16 Ideas for '16: Strategies to Grow Next Year

 By Roy MacKinnon

Is growth part of your plan for next year? Unless your plan is to be listed among the casualties of the year that is published by CUToday.info, it had better be. So here are 16 thoughts for 2016 on growing your credit union:

1. Hire right. Front line staff must look members in the eye and ask them for the business. It’s not a new concept, but the fact is many staffers are still just order-takers. It’s not their fault; it’s either a bad fit (hire) or lack of training. Change that in 2016. Your members have business at other FIs, make it staff’s priority to get that business.
2. Steal loans from other FIs. Shout from every rooftop how much you want your member’s business; tell them that you will save them money. Have campaigns to refinance autos, personal, boat, RV, home, credit cards and every other loan out there at rates lower than the competition – make it worth their time to consider your offer.
3. Simplify your product and service offerings. If it takes a spreadsheet to illustrate your checking accounts your members are likely confused (not to mention your staff!). All you need are three — 1) a no frills, no fee checking. 2) Dividend earning checking (contact me if you want some suggested pricing), and 3) a basic Business checking if you have DBA accounts. Otherwise, all you need are two.
4. Commit to staff training on your products and services. They can’t sell what they don’t know! Create a quick reference guide. Hold your staff accountable for product knowledge by tying it to review or bonus. It’s no longer enough to just warm the seat and show up everyday. Have classes with role-playing; have fun, have a staff contest to come up with the most off the wall member request ever made and how you could handle it.
5. Print direct mail is not dead and don’t believe anyone who says otherwise. Now more than ever, quality colorful pieces standout in your mailbox because so little of value travels via USPS anymore.
6. Branch point-of-sale. Look around your branch(es). Are you pushing your loans and/or checking or some third party travel service? Feature the products that make the CU money. Let the others gather dust in a brochure rack or just get rid of them altogether. See #3.
7. Email is the new junk mail. The first thing most people do every morning is look at their email, the second is delete them--even the ones they intentionally subscribed to because they get too dang many.  In my credit union career I’ve spent  a lot of time testing different email marketing/messaging strategies, and have found certain—even simple—elements can drive big differences in click through and open results.
8. Social Media is for those that have the resources. Social is great for brand reinforcement if you have the staff to monitor and update DAILY, often multiple times each day. If you don't have those resources, no worries, see #5.
9. Apparel — Logo/name apparel is perfect for building brand and it serves a dual purpose as an employee perk (free stuff!). Once a month give staff an additional casual day (jeans) tied to the wearing logo apparel. It’s name recognition at its finest and is a great marketing ROI.  Staff promotes the credit union when wearing apparel without saying a word, of course we hope they do (see #1). When they go to lunch, are in the market or running errands after work your CU name is with them loud and proud.
10. SEGs. Can they hear you now? Have they seen you lately? If you have SEGs, when was the last time you or a Business Development Rep took your top new member producing SEG contacts to lunch? Make it happen in Q1 of 2016. And that’s just the beginning of what you should be doing.
11. Get rid of the “drones.” Sadly all members are not equal. At most credit unions 20% of the members support the other 80%. How is that fair to the 20%? Credit unions are cooperatives where every member should benefit and contribute. If low balance and single service accounts can’t be persuaded to do more, they should at least cover the cost of their monthly or quarterly statements, don’t you think?
12. Risk-based lending — most credit unions are doing this but you might be surprised that many still are not. We learned long ago that FICO works (for the most part), so why should a 750 FICO get the same rate as a 620?  A higher APR for more risk seems fair.

Finally, four more keys to a successful 2016:

1. Ask
2. For
3. The
4. Business!

Roy MacKinnon is principal with MacKinnon Marketing and Branding and the former VP-marketing with First Entertainment Credit Union, Hollywood, Calif., where he oversaw 1,500% growth.  He is also one of the most awarded marketers in credit union history having been honored more than 230 times nationally. He can be reached at roy@roymackinnon.com.