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Strategic Thinking: Can Credit Unions Fix Their Broken Business Model?

September 2nd, 2010 by Michael Hudson

At a recent credit union conference, Jim Collins, author of the best selling book Good to Great stated that the business model credit unions rely upon is broken.

No doubt some met this news with a strong pushback fueled by an intense loyalty to the system, by the belief the credit union members are loyal because they receive better rates and better service than they can at other financial services institutions, and by their personal behaviors regarding the way they use the credit union.

But Collins is right.  The business model that built the industry is seriously broken, and this reality applies to both credit unions and banks. Read More »

Improving Member Service: The Power of Saying “You’re Welcome”

September 1st, 2010 by Michael Hudson

It seems that we live in world where certain phrases are no longer, or very seldom, part of our day-to-day discourse.  Take, for example, the phrase “You’re Welcome.”

I point this out because of an experience yesterday morning at local eatery.  Three to four days each week I visit this particular place for breakfast and a little out of the office writing time.  They have a decent menu, serve good food promptly, and they have multiple WiFi options, so that I can process my e-mail, write blog posts, and monitor my social media connections.

Yesterday morning, after reading a blog post from my friend Ray Edwards regarding ‘The Magic of Courtesy,’ I was struck by something my server said when they delivered my iced tea.  As they placed the cup on the table, I said “Thank you.”  The server actually looked at me and said “You’re very welcome.” Read More »

Strategic Planning: Take Time to Plan to Plan

August 31st, 2010 by Michael Hudson

It’s that time of the year again.  Credit unions Boards and Leadership teams across the country will soon be gathering for weekend retreats to discuss the strategic direction their credit unions should take in the future.

It’s a valuable and important process, and it can be greatly improved by investing some time and energy in planning to plan. Here are five important steps for every credit union to consider to make this year’s planning session more successful: Read More »

Don’t Make This Mistake at Your Next Planning Session

August 27th, 2010 by Michael Hudson

It inevitably happens at some point in every credit union planning session, and for most it will happen sometime in the next few weeks.

The discussion will start with an innocent question,such as: “How can we attract more members from the younger generations–they are our future?”

From there, it will go downhill because everyone in the room will unconsciously make one simple, understandable, and easy mistake…a mistake that is not acknowledged and given sufficient weight in the discussion.

Here’s why it happens.

We see the market and the credit union’s membership from where we are in the market.  Simply stated:  We forget the old sales adage that to sell Jane Smith what Jane Smith buys, you have to see Jane Smith through Jane Smith’s eyes. Read More »

RECOMMENDED READING: The Back of the Napkin

August 26th, 2010 by Michael Hudson

Credit Union leaders spend spend much of their time thinking about ways to grow their credit unions and solve the problems they are experiencing.

Their conversations often take place on the run, at a conference table between meetings, or sometimes over lunch (when they have time to grab a bite to eat).

It’s not uncommon at some point in these conversations for someone to grab a pen and a napkin, business card, or tablet to sketch out their thoughts and explore solutions.

That’s the core premise behind Dan Roam’s book The Back of the Napkin. Read More »

Emerging Social Media Trend: Mistake or Opportunity for Building Relationships?

August 24th, 2010 by Michael Hudson

There’s something new happening in the world of social media.  It’s an interesting idea and one that seems to be catching on, at least in some circles.

But the key question is whether it is a new direction that will take hold, or a passing fad that will disappear before it really gets any traction.

Here’s what is happening.

New websites are popping up that are essentially mini-Facebook sites targeted to groups with common areas of interest.  In some cases these are entirely new sites created by thought leaders who are seeking to provide a place where like-minded individuals can connect with others who share their interests.  In other cases they are existing websites with a membership base adding a new feature to their services, i.e., a social networking function. Read More »

GUEST POST: Insights on Managing Social Media

August 20th, 2010 by Michael Hudson

It is our pleasure to share a guest post with you today from James Robert Lay, a leading voice in the credit union industry on the power of social media, innovation, communication, and collaboration.  Enjoy!

As more and more credit unions enter the social media conversation, it can sometimes be overwhelming with all the different accounts one has to manage.  In addition, to follow up Michael’s previous thoughts, it is also important to post and create content after hours when people are checking their social networks.

While some are connected all day to Facebook and Twitter, others do their primary social networking after general business hours.  But what happens to your credit union in the conversation?  Are your social media channels playing the quiet game after hours?

There are some amazing web tools available to manage multiple social networks and even schedule posts to go out at a certain time.  Before we take a look at a few, please remember that social media is about being social and providing relevant information to your followers.  Social media is NOT about broadcasting or reusing marketing messages about the latest promotion, rate or holiday closing.  If this is all your posting, there is a good chance that no one is listening.

As an alternative, I recommend three simple steps: listen, learn and engage.  Listen to what is being discussed by your followers, learn from their conversations and then engage them in a real and personal way.  Keep in mind that all your tweets or posts do not have to be financially related or even about your credit union.  Make them real and relevant to your members and community.

But I digress… let’s get back to practical ways to manage social networks (primarily Twitter and Facebook) during the day and even after business hours.

One amazing online tool I recommend for managing both Twitter and Facebook is Hootsuite.  Hootsuite runs in your browser and let’s you manage multiple accounts including Twitter, Facebook, LinkedIn and more all from one location.  No more going to Facebook to make a post or Twitter to make an update as Hootsuite allows you to do it all from one location.

In addition, Hootsuite also allows you to schedule posts whenever you like.  This is very helpful when following a social media plan and strategy where you have planned content to go out that is helpful and educational.  Furthermore, Hootsuite allows you to schedule posts to go out after hours or on the weekends to keep the conversation going with your followers.

Another useful tool for after hours social media management are mobile applications that run smart phones.  There are many different apps available for iPhones, Androids and Blackberries allowing you to connect and manage your social networks where ever you are.  So if it is the weekend and someone tweets out to your credit union, instead of waiting until Monday to respond, using a mobile app will allow you to respond much quicker as needed.

In summary, there are many different ways to connect and manage multiple social media accounts in addition to scheduling posts and tweets to go out after hours.   There is also an option of syncing your social networks with your cell phone for easy mobile management.  Take some time to play around and try new things to find what works best for you.  But remember… listen, learn and engage.

About James Robert Lay

James Robert Lay is the Grower of Relationships at PTP NEW MEDIA and the Chief Tailor of Conversation at CU*SWAG. He is a web, viral and social marketing consultant as well as credit union advocate dedicated to helping credit unions connect and build relationships with their members and community. In addition, he is also one of the founders of www.cugrow.com, a credit union industry blog with a focus on innovation, communication and collaboration.

RECOMMENDED READING: Rules of Thumb for Improving Leadership

August 19th, 2010 by Michael Hudson

Leadership is not easy.  Everything changes from day to day, the environment is never certain, and the time to celebrate successes is often eclipsed by the next crisis.

For credit union leaders the recent past has been a challenge to say the least.  And at times like this its helpful to have a few simple guidelines that can help you navigate the waters.

In Rules of Thumb, author Alan M. Webber provides 52 such rules that credit union leaders can learn from.  Though Webber writes from the perspective of small business and entrepreneurship, his insights can easily be adapted to the very small-business like world of credit unions. Read More »

The Big Mistake Credit Unions Make in Social Media

August 17th, 2010 by Michael Hudson

Social media is here to stay and it needs to be part of every credit union’s marketing mix.

Though not all of your members are there (at least not yet), a significant portion of them are using these new tools as a way to connect with people and get information.

But there is a HUGE MISTAKE that virtually every credit union using social media is making, and it needs immediate attention if their efforts are going to succeed in having any meaningful impact.

Here’s how I discovered this problem. Read More »

RECOMMENDED READING: Creative Ideas Come from The Magic of Thinking Big

August 12th, 2010 by Michael Hudson

One of the most critical challenges credit unions face today is coming up with new and innovative ideas that will position them for long term success. The first step is expanding the way people think and helping them look beyond the comfortable to consider the possible.

An easy and effective way to start the process is to have the team read a book that focuses on the power of thinking big and then have them discuss their reactions and insights. That will open the mind to creativity and set the stage for better idea creation.

From my perspective, there is only one book that fits this purpose. Read More »