Socially-Distanced Marketing, Strategy, and The Force

Tag: opportunities

CU CEOs Are People Too!

What’s the meaning of life?

For those who shouted, “42!”, I salute you. For all others, responses range from, “helping others” to “becoming the best version of yourself.” No doubt you have your own internal motivations, and if it empowers you to grow in a positive manner, I’m all for it. But what if you are a credit union CEO?

Yes, they are people, too. And despite their passionate leadership of your credit union, they are imperfect specimens of the human race. Of course, I only know this due to Filene Research’s new study on Strategic Thinking and Credit Union Leaders. Amongst their findings, credit union CEOs do a lot of things right. For example, when compared to 25,000 other industry executives, they lead in 4 of 6 categories of Vision. Great results, though there’s room for improvement.

The study found credit union CEOs are weak in the areas of Anticipate and Interpret, namely, seizing opportunities and getting caught in putting out fires. Plus, the larger the institution (or more branches), the harder it became for CEOs to make decisions. Does that sound like your credit union? It’s not uncommon, and something we can all work to improve together!

Learn more about the study.

Rotating Banners and Lost Opportunities

Read how you can improve your credit union marketing.

Find archived articles that might pertain to your goals.

Learn about a credit union’s latest branch opening.

What’s the point of this post? You should be confused, and for good reason. There’s no consistency, the content has to be read separately, and who knows if you even stuck around long enough for the last choice (I hope you’re still reading!).

Many credit unions do something just like this every day. It’s called the rotating banner, and it needs to go.

One can compare a rotating banner on a homepage with changing billboards along the highway. It seems fair, right? Only the billboard is showing content to thousands of people a day, and each panel gets equal time. Imagine if that same billboard showed the same image to every driver for the first 5 seconds, yet they passed it in 15. What if your institution paid to be 4th in rotation? You wouldn’t be too happy, would you?

It’s the same on your website. If you’re lucky, a web visitor will give 10 seconds to decide if a page is worth their time (besides their original goal). Assuming your site has a rotating banner set to 5 seconds, visitors will see (at most) two graphics. I’ve seen sites with 7, 8, even 10 rotating graphics! It would take a full minute to flow through each of these in succession. I’m sorry to say, but none of your members are spending that much time on your homepage.

On the web, goals must be defined quickly and clearly to have any success. The primary banner on your site must direct to the primary marketing goal at that moment. For the rest, you can have secondary areas and a clear menu structure. You may notice retail companies “breaking” this rule, however, their visitors are potential customers browsing a product lineup. A commitment to remaining for a longer time is already set (i.e. They did not come for an unrelated purpose, then become distracted to stay much longer).  Companies like Apple, Misfit, and Microsoft (I use products/services from all of them) highlight this strategy.

We love seeing credit unions build success on new initiatives. It’s just disappointing when their results are compromised by burying a call to action behind today’s latest graphic. In fact, for our own partners, we can trace web hit falloff to moving a banner back from the first in a rotation.

Members hitting your website are opportunities. Engage them quickly and efficiently and they will reward you with additional services.

Disclosure: Credit unions partnered with my firm may use rotating banners. If practices improved, our own services may be better promoted, resulting in a financial gain for both parties.

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