For the last several weeks we have been having some fun dissecting the best credit union book out there CU 2.0: A Guide for Credit Unions Competing in the Digital Age by Ongoing Operations CEO Kirk Drake. This book is available on amazon.com (how cool is that) and currently has 22 five star reviews. That’s a better rating than the complete collection of Harry Potter (yes, there are some Harry Potter haters….I know, who would hate Harry?) but I digress.
DREAM Big Contest Continues!
Think of the first three letters Differentiate, Recreate and Educate as the ingredients to bake a one-of-a-kind-out-of-this-world-cake. Now we put them all together and automate (or bake) it.
Kirk recommends the new member experience be the first place to try marketing automation.
I recently sat in on a conference call regarding Net Promoter Score and found out that most credit unions are not “blowing members away” when they open up their new account. In fact, very few members will give a promoter score citing “Too early to tell” or “I just opened the account and I don’t feel I know them yet.”
But this was even more disconcerting. In a Pacific NW study of credit unions and banks they found that Chase AND Bank of America scored higher with Millennials (18-34) on the “overall recommend” question. They did not cite service as the reason but rather just the opposite. They do a great job making it possible for the Millennial customer to NEVER have to interact with a human. And they do that using automation.
CU Lunch Local aims to raise awareness about the importance of supporting local small businesses across Michigan. Studies show that money spent at local businesses tend to stay in the community and a greater percentage of every dollar spent is recirculated at the local level when compared with non-local businesses. CU Lunch Local was founded in 2011 in collaboration with Michigan Business Connection, a commercial lending CUSO.
When I was the VP Marketing for First Tech Credit Union I was in charge of the website. This is back in 1997 when websites were in their infancy. We paid an inordinate amount of money for the first one to be built (read, as much as my first home). My job was to keep the content fresh. We had pages and pages of marketing copy. But I wondered, was anyone reading it? When they land on the home page, where do they go next? Is our navigation working?
Microsoft (who was one of our SEGs) had just come out with some fancy software that could tell us just that. The guy in IT described it to me in this way “Imagine a field of freshly fallen snow, this software is going to show you the footprints in that snow so you can see the “path” people take when they go to your website. Yay! I couldn’t wait to see the results. I never could have imagined it at the time. There was a muddy trough directly to the home banking login. The majority of the pages were not visited even ONCE!
What an eye opener. Fast forward 20 years and here we have Kirk’s book telling us that members are probably still doing the same thing. That’s why most of us don’t dare bury the login to home banking for fear of losing them entirely. So how do we get our members to read our stuff? It’s so simple, make it relevant and compelling and local! Yes local.
Last week we talked about how the Google machine rules the world. If you want to be found you need to know how Google sees the world. Google loves local. Create local content that is hyper-targeted at an age group, a population, an experience or a region – whatever it is, target it in a way that Bank of America or other big banks can’t. I just looked at several credit union websites and few even have “content.” Most have copy, which isn’t the same thing. Here’s the difference.
More Than 1,800 Different Credit Unions Unite to Form Seamless and Secure Cooperative for In-branch Personal Banking
RANCHO CUCAMONGA, Calif. – The CO-OP Shared Branch network has passed Chase in number of branch offices, making the credit union cooperative the second largest network of financial institution branches in the country.