By Frank J. Diekmann
One of the more intriguing management concepts I’ve heard pitched to a credit union audience came courtesy of a former Amazon executive, and it didn’t require a Prime membership. But it did require a registration to Co-op’s THINK 22 meeting.
The strategy was shared by Colin Bryar, who was with Amazon and worked as founder Jeff Bezos’ right-hand man as the company was expanding far beyond its book-selling roots in the early part of this century. (You can find a full report on Bryar’s observations and experiences here.
Bryar co-authored the book “Working Backwards: Insights, Stories and Secrets from Inside Amazon” along with former Amazon executive Bill Carr, said that inside Amazon members of the management team who have an idea/strategy to pitch must first write a press release (in standard press release style).
That process, said Bryar:
- Clearly defines customer problem
- Clearly defines the solution and compelling reasons why customers will buy it.
Bryar said if the release isn’t compelling (enough), those seeking to have their idea considered are urged to try, try again by refining the idea and rewriting the release.
If the “release” is submitted it is followed by a somewhat grueling process, something like an internal press conference, in which the author is submitted to questions similar to what both the press and customers would ask.
Why not try this exercise inside your credit union? And if you really want to promote some discussion, have everyone on the management team write a press release for the credit union itself, as if it has just been chartered and is set to open and you need to summarize what makes it newsworthy (and no, it’s not about the “products and services” that everyone else offers).
Although, as I vented quite a bit here earlier, more credit unions writing press releases may not be such a good thing.
Not What You Would Call ‘Engaged’
How does your credit union measure the engagement of a member? Ideally, not this way. Nikhil Lele of EY, which does extensive research with Co-op Solutions, recently shared with that company’s CEO Conference that his wife remains a member of the credit union in the town in which she grew up.
“Her only interaction is reading the 1099 form the credit union sends every year on interest paid. That’s it,” Lele said.
OK. You’re Done!
During last week’s webinar hosted by NCUA and aimed at providing assistance to the leaders of smaller credit unions, there were observations made by several agency officials that yes, small CUs face a host of very big challenges, but one could also subtly hear them saying--while not actually saying--that lot of small CUs are heaping some dirt on Problem Mountain.
For example, one agency rep felt compelled to point out to CUs that serve narrow fields of membership, “If you have already penetrated your field of, no amount of advertising is going to attract new members.”
Frank J. Diekmann is Cooperator in Chief of CUToday.info and can be reached at Frank@CUToday.info. Mr. Diekmann is also author of several new book, including the brand new “The Last Lyric,” a humorous satire about a murder investigation at the Rock & Roll Hall of Fame in which every line of dialogue is either a classic pop/rock song title or lyric. Available on Amazon, Apple iBook, Barnes & Noble and Smashwords. Mr. Diekmann is also author of a non-fiction compilation of the very best & worst he has seen and heard in covering more than 500 CU meetings and conferences, “501 Name Tags: How Everything You Need to Know About Business Can Be Learned at a Conference & Forgotten in the Trade Show.” It is available on Amazon, Barnes & Noble, Apple, Lulu, and Smashwords