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RECOMMENDED READING: The Thank You Economy

Wednesday, June 15th, 2011


Few people have leveraged the power of social media tools like Twitter, Facebook, and YouTube in the way that Gary Vaynerchuk has done.

If you’re not familiar with that name, let me strongly encourage you to invest a few minutes of your time to learn how he used an online TV show called WineLibraryTV to build a brand and grow a business online.  He documents his experiences and shares a lot of insight in his book Crush It!, which was recommended by this blog a few months ago.

But Vaynerchuk’s second book is the one you really need to read.

It’s called The Thank You Economy, and here’s why every credit union leader should devour it:

It is probably the best book available regarding how the emergence of social media tools have forever changed the way customers want to interact with businesses.  The many examples Vaynerchuk shares will stimulate your thinking and reveal ways that you can strengthen member relationships by leveraging these new tools.

ACTION ADVICE: Pick up a copy today, read it, share it with your marketing team, your business development team, your senior management team, your branch managers, and your Board members–it is that important.  Everyone needs to understand what this new economy means and how it will impact everything you do in the future.  Reading this book will help your team come up with new ideas and approaches that will build stronger relationships with your current members and attract new members who will help you grow.  It will be time well invested!

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Posted in Building Relationships, Business Development, Connecting with Generation Y, Connecting with Traditional Members, Creative Ideas, Credit Union Strategy, Growing Your Credit Union, Improving Communication, Improving Member Service, Leveraging Technology, Recommended Reading, Strategic Planning, Strategic Thinking | No Comments »

Recommended Reading: Linchpin by Seth Godin

Friday, May 6th, 2011

The recent release of Seth Godin’s bestseller Linchpin in paperback was accompanied by an opportunity that every credit union leader should pursue.

Here’s the deal.

In a blog post last week announcing the release of the paperback edition, Godin offered free access to an awesome video created from an audio of a speech he gave last year to anyone who buys the paperback edition of the book.

It’s one of the best investments you’ll make this year.  You get a great book and access to an amazing  4-part video that will stimulate your thinking, while also showing you the power of motion graphics to tell a story (even if they do at times “run amok” as is stated on the video viewing page).

Trust me.  This is a book you want to read and a video you need to watch if you are serious about creating long term success for your credit union.

P.S.  The video would be a great way to kick-off or prepare for your next Strategic Planning Session…it is filled with thought-provoking ideas that will open the mind and lead to some real outside-of-the-box thinking.

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Posted in Effective Marketing Strategies, Growing Your Credit Union, Improving Communication, Increasing Efficiency, Leadership Development, Leveraging Technology, Recommended Reading, Strategic Planning, Strategic Thinking | 2 Comments »

Grow Your Credit Union by Improving Your Current SEG Development Program

Thursday, January 13th, 2011

Credit union leaders looking for ways to grow their credit union should take a serious look at their current SEG Development Program, ask some difficult questions, and define an action plan for revitalizing their efforts.  Note that the word current is used to suggest a focus on developing existing SEGs, not attracting new ones.

Here are three reasons why this is important: (more…)

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Posted in Building Relationships, Connecting with Generation Y, Connecting with Traditional Members, Credit Union Strategy, Growing Your Credit Union, Improving Member Service, Strategic Thinking | 6 Comments »

Welcome to 2011: Are You Ready for the Challenges that Lie Ahead?

Monday, January 3rd, 2011

The New Year has arrived.  Everyone is back (or soon will be) from their vacations, things are getting back to normal, and the old familiar routines will soon return.

But before that happens, let me challenge credit union leaders to stop and think about whether that is what they want.

It’s a difficult question and the inherent uncertainties of the future don’t make it any easier.  But chances are there is one thing your credit union cannot withstand in 2011–a return to the status quo thoughts and actions of the previous year.

Don’t get me wrong.  There are plenty of credit unions that did a lot of good things in 2010, and plenty more that set the stage for success in 2011.

But there are new challenges on the horizon.  The credit unions that will survive and thrive in the year(s) ahead will be those that take the time to think about how they will respond.  Note the key word there–respond.  Those who sit back and wait, then react will find their path more difficult to navigate and their choices more limited.

In contrast, those credit union leaders who commit to thinking strategically and being proactive every day will put their credit unions in a better position to succeed.  These leaders will choose to join the conversation and lead the industry in new directions–recognizing that (as Einstein said) we cannot solve the problems we face today by using the same thinking that we used to create them.

ACTION ADVICE: Before the New Year gets a chance to gather momentum and take your mind back to the day-to-day issues, block out some time with your team to discuss the opportunities that are available for your credit union and how you want to pursue them in 2011.  Decide what role you will play in the unfolding and somewhat controversial conversations about the future of the industry.  Make the commitment to lead your credit union in the direction that best serves your members today and in the future, then work every day to create the vision that you have defined.

Posted in Credit Union Strategy, Growing Your Credit Union, Leadership Development, Strategic Thinking | No Comments »

Improving Member Service: Who is Going to Respond?

Monday, December 6th, 2010

Across the past couple of weeks I’ve had four occasions arise where a web form has popped up as the way for me to contact a business to secure information.  Though none of these contacts were with credit unions, there is a valuable lesson for credit union leaders in the experience.

It’s been over 7 days since the last inquiry and 15 days since the first.  During that time only one response has been received.  That’s right.  Only one of the four businesses contacted using the format for contact that they defined has bothered to respond.

In a world where business is done at the speed of now this lack of responsiveness is UNACCEPTABLE, and there are no reasons, excuses, or explanations that would make it OK.

Here’s what this means for your credit union:

1. Make sure someone is responsible for responding to inquiries that come in via tools you provide to your customers (and to those inquiries that creative customers find ways to get to you);

2. Review everything on your website and make sure that all forms, links, and e-mail addresses are not only working, but that they are going to the person who can and will respond; and

3. Communicate the importance of prompt responses to inquiries, even if the response is that you are looking into it and will get back to the person.

The bottom line is this:  Your credit union has an online presence and the online world demands instant responses.  Make sure your systems are in place and working the way they are supposed to and you will create more loyal member relationships.

ACTION ADVICE: Review all of your online points of contact today and make sure they are working as you envisioned them:  Are the links all going where they are supposed to go from the member’s side of the site?  Do the messages get sent to the right person internally–the one who can actually provide a response?  What is the average length of time between inquiry and response, and how can it be shortened?  What’s missing from your current response options that would improve member access to the information they need?

It’s Your Turn…What’s your experience with using web forms to solicit a response from a business?  Share your best (or worst) example…we can all learn from what others are experiencing.

Posted in Credit Union Strategy | No Comments »

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