The whole staff ducked out early today and we went to the Social Network. Call it market research with popcorn!
This isn't a movie review—although I will tell you that I loved the movie. Regardless of how you feel about the founder Mark Zuckerberg, the youngest billionaire in history, you have to hand it to him for creating the fastest growing website and company in history.
Here's my take away. Facebook has gone from one member to 500 million members in just over six years. It's taken credit unions 160 years to grow to 184,000,000 members (according to WOCCU).
Why haven't credit unions taken off as quickly? Here are four quick reasons that come to mind:
- Facebook is way easier to join than a credit union.
- Facebook has a much more compelling and easier-to-understand reason for being. "Facebook helps you connect and share with the people in your life."
- Facebook fills a need that you can't get anywhere else. There is very little that credit unions do that you can't get anywhere else.
- Word didn't travel quit as fast in the past as is it does today.
I know I have oversimplified things. What do you think?
Tim
P.S. OMG! How can drinks and popcorn for six people cost $85?