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Attracting and Retaining Members is no longer just about what financial institutions offer ……. But how they offer it.

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Presentation on theme: "Attracting and Retaining Members is no longer just about what financial institutions offer ……. But how they offer it."— Presentation transcript:

1 Attracting and Retaining Members is no longer just about what financial institutions offer ……. But how they offer it

2 Historically we have branded ourselves as a certain way…... Members were attracted to us because we offered products and services in Polish. People turned to the PSFCU for financial education and help in attaining their life goals.

3 However with an ebb in immigration from Poland as a result of developments in the socio-economic realm we are faced with the crucial task of re-branding our selves. The question being, how do we appeal to a market share that is no longer limited to us because of language?

4 Profit Management Information Systems Advertising Branch Design & Presentation Branch Identity Pricing Strategy Product & Services Target Market Customer Service

5 Location Strategy & Roll-out Brand Product & Services Organization Tap neglected market Segments Build long-term relationships with members Develop a mission B2M B2B P2P New media CRM Loyalty Market segmentation Direct Marketing Re-Branding Market Strategy Online Strategy Retail Strategy Strategy

6 Retaining existing members Attracting new members Engaging social media channels Planning a national Strategy Analytics/ understanding how to optimize Managing technology innovation Improving marketing effectiveness

7 Corporate culture at its most basic is described as the personality of an organization, or simply, “how things are done around here.” It guides how employees think, act and feel. The dictionary defines culture as, “the moral, social, and behavioral norms of an organization based on the beliefs, attitudes, and priorities of its members.” Most organizations don’t consciously try to create a certain culture. The culture of an organization is typically created unconsciously, based on the values of the top management or the founders of an organization.

8 Appearance – first impressions last a long time Attitude – make it positive Friendliness- be generous Impression- what is left in the room after you have left Response- Ability- take action and exceed customers expectations Commitment – pledge to service and teamwork Team Thinking- our actions affect everyone in the institution Service- commitment to make a difference Personal Excellence – believe in our ability to make a difference

9 Employees who resonate an air of cool confidence This demeanor is calculated – It’s easy to act approachable and calm when there is no pressure to push products or services. – Emphasize/Develop a policy of problem solving rather than selling. – If some one doesn’t reach a product/service quota; they may be retrained or moved to a different division within the branch. – A careful cultivation of front line employees along with the spread of PSFCU presence into new markets is a strategy that we can implement to attract foot traffic.

10 Create a consumer experience, from the lighting fixtures to the light-hearted chit chat with front line staff. Offering members convenient options

11 Perception of Credit Unions

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13 Which One would you rather join?

14 Brand Strategy & Design Marketing Strategy & Solutions Business StrategyMarket Research Retail Strategy & Design

15 - Mission - Product & Services Objectives - Sales - Profit - Member Satisfaction - Image Identification of Members - Marketing -Concentrated Marketing - Differentiated Marketing Overall Strategy - Controllable variables - Uncontrollable variables Specific Activities - Daily operations - Responses to Market conditions Control Evaluation Adjustment

16 Goal Focus on Member Wants & Needs Achieve Operational Excellence Exploit Portfolio of Products & Services Leverage Community Presence

17 Pull Persuasion (Require) Pull Persuasion (Require) No Persuasion (Desire) No Persuasion (Desire) Push Persuasion (Crave) Push Persuasion (Crave) Blind Persuasion (Love) Blind Persuasion (Love) Member Need Member Want High Low High

18 Market Factors Competitive Factors Environmental Factors

19 Strengths Loyal and Experienced front line employees No/low fees for products & services Weaknesses Marketing Channels are reaching a limited market segment Branding Opportunities ‘Good will’ from the communities the PSFCU is currently active in Untapped Market segments within our current field of membership Threats Ebb in immigration Low appeal with in the younger generations Products, Services & Electronic Applications from commercial banks

20 We need to develop more successful strategies for: Market Penetration Market Development Retail Format Development Diversification ? – Do we have opportunities to diversify?

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23 Couldn’t find the exact product or service they were looking for The costs/fees associated with the product or service were more than the member was willing to pay The branch was crowded i.e. long lines & long wait The information provided was confusing/ disorganized

24 Make it easy. Make it simple. Make it fast. Make it fun. Make it convenient. Easier said than done when it comes to convincing young members to choose your products and services.

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26 Customizing Products/Services – Allow customers to individualize features like APR, cash back, rewards, and card image – People enjoy custom products, or at least the perception of custom products. Example: – Apple allowing engravings on products – Capital One Card Lab

27 People have become accustomed not just to free services like checking, but to being rewarded for their patronage. – The proliferation of cash- back offers, airline miles, and rewards cards makes it important to offer a competitive product. PSFCU can offer a high- yield checking account for loyal debit and home banking users; – Offer free iTunes down- loads rather than a higher rate.

28 Check transactions declined by 6.4% annually between 2003 and Debit transactions grew by 17.5% annually between 2003 and Young adult consumers are using debit products more heavily; – 2 48% prefer debit for Internet transactions vs. 39% for all online consumers.

29 Cheap EST (lowest costs) Hot EST Big EST (product/service selection) Quick EST Easy EST Black Hole Are we offering products & services in demand now Do we boast the quickest turn around time? Are our products & services easily accessible?

30 What is the PSFCU’s Target Market? Competitive Advantage? – Products? – Services? – Fast turn around time? – Accessibility?

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33 We need exposure Symbols to reinforce the Image not only relying on the Polish flag Consistency in positioning- creating strong associations

34 Perhaps……….

35 We are a national institution functioning within Slavic communities providing members with secure, competitive, cutting edge financial products and services giving members the opportunity to fulfill their life goals.

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37 It’s a promise to do better than anyone expects of us today, then do it even better tomorrow. It’s a belief in doing good, not just doing well. It’s treating every member as if you’ve known them your entire life. It’s connecting people to their community, connecting neighbors to neighbors, and local, independent businesses to local customers and resources. It’s constantly surprising the world with what an Institution can be and how a credit union can actually be a part of a member’s life. It’s equal parts checking account and knitting club, commercial loan and local music source, IRA and Internet café. It’s understanding our member’s financial needs and at the same time realizing that there’s more to life than money. Here, fresh and unexpected is the norm – it’s where an errand turns into a pleasant escape. It’s making sure every member who walks into our branch is a better person for having banked with us. It’s nearly 70,000 of members, building something that’s never been built before. Something people can believe in and communities can feel connected to.

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44 Offer members materials to make informed decisions Make PSFCU.com include savings and credit card tips along with financial calculators and tutorials. – There is a better and more profitable opportunity to use the same approach for 18- to 24-year-olds.

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46 Added features…….

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61 NON DISCLOSURE AGREEMENT This Non Disclosure Agreement (this "Agreement") is made effective as of 03/6/2012 (the "Effective Date"), by and between Barbara Malgorzata Kulesza (the "Owner"), of 7328 Penelope Ave, Middle Village, New York 11379, and PSFCU (the "Recipient"), of 9 Law Drive, Fairfield, New Jersey The Owner is engaged in the business of providing operational support to the branches of the PSFCU. The Recipient is a Financial Institution that provides products and services to members within the established field of membership. Information will be disclosed to the PSFCU to determine whether Barbara Malgorzata Kulesza could assist the PSFCU with the development of a marketing/retail strategy plan The Owner has requested that the Recipient will protect the confidential material and information which may be disclosed between the Owner and the Recipient. Therefore, the parties agree as follows. 1. Confidential Information. The term "Confidential Information" means any information or material which is proprietary to the Owner, whether or not owned or developed by the Owner, which is not generally known other than by the Owner, and which the Recipient may obtain through any direct or indirect contact with the Owner. a) "Confidential Information" includes without limitation: recommendations ideas and other proprietary information.

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