Special Report: Growth Strategies
Credit Union Journal | Monday, January 25, 2010
In keeping with CU Journal's commitment to helping credit unions grow, this special report launches the new Growth Strategies department on our website, and it's jam-packed with ideas and tactics you can implement to boost growth at your credit union.
Analysts, CUs Discuss Where & How to Grow in 2010
SCOTTSDALE, Ariz.-This year credit unions should take their foot off the brakes, open up the marketing purse strings, and heavily promote lending. That's the consensus of a number of analysts who spoke with Credit Union Journal as part of this special issue focused on growth strategies.
Grow: By Being 'Compelling'
DES MOINES, Iowa-Credit unions need to not only make sure they are offering credit and debit card rewards, those efforts need to be compelling, according to The Members Group.
Grow: By Expanding Loans
SAN ANTONIO-Driving growth in 2010 means focusing on lending and ways to creatively expand the loan portfolio.
Grow: By Getting Creative with Internet Strategies
WILMINGTON, N.C.-This is the year to get creative with Internet marketing strategies and look for ways to tie the CU more closely to the everyday lives of members.
Grow: By Avoiding Asset/Liability Missteps
DALLAS-One of the best ways to drive long-term growth is to avoid ALM missteps in 2010. Bad choices could easily be made this year, stressed Tom Manley, partner at ALM First, who sees shrinking margins tempting CUs to invest long term.
Grow: By Returning to Old-Fashioned SEGs
MADISON, Wis.-Bob Larson, financial support consultant at CUNA Mutual Group, believes it's time for old-fashioned SEG marketing to make a comeback.
Grow: By Going After a Bank Vulnerability
BIRMINGHAM, Ala.-With banks still on their heels in 2010, Dennis Dollar says it's time to hit them where it really hurts-in their checking accounts.
Grow: By Moving to a 24/7 Environment
ELGIN, Ill.-Looking to grow in 2010 but unwilling or unable to invest in new branches? The most cost-effective solution, said one person, is to operate 24/7.
Grow: By Using Marketing to Monetize Love Members Feel for Their Credit Unions
MADISON, Wis.-Mark Meyer believes there is a big question facing credit unions when it comes to growth this year.
Grow: By Leveraging Market Share Windfalls of 2009
PLEASANTON, Calif.-According to Harland Financial Solutions, growth this year is all about expanding on the market share windfalls of 2009.
Grow: By Ensuring Marketing ROI
PLANO, Texas-Driving growth in 2010 is all about measuring marketing's return and making the most out of what the credit union spends on promotion.
Grow: By Being a Real 'Partner'
LOMBARD, Ill.-The most important step CUs can take is to position themselves as a true financial partner within their communities.
Grow: Via Existing Members
SCOTTSDALE, Ariz.-The majority of CU growth this year will come from existing members, predicts McGuire Performance Solutions (MPS), which recommends "old-school" financial management to capitalize.
