Talk about an opportunity waiting to happen. John Ulzheimer, a columnist for CNBC.com recently laid out his list of 10 items that 2009 will bring for consumer credit.
Guess what was #2 on his list?
You got it! Credit Unions!
It’s an endorsement, folks. And if we don’t run with it - along with all of the other good press we (credit unions) have been getting - we’ll get what we deserve. Nothing.
with this type of visibility, consumers are going to respond. They’re hurting. They’re looking for some help, preferably from someone who will treat them well in the process.
If there has ever been a time to get out and “meet and greet”, it is now. With a genuine helping hand extended, a helpful smile and an encouraging word - and of course you have to have the products and services that will provide solutions - consumers will indeed be blessed to have found you.
Help them out. Help them to find you more easily. Don’t do what 40% of CUs are planning to do - cutting their ‘09 marketing budgets - this according to CUNA News Now article dated 12-30-08. The business will not just come walking in the door; you have to help it along.
This could be a window to a brighter future for consumers and credit unions.
1 comment so far
1 Del Tonguette // Feb 1, 2009 at 11:57 am
Whether we are experiencing a full scale recession or merely an economic downturn, the current dismal economic outlook is prompting significant consumer pessimism and business slowdowns.
Consumers are seeking answers to their concerns, and banks are seeking ways to dramatically cut costs to avoid further losses. If the past is any indication, consumers will likely seek their answers on the morning talk shows, and banks will likely reduce costs by slashing the marketing budget.
Both the consumer and the banking community are missing the boat here. Consumers shouldn’t have to rely upon talking heads on TV for advice on their finances, and banks shouldn’t be reducing the amount spent on marketing, but rather spending that money in different ways.
You ask: “In what ways?” Banks should be allocating a significant portion of their marketing budget to providing consumers with the information they are looking for. This is the decade’s great marketing opportunity in banking… because so few in our industry are doing it and yet the demand for information is overwhelming.
Leave a Comment