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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!

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…)

RECOMMENDED READING: Real-Time Marketing & PR

Thursday, December 9th, 2010

Click image to order from Amazon.com

Real-Time Marketing & PR is a book about doing business at the speed of now–something today’s credit unions know very well.   The book powerfully demonstrates how technology has revolutionized interaction with customers, suppliers, the media and other interested parties.

At its core this is a book about social media tools and their impacts on customer and media interactions. Author David Meerman Scott makes a strong case for the need to utilize these tools, no matter what your business. He vividly reveals the pitfalls of not responding immediately in a world where customers expect and demand instant communication.

Credit union leaders and credit union marketing professionals will gain a new understanding of the power of online applications like Twitter and Facebook. The author’s convincing arguments will make it clear that you need to pay attention to this emerging world of social media. His tips and insights for monitoring and measuring your efforts will be valuable to those wondering about the value of engaging in the conversation.

David Meerman Scott opened people’s eyes to the new realities of marketing and public relations in his book The New Rules of Marketing and PR. The book spent six months atop the BusinessWeek bestseller list and has been published in more than 20 languages. He is the author of a popular blog and has delivered hundreds of speaking engagements around the world. These experiences give him a unique perspective on the ways that businesses are reaching buyers in real-time.

ACTION ADVICE: Read this book and learn its lessons, then take action to improve your credit union’s performance in delivering real-time responses.  Start by reviewing what you are doing now and looking for gaps, then move to more proactive efforts to enhance what you are doing well to make it even better.  Identify the small steps and start taking them today to leverage these new tools in growing your credit union.

Growing Your Credit Union: It’s Time to Get to Really Know Jane Smith

Tuesday, October 12th, 2010

There’s an old adage in sales that says “To sell Jane Smith what Jane Smith buys, you have to see Jane Smith through Jane Smith’s eyes.”

Truer words have never been sp0ken (and they are equally relevant for John Smith).

For today’s credit unions, this statement is something that should be top of mind in every thing that you do.  Serving multiple generations with increasingly diverse perspectives is a challenge, and it is one that must be overcome if you are to achieve long term success.

It starts with asking the question:  How well do we understand the real needs of our members across each generation that we serve?

Next, depending upon your answers to the previous question, take action to learn more about what your member want and need.  Find out where they are getting the things they need that you don’t offer.  Learn what it would take for them to switch to your credit union for those services, and why they haven’t already done so.

Finally, as you move forward and look to grow your credit union by attracting new members, figure out how you can leverage the relationships you have with current members who have similar demographic characteristics.  Strive to learn what Jane Smith sees and figure out how to deliver the products and services she wants to buy from her credit union.

ACTION ADVICE: Use your member customer information files to identify members who represent the key demographics you credit union serves, then invest some time talking with members from each segment to learn more about their needs.  You can use formal focus groups, or informal lunch-n-learn type sessions.  Remember to ask the questions and listen to the responses, not to defend, justify, or explain.  The way to learn what Jane Smith buys is to ask her and then listen carefully to what she says.

What do you think? What has your credit union done to learn more about the needs and wants of your members?  Do you have any suggestions for other credit unions regarding how to better understand and serve the different generations within your membership?  Please post a comment and share your insights.

GUEST POST: Insights on Managing Social Media

Friday, August 20th, 2010

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.