member's financial lives. He's trying to focus on next as opposed to now.

The NOW - the press has a lot of nice things to say about CUs and what they have to offer.

The NEXT - You, the credit union, make a concentrated effort to grab your share. 

Golden 1 CU is taking a run at the competition with witty, tongue-in-cheek ads that put down Bank of America and Chase Bank, telling folks to come over and join the credit union instead of staying with their big bank. Says Teresa Halleck, President and CEO: 

"We thought it would be a good time to remind consumers in our market that they have credit unions as an alternative choice for banking," she explained. "We took this market opportunity to remind these potential members that credit unions such as Golden 1 have remained responsible during these difficult times, with a 'Come on over' call to action for those that may have considered Golden 1 for their banking needs, but not yet sought to move their relationship." (CU Journal - 1/25/10)

Maybe it's a little brassy for your tastes, but I think the idea is the perfect example of making a "step two" out of all the positive CU press (and the negative big bank press). All over, folks are talking about the "Move Your Money" campaign - even US Representatives. But Golden 1 isn't just saying "move your money", they're saying "move your money HERE". That's the step two for everyone, turning interest into action and a maybe into a member.

Any other good examples of "What's Next" campaigns? Comment away.