Study Indicates Community Charters Don’t Solve CU Growth Challenges
I read this article written by By Eileen Courter with interest. Mark Weber from Weber Marketing provides most of the content and he offers some terrific, straight-forward advice that credit union marketers should pay attention to. Mark Weber says:
"If good service were the secret, credit unions would be thriving in membership growth today. Unfortunately, good service is not the bar by which people switch financial institutions. We've had seven years of the worst growth in history in credit union membership. You absolutely have to be working much, much harder than simply saying 'We have great member service' when everyone else is saying it."
Weber notes that even though some 20% of credit unions now have a community charter, the vast majority are not growing.
"There are two big surprises when a credit union gains a community charter," Weber says. "First, absolutely nobody is beating a path to your door. No. 2, you have to completely transform your business, operational, and sales models."
+ Take a read—more food for thought.
It all points back to the real need for your credit union to be different and desirable.
Tim