Transform from a transactional primary financial institution to a bonafide primary financial resource.

Originally published in Credit Union Management magazine’s Web-only “Inside Marketing” column runs the third Thursday of the month.

There’s a giant ocean wave that breaks on the north side of Maui each fall and winter called Pe’ahi (PAY-ah-HEE). It’s a wave so big that it would crush most credit union headquarters, leaving little left in its wake. It has been nicknamed “Jaws” by the locals because of its immense power and ferocity.

But we’re not here to discuss how Mother Nature can destroy man-made structures with one swipe of her hand; we’re here to discuss how this massive wall of saltwater can transform your credit union – metaphorically, of course. You see, everything has a “give and take”: relationships, exercise, business, food, weather, and, yes, waves.

Amazingly, surfers ride these 60-foot behemoths, skirting death each time they even try to catch one – let alone surf one. 

What the wave, Pe’ahi in this case, “gives” is that life-changing experience for the surfer: a) hopefully surviving, b) hopefully riding one (successfully), and c) ultimately getting to tell all his/her buddies about it boosting their big wave riding cred. These are “takes” for the surfer. Conversely, the surfers’ “gives” to the wave are respect, reputation, and a boatload of gratitude. Lastly, we pray that Pe’ahi doesn’t experience any “takes” – if you know what I mean.

Ok, let’s get out of the water and into your credit union.

Credit unions already give a lot to members: Low rates, free checking, nationwide ATM access through shared branching, mobile and online access to accounts and friendly staff. But what about financial guidance? Are you a resource for them? Are you their go-to money expert? 

Most members won’t need more than transactions. But do you want to stick to that superficial relationship? In this day of social media, is that all you want to be? 

Social media can be great for sharing interest rate specials, quick product promos or your CU’s funny TV commercial. I’m a big fan of social media and its real-time communication capabilities. But can you use the unique two-way conversation opportunities that social media sites provide to give members more empowering information? For every promotional post you make, try making two educational posts. Try how-to articles on such topics as retirement savings, investing, budget tips, etc.

But don’t just save the how-tos for social media. Think of ways to incorporate your financial resources into all touchpoints. What is your new member account opening process? You get them set up with a checking and savings account, right? Provide a list of ATM and branch locations, certainly. Ask about refinancing loans (I hope!). When you’re handing them that pile of brochures, why not also include an article about building wealth?

When a member applies for an auto loan (take), you could give articles about car shopping and a list of reputable mechanics.

When a member applies for a mortgage loan (take), you could give articles about the home buying process, what appraisals are all about, information about local schools and neighborhoods, plus lists of realtors and movers. 

Here’s the real take: Consumers out there in any asset category want financial assistance. And there are lots of ways you can give it.

$64 million/12,500-member Natco Credit Union, Richmond, Ind., recently opened a Community Empowerment Center, using funds it received via a Community Development Financial Institution grant. This CEC is a financial resource center to help consumers who have been hit hard by the economic downturn that devastated the area’s businesses. Natco CU has proactively constructed this center to give back to its community. In return, the CU hopes to gain a few more members who can use its other services to help regain their financial footing. Can you say “reciprocity”?

Here’s another example. At $218 million/35,000-member Pelican State Federal Credit Union in Baton Rouge, La., every employee is certified as a financial counselor. The CU’s CEO Jeff Conway, a CUES member, explains in this YouTube video why the made this step. The CU’s membership was struggling in the bad economy and they needed help. “Empower everyone” is the CU’s slogan, he says. “Being able to assist the member, that’s what it is all about … We want to be the credit union that is there to assist them.” Now, each employee is qualified to provide that assistance to members at every touch point. The credit union is truly a financial resource to its members.

Your competitors are all great at transactions. But when you can be a financial resource, you can set yourself apart and be the trusted advisor that keeps members coming back. 

And, again, like Pe’ahi, there is a boatload of gratitude. This give and take creates a need to go back. When surfers survive and thrive there, they have this digging desire to go back again and again for that addictive, life-changing experience. The reputation subsequently grows.

Don’t you want that for your credit union?


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The first question you’re probably asking yourself is: “Why would I want my credit union to become a media company? We’re not Forbes; we’re a financial services institution.”

Wait a minute. Why can’t you be Forbes? You are a financial services provider – not just a transaction provider. You are not simply an ATM; yo_u help people. Your not just a website or mobile app; you give people second chances to improve their lives. You are a financial resource, an educator, a community developer, an answer to your members’ monetary issues. These “missions” position you as a trusted leader in the marketplace.

There are millions of people out there who need financial help. They need help with financial planning, debt relief, investing, buying a house, retirement, etc. And many don’t know where to get it. As credit unions, providing this type of helpful information on a consistent basis vaults you to that trusted leadership position to be their hero. That’s slightly huge.

I’ve been kicking around this media company topic for a while now. It really hit home for me after listening to a Social Media Examiner podcast with “Your Brand: The Next Media Company” author Michael Brito, who’s been focused this subject for most of his professional career. With content being king in today’s marketing court, being a – or like a – media company can be an effective “attention getter.”

Brito identifies five media company characteristics:

1. Storytelling (know your message)
2. Content (generate it)
3. Relevance (provide relevant content according to your business)
4. Ubiquitous (be everywhere!)
5. Agile (be able to produce and post often)

Let’s get to the brass tacks here: If you know your core message, as all media companies do, you must convey this message consistently in numerous channels – not just social, not just ads, not just the news. Being the best kept secret in town is lame. It’s hiding. You want to be the best kept, best known financial institution for consumers’ first choice.

To achieve this goal, you must tell your story time and time again. Media companies, or even businesses that act like media companies, generate consistent, helpful content to their targeted audiences. They also transcend their core services.

Brito pointed out how Red Bull has become a media company. Yes, the company provides energy drinks to the masses. But that’s not its message. Its message is epic events, empowerment, and a “do anything” attitude.

Red Bull was the major supporter of the Red Bull Stratos skydiver who broke the world record last year practically jumping from the moon. Red Bull was synonymous with that “epic event.” I expected Red Bull to support that event because that’s what the company is all about. It also builds snow-covered half pipes for professional snow boarder Shaun White to help push him to new heights, so to speak – which enhances their brand each time he wins. Sounds like reciprocity.

That’s Red Bull’s core message and it spreads like wildfire in multiple channels. How can we tie in this model with credit unions?

“We’re not building half pipes for anybody or helping people jump out of a capsule from space.”

You’re probably right – but it would cool if your credit union did.

How about doing what Natco Credit Union did this summer, using a CDFI grant and building a Community Empowerment Center to help its area residents get back on their feet after experiencing the fallout of a crappy economy. Natco put the word out in the news, videos, member newsletters, social media channels, website (on the homepage!), etc. Natco not only built a highly valued center, they generated tons of content to support that effort. Now the credit union is an even more prominent leader in its community helping residents – and may get many of them to become members of their credit union.

Brito provided another example of a company that sparks its audience with in-house generated content: IBM. With thousands of employees, surely some of them can be qualified to provide objective, helpful stories for consumers – event if they don’t purchase IBM products. IBM leverages its choice employees to tell stories about cool things IBM is doing inside and outside of the company walls. It’s a kind of “behind-the-scenes” or inside look at IBM, which is called “brand journalism”. This consistent content generation from employees, again, builds trust for possible business down the road from peers.

A credit union that comes to mind, which does the same thing (but didn’t copy IBM), is Verity Credit Union. Verity is extremely progressive and aggressive in its content generation. It has more than a dozen employees generating helpful, insightful content for its members, anything from mortgage lending, HR issues, investments, financial technology, business services, and more. It even has a program called “VerityMom,” hiring a Seattle-based mom to provide relatable mom-type info and advice through daily blog posts, Twitter, Facebook, YouTube, etc. to other area moms. This program even generated more content for Verity through the Seattle media. Verity is essentially a media company.

Ok, you’re probably thinking that this is a lot and not every credit union is a Verity having a dozen or more employees able to contribute. In fact, the number one issue holding many credit unions back from generating consistent content is lack of resources. Many credit union employees wear multiple hats – even CEOs these days.

Here are a couple of probable resources Brito provides:

Contently and Ebyline have a network of journalists, bloggers, and influencers who will write content for you. All you need to do is write the creative brief and then hire writers to write the content on your behalf. Of course you get to review and approve it prior to posting.

So where do you start? Brito recommends keeping it simple defining your content strategy through the following questions:

• What is it that you want to say?
• How do you want to say it?
• Where do you want to say it?

To be a media company, you don’t have to change your core. You simply provide your core message to the masses on a consistent basis. You also don’t have to like Forbes or IBM or Red Bull or Verity or Natco. But perhaps you can take pieces from their efforts and tweak them to suit your content generating needs. Again, keep it simple – the best things usually are. Provide your audience with a consistent, value-add message that boosts you to a trusted leadership position for more business down the road. No time to be a best kept secret anymore.

Originally published on CUinsight.com at: http://www.cuinsight.com/can-your-credit-union-become-a-media-company.html#sthash.AzldIlBe.dpuf