By Jessica Duncan
If there’s a credit union that doesn’t view growth as one of its primary objectives, then our marketing experts here at Advisors Plus® have yet to encounter it. But despite the best intentions of most credit unions, growth can be one of those vague, “mom and apple pie” goals that proves easy to say and hard to pin down. Exactly what are they trying to grow, and in what priority order: membership; deposits; loyalty; profitability?
When credit unions can’t formulate ready answers to those questions, their well-meaning growth plans can easily remain “pie in the sky.” And because marketing budgets often aren’t large enough to risk betting on an ineffective campaign, “analysis paralysis” can set in while a credit union waits for the perfect growth initiative to present itself.
Checking: The Little Growth Engine that Could
So it may surprise credit unions to know that not only does the perfect growth engine exist but, ironically, you’ve been taking it for granted all along—the humble, basic checking account.
Although checking as a growth engine may seem surprising or even counterintuitive, no other credit union marketing program can approach the game-changing way in which committing to a checking strategy can pave the way for across-the-board credit union growth.