Big Ideas for Credit Unions

8 AHA! Moments from Austin | #CUatMAC

By June 6, 2017 No Comments
People would rather join a cause than a club

Those AHA! moments — quotable lines by interesting and unique speakers — that make a conference worth attending. Add in smiling, friendly marketers, vendors that actually get along, and a city that is known for its live music, a social conscience and being a bit weird, and you might just have the perfect combination for a credit union marketing conference.

Here are eight of the “aha!” moments that caught my attention during MAC2017 in Austin TX:

1. Marketing is about dealing with the world the way it is, not the way you want it to be.

The world is evolving and changing, so you need to craft the member experience for people that may not look like you:
• One in six people are married to a spouse of a different race/ethnicity.
• 7% of the population is multi-racial, a segment growing 3x faster than any other, and whites will be a minority by 2041.
• Family is who you love and who loves you back. Only 22% of people fall into the “married couple with children” category.
• 24% of the population claim no religious affiliation at all.
• People would rather join a cause than a club. Clubs are exclusive, while causes are inclusive.
• You have 8 seconds to make an impact — a goldfish has a longer attention span than humans.
Kelly McDonald, author of How to Market to People Not Like You and Crafting the Customer Experience for People Not Like You.

2. It’s expensive to be poor.

• The 91 million people that are unbanked or underbanked represent 27% of the US population.
• 121 million people have subprime credit scores.
• An unbanked person with less than $20K annual income will pay $1200/yr on money orders and check cashing services, paying over $40K in fees over a lifetime.
• Credit unions have a tremendous opportunity to create stable relationships and loyal members.
– Clarissa Ritter, Director of Marketing and Communication, The Federation

3. If you’re not talking to your members, someone else is.

• How you say something is just as important as what you say.
• Tech should enhance the conversation, not replace it.
• Stop trying to be their PFI and be their BFF. Send a birthday card/member anniversary email/congratulations that school is finally starting, giving you some parental time off.
• Just because you leave the dance, it doesn’t mean you are a good kisser. (You’ll have to ask Andrew for that story.)
– Andrew Lampkins, Marquis

4. It’s not just Millennials, we ALL want less friction and more convenience.

Forget about the unfair labels, Millennials are just as entitled, demanding, and tech-dependent as the rest of us:
• Most Millennials don’t know about credit unions. Only 27% are CU members, and they equally prefer big banks/ big bank credit cards.
• They are worried about money. They saw what the recession did to their parents and they want to live below their means.
• Already biggest segment of population, they will surpass Boomers’ spending power in 2018.
• Your competition is apathy, not a bank.
– Bryan Clagett, Geezeo

5. Those who say “no” are rewarded with safety. Those who say “yes” are rewarded with adventure.

• Something to keep in mind when you propose a new idea to your Boss or Board.
• Ad lib comedy depends on listening to someone intently, finding things in common, then agreeing and building upon what they say.
• Use a “Yes! And…” approach to create a culture of possibility.
• It’s also a great way to brainstorm. When there is no bad idea, people feel free to be more creative.
– Shana Merlin, comedian and improv teacher/owner of Merlin Works.

6. Human to human moments are the most shareable.

The Wave is one of the first viral hits, jumping from stadium to stadium, sport to sport. But people first had to understand how it worked for it to actually work.
• People share things for 6 reasons: fear, anger, sadness, disgust, joy, surprise.
• There are also 6 personal sharing archetypes: altruists (open heart), hipsters (early adopters), connectors (like groups), careerists (leaders), boomerangs (response-focused, or trolls), selective (private message sharing).
• When you add something unexpected, it can make all the difference. (And pizza delivery people might want to consider giving away free 2-liters as a way to boost their tips.)
Bryan Kramer, author of Human to Human: H2H and Shareology.

7. Give. Give. Give. Then Ask.

• Social is more about sharing than selling — give 3x more. Build the relationship, know what is needed and provide a solution.
• 33% of those ages 18-49 like personalized messages, but only if done well. Amazon and Facebook are setting the standards for what is expected.
• Forget mobile-first. Now it’s mobile-ONLY.
– Chris Leone of Web Strategies

8. Credit unions not only make the world a better place, they are essential to our future.

• Credit unions are uniquely positioned to deal with today’s challenges and opportunities, building strong, personal connections to their members so their members can build better lives.
• Small is no excuse. Credit unions of all sizes offer a sustainable, humane model for providing financial services, and have a very important role to play in solving some of our biggest problems.
– Kent Dicken, iDiz (if you don’t believe in your own mission, no one else will either.)

CU at MAC 2018 in sunny San Diego!

 

Kent Dicken

Author Kent Dicken

Kent Dicken is CEO/El Queso Grande of iDiz. When not designing logos or consulting with clients, Kent is likely renovating a local community park, repairing the 110-year old home of iDiz, or growing hops and brewing craft beer.

More posts by Kent Dicken