It’s a new decade, and it’s time for some new ways of thinking. We sat down and made a list of 20 Monster Ideas we’d like credit union marketers to ponder as we head into 2020.
Last week, we shared the first ten ways to pump up differentiation, connect with the next generation, break out of your rut, get smarter, and kick off a monster 2020.
For the final 10 this week, we’ll go geeky, do science, say a naughty word out loud, and solve some “notty” problems.
Have a fantastic holiday, and we’ll see you next year!
11. Release your inner geek
Resolve to learn more about what makes your website work. Venture into HTML and CSS. Delve into Google Analytics. It’s 2020, and code and data make the world go around. You don’t need to become a tech whiz, but the better you understand what makes everything tick, the more effective you’ll be.
12. Use 20% of your marketing budget for science
Make experimentation part of your marketing culture. Do some A/B testing on your website or with your emails. Try something new with every campaign and see what happens. Try unconventional marketing and see what happens. Too many marketers get stuck in a media or message rut, but you’ll never know what you’re missing until you actually try something new.
13. Cozy up to the “p-word” and expand your profitable 20%
There’s an old saying that applies to just about every business, including credit unions; about 20% of your customers (members) are profitable, and the other 80% are not. Get some MCIF and analytics numbers, and figure out what makes the 20% tick. And figure out where you can find more potentially profitable members among the 80% to move your 20% closer to 30%.
14. Embrace more of your “nots”
Stop trying to be everything to everyone. Figure out what you are not, what you don’t do, who are not your members. And stop worrying about all that. Stop scattering and focus on what you are and what can do better than anyone else for the people who most need and appreciate it.
15. Stop trying to sell on social media
Seriously. You’re missing the point and you’re being rude. Ditch the sales pitches and start connecting. Make it about people, what real people really care about, and genuine connections, not your loan growth goals.
16. Eat your own dog food
“Dog fooding” is an old term for using your own products yourself, out in the real world. And it’s incredibly important for credit unions. Ask your staff – if no one’s “eating your dog food”, how can you expect to understand and improve your products and better serve your members?
17. Spice up your bread and butter
What are your bread-and-butter services? Probably checking and car loans, like most credit unions. One’s sticky, one’s profitable. Both are boring, but they’re also absolutely dripping with potential for innovation if you look closely. What if a car loan came bundled with a line of credit for tires or unexpected repairs? What if a checking account came with a round-up savings feature on steroids? Be anything but boring.
18. Get slick and slippery
The future of finance is all about fitting in, becoming a seamless, frictionless part of a fast-paced life lived well. Get obsessive about finding and removing those small and large friction points at all stages of the member journey.
19. Hire some local photographers and videographers
Stop relying so much on generic, boring stock photos or homemade video. Hire a good local photographer for a couple of days, or for your next campaign. Scare up a professional videographer for your next event. Your members deserve that added local flavor, authenticity, and effectiveness.
20. Indulge in a little back-patting
Credit unions are a force for good in the world, and that’s why we’re proud to work for the good guys. Take a moment to think about your career and the part you’ve played in your credit union’s positive effects in your community. Go ahead, give yourself a little pat on the back!
Thanks for reading Shared iDiz, and we’ll see you next year!
- GoodiDiz Podcast: Financial inclusion and de novo credit unions with Denise Wymore - September 14, 2021
- Learn to love your haters - September 14, 2021
- The best websites are never done - August 27, 2021