Posted by Brent Dixon on December 31st, 2008
What are your resolutions in 2009?
Here are a few of mine:
Can’t wait to hear yours. Have fun tonight, everybody.
(Photo credits: Forever Young by Steven Effu & Sweet Pea by tvchicklet)
Posted by Brent Dixon on December 25th, 2008
Posted by Brent Dixon on December 22nd, 2008
I enjoyed this note from Spokane Teachers Credit Union to their members:
“In the interest of full disclosure, STCU would like to announce that, in the midst of the national mortgage crisis, your credit union has had one bad home loan…[the crisis] was all over in less than an hour.”
Perhaps a little horn-tooty, but I think many credit unions have earned their bragging rights.
Read the full note here.
(via Filene’s “Does Capitalism Need Cooperation?“)
Posted by Brent Dixon on December 19th, 2008
Great credit union awareness campaign from the fine folks at Boom Creative.
Check out the other two spots here and here.
(via the WhatTheB.com)
Posted by Charlie Trotter on December 15th, 2008
OK, I need some candid information from the credit union and financial industry braintrust that reads this blog.
The Economy is doing some pretty squirrelly stuff right now. Politics aside, the Bailouts seem to only be prolonging the inevitable. Surely there are some of you CU folks with greater insight into this mess. How bad is it going to get? For real. And I’m not asking you to tell just me.
CUs seem to be the only financial institutions left that have any trust. How are you using that trust to prepare people for what may come: very hard times? I hear people on TV saying Obama & Co. can turn it around. Super. I really hope they can. I’m rooting for them so hard. But I hear other people burying 20-pound bags of rice in their backyard, and these are NOT the usual crazies whose inane babbling is easy to write off, they are people whom I respect, sharp, sane, wise.
It seems like a great opportunity (responsibility?) for CUs to come out and say, “Here’s how you can act now to keep it from going bad.” Or “Candidly, it is going to get pretty hairy for a lot of people, so here are some practical ways you can prepare to weather it well.”
And I’m not talking about re-explaining “freer checking”, I’m talking about getting real with people about what they can do to prepare for what might be harder times than our country has ever seen. If CUs are truly dedicated to their communities this seems like a great time to commit to being about the “whole man”, to really being in this thing together.
People are looking straight answers. If you know something that will scare them – and I mean scare the living tootsie rolls out of them – will you tell them? Then, will you tell them how to do something about it? If you do, if you are on the level with people in ways no one else will be, then, when it does swing back around, they will never forget who kept their trust, who helped their families by saying some hard, scary things, then helped them process those things sanely. And they will remember it a lot longer than that free iPod.
Jeff has been talking about word-of-mouth in his last two posts (with more to come). But word-of-mouth doesn’t just happen when your members are happy with your services, it also happens when people are scared.
So, please, tell me what you know, then tell me how you are going to tell your members the same thing.
Posted by Jeff Stephens on December 12th, 2008
Part 2 of 3 about word of mouth marketing for credit unions
A well-crafted, strategic, and thorough word of mouth marketing program is a smart move for any business. But for several reasons, word of mouth marketing is especially appropriate and well-suited for credit unions. It is—dare I say it—one of the keys to this movement reaching its potential.
Most credit unions do not have the [perceived] luxury of outspending the competition. Bank competitors often have much heftier marketing budgets, and can get more media saturation as a result. In other words, they can emphasize quantity over quality. As credit unions with generally smaller budgets, we can’t do that…nor do we want to. With word of mouth marketing, we focus on quality over quantity—having a bigger impact on a fewer number of people. That way, we’re not paying for “waste” media. In other words, WOM lets credit unions work smarter rather than harder.
When you bring together people with similar characteristics—let’s just call it a “common bond”—something not-too-surprising happens. People can relate to each other! And what happens when people can relate to each other? They tend to get along. To build friendships. And to…talk!
It’s no big shocker that due to the events over the past several months, consumer confidence in financial institutions has taken a big hit. And while, yes, that unfortunately reflects on credit unions, I believe it’s safe to say that many people are feeling that it’s banks—not credit unions—that in all the negative national headlines and news stories. As a result, many credit unions have been able to not only keep the trust of their members, they’ve been able to further solidify their position as stable, trusted financial resources.
Stay tuned for the next installment, part 3 of 3, “Social Media and WOM.”
Click here to read part 1, ‘Have You Heard About WOM?’.
Jeff Stephens is CEO of Creative Brand Communications (a multi-sensory marketing and experiential brand development agency), whose new division, PSST! is the world’s first word of mouth agency for financial institutions. Drop Jeff a line at jeff@psst-marketing.com.
Subscribe to PSST! Marketing’s RSS feed here.
Posted by Jeff Stephens on December 8th, 2008
Part 1 of 3 about word of mouth marketing for credit unions
Think back to the last time your friend asked for a restaurant recommendation. Maybe you eagerly told them about the hot new dinner spot that just opened. Your friend hadn’t heard of it, but was excited by your recommendation. How did it make you feel to pass along this hot tip to your buddy? It made you feel great! You are cool. You are in-the-know. You were helpful.
People tell others when it makes them feel good to do so. So the question is, “what can we give people that will make them feel cool/smart/helpful when they tell others?” Or in other words, “what can we do that’s so buzz-worthy that they cannot possibly keep it to themselves?”
Word of mouth is kind of like the oceans—as old as time but until recently we didn’t know much about them. Ever since cavemen were roasting brontosaurus burgers over newly discovered fire, phrases like “dude, have you heard about __?” have been influential and credible sources of recommendations.
Yet as credit unions, we’ve not been able to harness the power of word of mouth marketing. In fact, it wasn’t until recently that word of mouth marketing in any industry truly came into its own as a discipline. It was around 2005 when the Word of Mouth Marketing Association formed to create and formalize an official industry trade group to truly transform word of mouth from being a mystical elusive idea into a respected discipline.
WOMMA defines word of mouth marketing as: “Giving people a reason to talk about your products and services, and making it easier for that conversation to take place.”
To wrap your brain around the main principles and steps of word of mouth marketing, start by asking yourself these questions, in this order.
Up next, part 2 of 3: “Why WOM for Credit Unions?”
I highly recommend you read Andy Sernovitz’s book, Word of Mouth Marketing for an excellent primer on the subject. Andy is also one of the founding fathers of WOMMA.
Subscribe to some good WOM blogs:
Jeff Stephens is CEO of Creative Brand Communications (a multi-sensory marketing and experiential brand development agency), whose new division, PSST! is the world’s first word of mouth agency for financial institutions. Drop Jeff a line at jeff@psst-marketing.com.
Subscribe to PSST! Marketing’s RSS feed here.
Posted by Brent Dixon on December 3rd, 2008
Earlier this week, Denise Wymore called me out. She said this:
A few months ago I asked a friend – a talented blogger, thinker, and doer – how he keeps a steady stream of inspired words coming while also getting stuff done and not going nuts. Among other things, he said this:
“If I don’t put something out there, I won’t exist.”
The best advice I’ve ever heard on blogging came from Merlin Mann. He said this:
“Find your obsession. Every day, explain it to one person you respect. Edit everything, skip shortcuts, and try not to be a dick. Get better.”
When we began this site, we said this:
Two heads are better than one, one thousand are better than two, one million even better, and on and on and on.
A collaborative effort, a union of resources, all for a greater good – sound familiar?
Credit Unions have been doing this stuff for a hundred years…Open Source CU represents a continuation of that group effort.
Taking this month off from blogging has been good for me. But I also thought more about this site and community over that month than I probably ever have. Those of you who know me know that blogging sometimes gives me heartburn. But at the same time, I love it and I love y’all.
Starting now, I’m going to post to Open Source CU once a month, the third week of every month. I’ll usually write about design and creative direction, because when all’s said and done it’s what I think about the most.
We started this site as a collaboration. And I’ve always been a better asker and facilitator than writer. So the rest of the posts, the majority of the posts I hope, will come from other people with other passions in the credit union movement. From you.
If you’d like to contribute, drop me a line at hi [at] itsjustbrent [dot] com.
Posted by Brent Dixon on October 23rd, 2008
Given the current economic climate, credit unions are receiving a lot of media love lately. Here are a few snapshots:
Business is booming for Ed Speed, which is a little odd, considering he lends money for a living. But that’s the story of credit unions nowadays, including the one in southeastern Texas that Speed runs, where real estate lending has doubled over the past five weeks, and auto loans are on track to grow by 40% to 60% in October.
Members-only non-profit credit unions are having their turn in the sun as years of sticking to boring, old-fashioned banking practices — they typically hold the mortgages they make on their own books and only dabbled in subprime — put them in a position to grab market share while national banks, auto finance companies, credit card outfits and private student loan firms cut back on loans. “In good times, you’d say these guys are much too conservative,” says George Hofheimer, chief research officer of the credit-union-focused Filene Research Institute. “But in times like these, it’s just what the doctor ordered.”
With major instability in banking and unprecedented failures and buy-outs, it may feel like the only safe place to put your money is under your pillow. While even through buy-outs like Washington Mutual’s, your money remains FDIC-insured, this is a good time to consider an alternative to for-profit private banks—like credit unions.
Here’s the simple reality: Banks have shareholders who want to see a profit on their investment. So banks do everything in their power to get as much money from their customers as is legally possible while still remaining competitive with other banks. Here’s a case-in-point: Citizens Bank paid the Phillies $92 for the naming rights to their new stadium. Where did that money come from? Customer fees.
Most people just accept it. After all, what choice do they have?
I’ll tell you: Credit unions. The owners of credit unions are the members themselves. So there are no fat-cat shareholders to answer to. As a result, credit union profits are returned to members in the form of fewer fees and better interest rates.
Consider a credit union: OK, they’re about as sexy as an accountant in a bow tie [An aside from Brent: Ouch]. But they offer several benefits: They have non-profit status, so they can offer services at lower costs than many banks—from late fees to bounced check fees. That translates to lower interest rates on loans (including mortgages), and higher interest rates on savings accounts and CDs.
How can credit unions best react to and prepare themselves for the newfound attention / opportunity / responsibility? Let us know what you think in the comments.
Posted by Brent Dixon on October 17th, 2008
Posted by Brent Dixon on October 14th, 2008
Do you have any to add?
Posted by Brent Dixon on October 14th, 2008
Finovate, a fast-paced annual showcase of new financial startups, is happening all day today. Although I can’t be there, and wish I could, I’ll be keeping up with attendee (and presenter) coverage and commentary over Twitter using Summize’s #finovate08 stream.
Update (11:30am): Thanks to Caitlin Rosberg’s suggestion, click here for a broader Summize feed, including a search for #finovate08, #finovate, or finovate.
Also, click here to follow the Banktastics’ videos and presenter reviews.
Posted by Brent Dixon on October 6th, 2008
The Partnership Symposium was a huge success. Thanks so much to everyone who organized, attended, or dropped by the chat room and live stream. Between the insights, Jerry-Springer-style fisticuffs, and Rock Band…it was an action-packed event.
Videos from the live stream are available after the jump. Or click the video window below (Heads up: When you click through, some of the videos start to auto-play. This is a Ustream bug, but should only last a few seconds.):
...and read Symposium coverage and commentary from across the blogosphere here:
Do you have thoughts or suggestions for next year’s Symposium? We’d love to hear about them in the comments.
Posted by Brent Dixon on September 30th, 2008
In a few hours, I’m hopping a plane to Indianapolis for the 2008 Partnership Symposium . Like last week, I’ll be broadcasting sessions and events live right here on Open Source CU (this time with improved audio and video). I’ll post the Ustream video window up here tomorrow morning.
In addition to the live video feed, we’ll have a chat window up – accessible to anyone – and will be taking questions not only from the live audience, but from virtual participants as well. Here’s the agenda (all times are Eastern):
9:00 am – 9:15 am Welcome & A Look Forward – Ron Shevlin, Event Host
9:15 am – 10:00 am Young & Free – Attracting New, Young Members
Tim McAlpine, President & Chief Strategist, Currency Marketing
We all want new members, especially those with many years of borrowing, depositing, and investing ahead of them. Tim McAlpine will share the grass-roots approach one credit union is using to engage the youth market. He’ll share the process, phases, and results of Common Wealth CU’s Young & Free Program, as well as provide insight into how they have solved some unforeseen issues that have come up during the campaign. Learn from Tim’s experiences with the Young & Free Program how to better attract younger members to your credit union.
10:00 am – 10:45 am Brand Positioning: Cascade Community Credit Union
Jeff Stephens, CEO & Brand Director, Creative Brand Communications
In this look at Cascade Community Credit Union, Jeff illustrates positioning through advanced branding tactics, why trying to be “different” is more effective than trying to be “better,” and how to avoid differentiating yourself on the same attributes as everyone else.
11:00 am – 12:00 pm Debit, Credit, & More – Remaining Relevant to Your Member’s Payment Habits
Jeff Russell, Executive Vice President, The Members Group
Radical changes are taking place in the payments industry. The door is open for an entity to become the center of your members’ payment and financial management world. Who will that “entity” be? Learn from Jeff about trends in financial payments and how you can best position your credit union to remain relevant in your members’ payment habits.
1:00 pm – 1:30 pm “Fire Your Trainers” and More Advice to Make Symposium Stuff Stick
Andy Janning, AVP Training & Quality Service, FORUM Credit Union
You’ll leave the Symposium with new ideas and innovations for your credit union and members. Your first stop back home may be to your Training department, where you may request, “Make a class that teaches everyone about this fabulous new idea!” Ironically, this approach could be the kiss of death for your innovative brainchild. We’ll examine the short, focused list of questions that will radically transform the way in which training supports organizational innovation and delivers member-focused results.
1:30 pm – 2:15 pm Top 5 Success Practices for Building an Online Community
Morriss Partee, Chief Experience Officer, EverythingCU.com
EverythingCU.com started in the year 2000 as an idea, and has since blossomed into an active online community of 5,863 credit union professionals, with a focus on marketing and business development. In this session, Morriss will share the top 5 success strategies that make an online community thrive (as well as be profitable). Credit unions inherently have every one of these success factors available to them, only they currently lie dormant. We’ll examine how you can apply each of these practices to revitalize your CU’s web presence.
2:30pm – 4:00 pm Idea eXchange – led by participants
This time is for attendees to discuss solutions that have worked for them, present problems for others to offer ideas, and generally collaborate with your peers. Attendees can sign up for a topic/issue they wish to present.
8:45 am – 9:45 am Engaging with the Social Economy
William Azaroff, Interactive Marketing & Channel Manager, Vancity Credit Union
A growing segment of the economy is driven by social decision-making. Credit unions play a natural key role in this shift, both as community-focused organizations and as holders of significant consumer assets. This presentation will include examples of the emerging social economy, as well as a case study of ChangeEverything.ca, a social network created by Vancity, which speaks to the values shared by the largest credit union in Canada and the community it serves.
9:45 am – 10:15 am The Hyperlocal Credit Union – A Vision
Matt Dean, CEO, Trabian
The Internet connects people across the world, but it also brings together people within a community. Just as hyperlocal media has revolutionized journalism, the hyperlocal credit union can transform the way their members interact with local merchants, with each other, and with their financial institution. Matt will share a snapshot view of a credit union that uses its local focus as more than a “we’re from your hometown!” warm and fuzzy feeling to bring tangible value to its members.
10:30 am – 11:15 am Serving the Mobile Member
Gene Blishen, General Manager, Mount Lehman Credit Union
Still not sure how to best tackle mobile banking or are you looking for alternatives to enhance your current offering? Gene will share valuable member and product information his credit union has gained over the past three years, discuss various aspects of mobile banking and service options, and talk about different approaches for implementing mobile banking (do-it-yourself, vendors, partnering, etc.). Gene concludes with thoughts about “harnessing the wisdom of crowds” and the concept of innovation coming from multiple outside sources and how to ensure your credit union is receptive to these sources.
11:15 am – 12:00 pm Thrift: The Rise of the Credit Union Warrior
Matt Davis, Director of Public Relations, Members Credit Union
As the guest speaker contest winner, Matt will reintroduce the concept of promoting thrift for credit unions. He will discuss some of the ways that credit unions across the country are promoting thrift, not only amongst their members, but also amongst the general community. Finally, Matt will introduce some exciting ways that your credit unions can recapture public goodwill with this concept.
1:00 pm – 1:45 pm Turning Business Problems into Business Opportunities
Robbie Wright, General Manager, fi-linx
How do you turn an obstacle or problem into a potential business opportunity? In this session, Robbie from fi-linx, a CUSO of MaPS Credit Union, will discuss how the CU has taken challenges and turned them into new CUSO ventures and partnerships. He will review the CUSO industry and discuss past and present CUSO ventures, the role that credit union employees play in the formation of new a CUSO, and what the CUSO landscape may look like in the not too distant future.
1:45 pm – 2:30 pm Improve CU Reputation & Build Loyalty
Michelle Bloedorn, Executive Director, Member Loyalty Group
Diana Dykstra, CEO, San Francisco Fire Credit Union
Six credit unions, including San Francisco Fire CU, have come together to form the Member Loyalty Group CUSO. This CUSO has the goal of spreading the use of the Net Promoter Score among credit unions and making it affordable for institutions of all sizes. Hear about how San Francisco Fire CU has incorporated NPS and social media techniques to engage members and create true loyalty.
2:45 pm – 3:15 pm Using Video to Engage Your Target Market
Jon DiGregory, Founding Partner, Cantaloupe
New ideas for using video to engage your market.
3:15 pm – 3:45 pm The Credit Union Difference?
CU Skeptic, Unveiled
“At their current state, credit unions as a whole are no different than banks to the end user.” Since his arrival in the CU blogosphere, the CU Skeptic has been stirring the pot with articles, comments, and interviews based around this central theme. Discover why he thinks “the credit union difference” is largely unapparent in today’s (US) market and what he thinks are the keys to turning the tide of irrelevance. For the first time ever, the CU Skeptic will reveal his true identity and is prepared for an extended Q&A session.
3:45 pm – 4:00 pm Symposium Rewind
So, what did we learn at this event, anyway? Let’s bring it all together and make sure we’re all leaving with new ideas and strategies that will help us better serve our members and engage them in new, relevant ways.
. . .
Safe travels to everyone who’s flying in. See you live or on the web tomorrow!
