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08/06/2008

Guest post: If Currency Marketing was built the Credit Union way.

By the CU Skeptic

To contrast the difference between what Tim has done with Currency Marketing and what many credit unions are doing now and have done in the past, let's pretend that Tim followed a typical credit union's strategies in building his company.

In the beginning, Tim magically has just about the biggest field of membership (FOM) in the world. Let's see if we can do this in credit union wording: "Any company that is headquartered in, does business in or would like to do business in the English speaking world." It probably took years of lobbying and political positioning to secure such a broad FOM, but Tim knows people I'm sure.

Naturally, he would start by creating some products to please everyone in that FOM. Basic branding, print campaigns, websites—you know, the basics. All of good quality built to appeal to the masses. Meeting edge needs can come later, when there is more clients, staff and capital.

Next, Tim would probably look to economies of scale to enhance his offerings. He'd push hard to get any company he could to become a client and would bring on any that would sign up. He would offer his products at a cheaper price and complete his projects faster than the competition. And, he'd do it all with a smile.

Tim now has a hugely diverse client base and his resources are probably getting stretched. He can't afford to push the envelope in fear of alienating his largely diverse client base, so his team continues to produce good but middle-of-the-road products. They don't fit anyone's needs perfectly, but they fit many client's needs decently. What they don't have in unique products, his agency will make up for with the best darn service anywhere.

Years pass and Tim gets an offer to be bought out by a larger marketing company. He takes it, re-energized in the thought that a bigger client base will provide more opportunities both for his current clients and other potential clients in the English speaking world. Years pass and the company Tim merged with is in the same position Tim was in just a few years ago. Another merger presents itself. Tim is onboard but somehow feels he is only in store for more of the same.

The cycle continues.

About our guest author: The CU Skeptic is a sub-30-year-old male that has spent the last few years working in and around the banking and credit union industry. He has heard the tales of credit union greats and seen what some would call the bottom of the barrel. He's seen the efforts of small town banks and has all of his personal accounts with one of the big banks.

His take on banks and credit unions? At their current state, credit unions as a whole are no different than banks to the end user. Each have their share of sellouts and standouts, but in his eyes, that’s the bottom line. You can read his blog here. You can also listen to a podcast interview with the CU Skeptic here.

Editor's note: The CU Skeptic wrote a lovely blog post, How Currency Marketing duped the CU world (and what you need to learn from it) after reading my post, Banks? No thanks.

Rather than stew over how he has questioned my motivations or how he has permanently tainted our Google search results, I figured why not have fun with the situation and invite him to be a guest blogger. When in Rome...

Comments

1) Jeffry Pilcher @ Aug 06, 2008
http://www.thefinancialbrand.com

Tim would have to offer a full range of products and services too – graphic design, WoM buzz marketing, website development, SEO/search engine marketing, TV production, jingles, branding, newsletters, exterior signage, vinyl banners, naming, door hangers, logos, printing, sales training, bus advertising and skywriting.

He would, of course, need 153 different brochures in his lobby so people could find out about all his offerings. But they can read up while they relax in the Currency Cafe. You know, because people just like hanging out in someone's office. It's way cooler than Starbucks.

Tim, can I get a Currency credit card if I become a client?

2) Mike Bartoo @ Aug 07, 2008

Tim would also need to make sure that he spends a LOT of time making sure that he has the coolest pens and coffee mugs that anyone has ever seen. While he's busy doing all of these things, he would know absolutely that he's doing well because he's added new clients/customers every single month. When you ask him how many he lost last month, or who is best client is - he might tend to look like a deer in the headlights.

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Guest post: If Currency Marketing was built the Credit Union way.

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