Currency Marketing Blog | Credit Unions Matter

The importance of getting out of your bottle

Tim McAlpine — Fri, 03 Feb 2012 03:46:00 +0000

Source: Justin Metz

"It's hard to think about your own business from the inside. It's like you are in a wine bottle and all you can see is the back of the label. You need to get out of the bottle from time to time."

– David C. Baker

I have been extremely fortunate to speak at more than 30 credit union conferences over the past three years. When I am in speaker mode, I concentrate on being prepared, getting there on time, making sure that the technology gods are on my side and delivering a coherent talk. If I am lucky, I may get to see a couple of other speakers before grabbing a cab to the airport. I had forgotten about the pure joy and educational value of being a conference attendee.

To listen. To ponder. To absorb. To think. To question. To talk to other people in your shoes. Without worrying about anything else. For those credit union employees reading, you should relish those opportunities to get out of your organization for a few days to learn and reflect.

I had that simple pleasure last week at the Recourses New Business Summit in Nashville, Tennessee. This three-day seminar had nothing to do with credit unions, but everything to do with my business. The curriculum is tailored specifically for principles and sales people at small marketing firms. The two main speakers – David C. Baker and Blair Enns – provided great information on positioning, marketing and selling. And two special guest – Mark O'Brien and Christopher Butler – delivered excellent advice on content strategy and thought leadership.

The New Business Summit wasn't a typical conference where a parade of speakers give you a small taste of a variety of topics, it was more like being in a classroom setting attempting to drink from a firehose. I imagine it would be something like a CUNA Management School or a CUES Institute in the credit union world.

A major difference between this conference and a credit union conference was the lack of projected slides. Three days worth of information without one single bulleted PowerPoint slide. Just confident, expert speakers talking to their audience. It was a joyous contrast to what I am accustomed to!

I'm a long-time David Baker follower and a Recourses client. In fact, other than my father, no other individual has had more impact on my professional life than David. He has long advocated for marketing and design firms to specialize. To pick an industry or a particular service offering and get really good at that one thing. Blair Enns also believes in specialization and he has dedicated his consulting practice to helping firms stand out from the crowd in a new business setting.

This advice runs contrary to the popular thinking in the creative services field. Creative types are addicted to variety and new challenges. The thought of specialization is typically met with disbelief and deep disagreement.

I suppose the same can be said about most service industries. You are well aware that the financial services industry is populated by undifferentiated players who think that they all offer superior service! With more than 8,000 credit unions and 10,000 banks in the US and Canada all offering pretty much the same products and services, it's nearly impossible to stand out.

Now imagine my industry. There are more than 40,000 marketing firms in the US and Canada staffed by creatives who truly believe they are the most creative!

David and Blair's advice is always simple, smart and direct. I've taken their advice to heart over the years. The more finely specialized I've made Currency in what we offer, the more opportunity has come our way and the more effective we've become at what we do. It just takes time and discipline.

If you are in the marketing business – whether it's design, interactive, public relations or advertising – you should attend the Recourses New Business Summit in 2013. It's a great way to get out of your bottle and start the year off right.

If you are in the credit union business, seek out a seminar or conference that delivers this depth of expertise and content. You'll thank me later!

Tim

Happy New Year and one more crack at Christmas!

Tim McAlpine — Tue, 03 Jan 2012 16:51:23 +0000

Happy New Year everyone! May 2012 be the best year yet. As a final parting shot to the holiday season, we put together a blooper reel of our Christmas video. Enjoy!

Tim

Merry Currency Christmas: It's All About Movement!

Tim McAlpine — Wed, 21 Dec 2011 15:00:27 +0000

We put together a fun Christmas video and a special page. Please head over, watch and comment.

Merry Christmas everyone!

Tim

Story Time: From Credit Union Member To Credit Union Director

Tim McAlpine — Fri, 02 Dec 2011 14:49:46 +0000

Photo by purplebeats

I've been in business for 21 years. My last "real job" was actually in high school. Needless to say, I've been very fortunate to work for myself and build a business that I am proud of.

Over the years, I've been very focussed on shaping and reshaping my business. In fact, I can count five subtle changes in direction along the way. Fresh out of art school, I started out as an independent graphic designer creating brand identity packages for small local companies within a 75-mile radius. That was version 1.0. Versions 2.0 through 4.0 were a series of additions and subtractions that led to marketing for credit unions. Version 5.0 is the marketing firm you see now – Currency Marketing is dedicated to helping credit unions attract and retain new young adult members and we serve credit union clients all over North America. It's been an exhilarating and rewarding journey.

Somewhere between version 4.0 and 5.0, I hit my first rough patch. For the first 18 years in business, I had never had to worry about expenses exceeding revenue or meeting payroll, but all of sudden late 2008 hit and the bottom fell out of our new target market: U.S. credit unions focussed on the next generation of members. You see, with uncertainty surrounding the impending NCUA assessments, very few credit unions were in a position to commit to a major initiative like Young & Free. We had tremendous interest but I knew I would have to wait out most of 2009 before the new direction would really take off.

To be proactive, I met with my business services account manager at my local credit union branch. I presented my evolving business plan, my forecasts and signed contracts for current and future programs. The intention of this meeting was to be open and honest about what was coming up and to assure my rep that the next year may not look great, but the long-term future was looking very positive.

I received a letter shortly after this meeting letting me know that my line of credit was being pulled and I had 60 days to pay it off. I was stunned.

At the time, I felt like I had a great full-service relationship with my credit union. I had all of my business there including my personal accounts, my investments and my mortgage as well as my business relationship with a generous line of credit that I was barely using at the time but knew I would need to rely on for the coming year.

I had moved all of my business from a national bank to this credit union seven years earlier and I had always been treated like a valued member. I had become an avid supporter and believer in the credit union philosophy of people helping people. I had focussed my business to only work with credit unions. I thought by being honest and presenting a compelling business case that I would be able to work with my credit union to weather the coming year. I spoke with my account manager on the phone to discuss options but the decision was final. I had plenty of equity in my house that I was willing to use as collateral, but nope "head office" said that was that.

The irony was not lost on me. I had moved from the national bank to a local credit union because I wanted to shop local and establish a mutually beneficial relationship. When I received that cold, emotionless letter, the credit union advantages that I had grown to trust evaporated.

After catching my breath, I decided to turn to a man that I have always had the deepest respect for: Gene Blishen, the general manager of Mount Lehman Credit Union. I wasn't looking for a hand out, just advice on my options.

Not only did Gene listen to my story, he and his team believed in my vision and took the time to put together a fantastic financing plan to see me through. Within a month, I moved everything to Mount Lehman and never looked back. The branch is a 40-minute drive away, but that doesn't matter. This little, one-branch credit union (1/50th the size of my previous credit union) has better technology than almost any credit union in Canada and, with the shared ATM network, I have easy access to cash when I need it. The Mount Lehman staff are tremendous and have gone out of their way to help my family and my business. My momentary lapse in the belief that credit unions were different was immediately rejuvenated.

Thankfully, 2010 and 2011 have gone exactly as planned and we are now in a great place with 10 active Young & Free regions that include 91 participating credit unions. All we needed was a little help from a great credit union to see us through the transition to our new business model.

After being a proud member of Mount Lehman Credit Union for a little over two years I inquired about serving on the board of directors. The timing was right since there was a vacancy that the board was looking to fill. I cobbled together a resume (thank you LinkedIn), met with the board, went through a criminal records check and I am now proud to say that I am a director of Mount Lehman Credit Union.

My interests in serving in this volunteer position are threefold: This credit union helped me when I needed help, so I want to return the favor; as a consultant to the credit union industry, I feel like I will learn a tremendous amount about the inner workings of a credit union through this role; and, most importantly, I want my credit union to survive and thrive.

When credit unions stop looking at the human side of a relationship and just rely on numbers, they stop being credit unions and simply become little banks ruled entirely by unwavering policies. In hindsight, I am grateful that my previous credit union gave me the boot – I've learned a lot about myself and my belief in the credit union movement through this process.

Tim

Liquid Lunch #54: Young Leaders

Tim McAlpine — Tue, 22 Nov 2011 16:58:09 +0000

On Monday's CU Water Cooler Liquid Lunch, Carla Day and I peppered 2011 Next Top Credit Union Exec winner Devin Selte with questions about his recent win, the Servus Young Leaders Network and the challenges facing credit unions to attract and retain young talent.

Tim

Sticking to the script can be a put off

Tim McAlpine — Mon, 21 Nov 2011 17:00:09 +0000

Pizza is a Friday tradition at our house. I stop by the same take-and-bake pizza restaurant on the way home and grab two large pizzas. Without fail, the same people run through the same script. Always ending with, "Have you cooked our pizza before?"

No doubt this phrase is designed to be helpful, but the more I hear it, the more turned off I get. I can tell that the people saying it know I've been there before, but they are required to ask because it's in the franchise handbook.

I'm left asking myself, "You see me once a week, do you not recognize me, even a little bit?"

The more companies try to streamline and perfect customer service the more automated and lifeless they become. Please don't do this at your credit union. Let the humans remain human.

Tim

Introducing three epic music videos that all credit unions can use to celebrate and promote International Credit Union Day!

Tim McAlpine — Thu, 20 Oct 2011 10:00:32 +0000

What do you get when you combine the talents of eight young credit union advocates from all over North America? An original rap, a wild Lady Gaga tribute and an epic Journey classic all created to promote all that’s good and right about credit unions.

What? We took six awesome credit union attributes and set them to music.

Membership is open to all
Members call the shots
Rates and fees should benefit members
Credit unions are just as accessible as banks
Financial education should be free and available to all
Giving back to the community is a priority

Who? Eight of our Young & Free Spokespeople came together to collaborate at our recent Spokester Summit in Indiana. Dex from Alberta, Janelle from Michigan, Jenn from St. Louis, Kaylie from Ontario, Lee from Alabama, Matt from Indiana, Michelle from New Mexico and Seth from Maine. Alex from Tennessee and Darryl from South Carolina weren't able to make the trip, but were with us in spirit!

Share far and wide! Please spread the word about these videos on International Credit Union Day this Thursday, October 20 and beyond. Here are some ways to share the credit union love:

Post to Facebook and Twitter
Embed on your website or blog
Write an article about them
Include in a member email blast
Tell the local media
Encourage employees to post on their social media sites

Enjoy the videos!

CU Romance

Janelle and Kaylie take center stage in this iconic Lady Gaga tribute. Favorite line: "Word on the street is that we're too far and few, but our shared branches make that story untrue."

+ Go to YouTube to share the link and to copy the embed code

Don't Stop Learning

Lee, Matt and Michelle relive 1981 with metal hair and classic guitar riffs. Favorite line: "There's a place that I remember, provides education for its members and gives back to the community, the list goes on and on and on and on."

+ Go to YouTube to share the link and copy the embed code

Tha Way 2 B

Dex, Jenn and Seth bring the crunk and the funk in this original rap and hiphop showstopper. Favorite line: "Not a customer, I'm a member, I call the shots, if my account were a girl, she'd be so hot."

+ Go to YouTube to share the link and copy the embed code

Tim

Pay it Forward and Backward Now!

Tim McAlpine — Wed, 05 Oct 2011 14:49:13 +0000

In The Financial Brand's article Credit Unions, Here’s That Awareness Campaign Everyone’s Been Waiting For, editor Jeffry Pilcher is advocating a national pay-it-forward campaign.

What if one day, every credit union in the world sent out representatives to perform hundreds of thousands of good deeds, nice gestures and other random acts of kindness?

Jeffry is suggesting that International Credit Union Day in October 2012 would be an ideal day to make it happen. I really like this idea and think that credit unions could really make this happen.

But what if you took it up to a whole other level and made it happen now? I mean right now!

Last week during our Marketer Meet-up, we split the attendees into three teams and tasked them with coming up with a compelling member drive campaign concept. One idea that struck me as exceptional was the notion of offering a rebate for an overdraft fee from a competing financial institution! Bring in a statement that shows the fee, move your primary checking account, sign up for at least three services including direct deposit of your paycheck and the credit union will credit your account up to a maximum of $25.

Credit unions are notoriously afraid to ask for the business, but this approach would make the conversation so much easier and natural. Credit unions would essentially be saying, "Hey, your bank won't give you a break, but we will. In fact, we'll pay you back for that thing they did to you that has brought you to this boiling point."

Photo by Ninja Cherepashka

Now imagine combining this rebate concept with the pay-it-forward concept and organizing a street team to decend on the Wall Street protesters right now. Print a wallet-sized promo and insert a $10 bill to pay forward and a voucher explaing the overdraft fee rebate. CUNA or the Credit Union Association of New York could rally all area credit unions and make this happen right now.

It would receive positive national media attention and shine a light onto the differences between banks and credit unions.

Credit unions are exactly what millions of disenfranchised, educated young adults are looking for, they just don't know credit unions exist.

What do you think?

Tim

Young & Free Marketer Meet-up a success!

Tim McAlpine — Tue, 04 Oct 2011 03:37:43 +0000

Since reaching 10 active Young & Free regions, we've been wanting to get our partner credit unions together to meet and learn from one another. We made it happen last Wednesday in Fishers, Indiana. We combined this experience with the CU Water Cooler Symposium 2011 to make the trip more than worthwhile for all of our attendees.

Eight out of 10 Young & Free Spokesters were able to attend. After the first session of the day, they broke off with Cheryl for the Spokester Summit to learn from each other and to collaborate on a series of videos to be released later this month.

The remaining 23 marketers worked together at the Marketer Meet-up. Brent Dixon and Ron Shevlin graciously took time to be our guest speakers and each of the regions represented presented an area that they excel at. The energy in the room was fantastic as everyone learned, laughed and shared. It was great to see friendships made and cooperation and collaboration in action.

As part of the presentation, we put together this 2011 highlight video.

Combining this event with the CU Water Cooler Symposium made for a magical experience. Thanks to everyone who was able to make it!

Tim

Searching for the next Verity Mom

Tim McAlpine — Fri, 09 Sep 2011 16:20:30 +0000

We launched Verity Mom with Seattle's Verity Credit Union in August 2009. At the time I had stated I was pretty excited about the launch for the following reasons.

It's a new social media program aimed at connecting and learning from Seattle-area moms. Moms are a segment of the population that we feel credit unions have tremendous potential to attract.
At the center of the program is a public search for a part-time mommy blogger. We think this is a really compelling story and the chosen mommy blogger has the potential of creating fantastic content.
We are working with social media pioneers. Shari Storm and her team at Verity Credit Union launched the first corporate blog by a financial institution in North America. Their experience will undoubtedly add to the success of this program.

Fast forward two years and I am thrilled to say that all of these reasons I listed have lived up to and surpassed my expectations. Through the 2009 search, Verity surfaced 34 amazing Moms who all felt really passionate about the opportunity.

In the end, Rosemary Garner, a documentary television producer, won the job. Rosemary's written and video work have been so exceptional that Verity extended her one-year contract for an additional year. Rosemary has built a loyal following that are always quick to leave an encouraging comment on her posts—1,584 comments to be exact!

Through this program, smart product design and additional marketing activities, Verity Credit Union has done a fantastic job at positioning itself as a family-centered financial institution.

Today, we excited to announce the launch of the search for the next Verity Mom.

To mark the occasion, we gave the site design a refresh.

It will be interesting (and nerve-racking) to see if we can find a worthy successor to Rosemary!

Also, a special thanks to Shari and Melina. They are a treat to work with and are always open to new and exciting ideas.

Tim