Business Development
Strategic Planning is Like Running a Half-Marathon
Strategic planning for a lot of companies is an annual exercise in thinking big, dreaming of possibilities. Unfortunately, for a lot of these organizations, strategic planning stops there and this annual ritual that when the ritual is done, everyone returns back to business as usual. Let’s stop for a minute to really understand what strategic…
Read MoreBranching Strategy, It Starts with the Member
Historically branches are seen as transaction channels. Today, this view of branches has evolved and continues to evolve. Members and potential members like the convenience of brick and mortar, they like the demonstration of fiscal strength and security but the truth is, they rely less on branches for their daily, weekly and monthly transaction business…
Read MoreData-Driven Marketing Primer
For marketers today, it was essential to bring to light how the Marketing team will provide offers to members as it’s a significant change to our traditional methodology. The new approach is designed to provide improved, more consistent and more relevant product offers using the wealth of data from our core and your ancillary systems…
Read MoreStrategic Planning is the Easy Part
Working with organizations across the country, I see a familiar miss-step in their strategic planning process. The process I’ve observed is as follows: Once a year a strategic planning event is scheduled with the Board and a few key executives The event starts with a “state of the industry today” presentation, typically by a consultant.…
Read MorePay for Performance and Reputation Risk
An increasing trend in the financial services sector is “pay for performance.” This practice shows up in several formats: Commission – rep is paid a percentage of balances acquired Incentive – rep is paid per closed referral Bonus – rep is paid based on goal performance over a set period (per month, quarter, bi-annually, annually)…
Read More7 Steps to Transforming your Credit Union to a Digital Economy
It’s not a matter of if or even when, it is happening now. PNC, Wells Fargo, Key Bank, BofA, and Chase are experimenting with digital transformation now. What does your credit union/bank need to do to stay relevant in a digital economy? 1. Create a digital strategy – This isn’t about SEO, SEM, websites, email,…
Read More3X3 Essentials for Business Development
Business Development success is essential regardless of your credit union’s field of membership. BD success requires a focus on three critical measures: growing members, assets, and balances; the first 3 of the 3X3. Generating sustainable growth of members and assets is the key to a credit union’s survival. Even if one of your credit union’s…
Read MoreThe Rainmaker in Business Development
“We have 537 Select Employer Groups.” Pick a number, but how often have we heard this kind of boast? It can be the boast by a multi-common bond or a community field of membership credit union. Is this model of adding hundreds of small businesses into our membership prospects creating anything other than incremental growth…
Read More6 Steps to Transforming Your Credit Union for the Digital Economy
The digital economy is a new world order where consumer behaviors and buying decisions are being directed by their digital profiles and personas. The digital economy will direct them to products and services, special offers, activities, and events based upon recommended by these profiles and personas. It’s not a matter of if or even when,…
Read More