Welcome to 2014!
As the waning days of the year trickled to an end, the world was gifted with a brand new, totally secret album from world ambassador of peace and my personal hero, Beyoncé. It completely disrupted the current album release model by dropping entirely in secret, with no one knowing it was being released, and exclusively on iTunes. Here are 3 things your credit union can learn from Beyoncé. Yes, Beyoncé.
- People will buy a quality product if you give them a quality product.
Oftentimes credit unions will present a product or service and then wonder why no one is buying it. In a world where people are counting pennies and trading in their McMansions for tiny apartments, perceived value is a very real concern. Beyoncés album contained 14 tracks and 17 music videos, which for many people was an incredible cost-value proposition. When you're offering up a new account or promo to your members, ask yourself: is it actually a good deal?
- A little pomp and circumstance goes a long way.
The album was dropped in the middle of the night, with no publicity. However, the lack of promotion turned out to be the thing that garnered the most publicity. Now, there are very few financial institutions who can drop a promo in the middle of the night and still come out on top, but there are still ways to make your offerings a big event. Be excited about your product! Make your credit union's offering seem like the most amazing thing in the world. Give people something to be excited about and they will rise to the occasion.
- Sometimes you have to hold off on releasing your product until it is completely ready.
There was an almost 3 year gap between this album and Beyoncé's previous effort. Though fans clamored for the album to be released for years, and it was apparently almost released multiple times, the album was completely reworked after Beyoncé was dissatisfied with where it was. When your product isn't ready for primetime, it's OK to hold off on releasing it until it's where you want it to be.
Now that I have successfully figured out a way to connect credit unions and Beyoncé, what do you think? Can credit unions stand to inject some excitement into their lives, or do you think there's something to be said about understated elegance? Let us know below!