Doing Well by Doing Good Leveraging the Cooperative Principles & Financial Literacy in Your Marketing Efforts Christopher Morris

Transcription

1 Doing Well by Doing Good Leveraging the Cooperative Principles & Financial Literacy in Your Marketing Efforts Christopher Morris

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4 thedisclosuresmusic.com

5 Credit unions are unique Staff s understanding of that uniqueness is critical to ROA, member service and marketing.

6 What s the Difference? 71% of non-members aged are not at all familiar or not very familiar with CUs CUNA Member & Non-member Survey

7 Employees Need Help CU employees hold weaker perceptions of their credit union s brand identity than their members [!] CU employees exhibit a tremendous amount of consensus about the credit union idea but have a very difficult time explaining the idea to external parties. Filene Research Institute

8 Develop an Elevator Speech Ensure you (& your CU) staff can articulate your credit union difference in 30 seconds or less.

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10 Worldwide CU Movement 105 Countries 57,480 Credit Unions 217,373,324 Members 2014 Statistical Report, World Council of Credit Unions

11 Cooperatives

12 Cooperative Principles

13 Cooperative Principles 1. How many co-ops can you name? 2. What do cooperatives and credit unions have in common?

14 9 Operating Principles Democratic Structure 1. Open and Voluntary Membership 2. Democratic Control 3. Non-discrimination Service to Members 4. Distribution to Members 5. Building Financial Stability 6. Service to Members Social Goals 7. Ongoing Education 8. Cooperation among Cooperatives 9. Social Responsibility

15 Operating Principles 1. Do you practice these in your credit union? 2. Are there barriers to following these principles? 3. Are these principles still relevant?

16 International Credit Union Operating Principles What 1-3 things can you do to incorporate the operating principles at your credit union?

17 Before We Move On Recognize the strategic advantage credit unions have due to their unique cooperative not-for-profit culture.and tell that story! BONUS: Understand credit union history; it will help you exercise philosophy

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19 Financial Ed & Community Outreach A Marketing Advantage Most members don t know you do it because it s part of the CU difference. Drives loyalty & a sense of your CU being part of the community Increases your members & community s financial well-being

20 Partnership with Public Broadcasting System (PBS) Biz Kid$ TV series produced by Emmy Award-winning creators of PBS & Disney s Bill Nye the Science Guy Free classroom curriculum

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22 bizkids.com & ncuf.coop

23 Experiential Learning

24 Strategic Philanthropy Credit unions charitable contributions (and outreach activities) should align with and advance their guiding philosophy of helping members improve their financial well-being.

25 CU Donation Policy Most look like this: The credit union will only make donations to organizations, programs, or events that will benefit the communities where the credit union does business.

26 CU Donation Policy Better guidelines for charitable donations: Focus on member s financial well-being What are your members going through/struggling with? Focus on your CU s core values and guiding principles (three is a good number) This will also help narrow down potential community partners

27 CU Donation Policy Focus then turns from: Our donations support the community to Our donations improve the financial well-being of our members and in the community or even Our donations are working to end poverty, hunger and financial illiteracy for our members and in the community

28 Each year, REI donates millions of dollars to support conservation efforts nationwide and sends dedicated teams of volunteers members, customers and REI employees to build trails, clean up beaches, restore local habitats and more... Through responsible business practices across the company, we strive to reduce our environmental footprint. Our core purpose guides everything we do: we all work to inspire, educate and outfit for a lifetime of outdoor adventure and stewardship. - from rei.com

29 UW CU s Giving Focus: Since our founding in 1931, UW Credit Union has been dedicated to giving back to our communities and remains committed to these priority areas: Financial Literacy. Providing financial education programs in the community and awarding college scholarships for deserving, needbased students. University of Wisconsin and Affiliates. Supporting events and programs associated with the campus communities we serve. Quality of Life. Giving to charitable causes in our communities that are focused on meeting basic human needs, which includes increasing accessibility for home ownership in the state of Wisconsin. - from uwcu.org

30 Are you Telling Your Story? Financial Education & Philanthropy: Why should people care? Track it / keep data: # of people affected, $ saved, etc Testimonials from people affected Pictures Member stories!

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33 Strategic Philanthropy: A Step Further Mission into Action Become part of the strategic architecture of your communities financial literacy efforts. Leverage your consumer finance expertise! Find unlikely partners in your community such as non-profits, local government, other cooperatives, farmers markets, food banks, asset-building coalitions, etc. Have a full-time community outreach professional

34 Mission into Action: Ideas Hold a Member Appreciation Day that focuses on financial wellness Hold financial education seminars in nontraditional places, such as: Youth detention centers, housing expos, health fairs, and so on.

35 Mission into Action: Ideas Sponsor work-ready certification program that teaches important skills that are essential for a student s success in the workplace Bring financial programs to the community (ie: VITA, community events, local TV, etc.)

36 A New Toolkit

37 Taking it Home Develop an elevator speech for your CU Display the principles in your offices, branches, etc. Share the principles in your new employee orientations and staff meetings/trainings. Share the Foundation s cooperative principles video with staff & members. Use the principles as guidance in your decision making processes especially during planning.

38 Taking it Home Seek partnerships with other credit unions and cooperatives. Experiential Learning ie: field trips to local co-ops, etc Tell your financial education & impact stories Be strategic in your philanthropy and take a look at your donation policy Attend the Foundation s Development Education (DE) Training

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40 Ensure Employees (& Members!) Know Your CU Difference Better understanding of CU difference turns employees into ambassadors and even evangelists. Understanding + passion = creativity

41 Thank you! Christopher Morris ncuf.coop