Attracting and Retaining Members is no
longer just about what financial
institutions offer …….
But how they offer it
• 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.
• 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?
Management
Information
Systems
Customer
Service
Advertising
Profit
Branch Design
& Presentation
Target Market
Branch Identity
Product &
Services
Pricing
Strategy
• CRM Loyalty
• Market segmentation
• Direct Marketing
• Re-Branding
• Tap neglected market
Segments
• Build long-term
relationships with
members
• Develop a mission
• B2M
• B2B
• P2P
• New media
Market
Strategy
Online
Strategy
Strategy
Retail
Strategy
• Location Strategy
& Roll-out
• Brand Product &
Services
• Organization
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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
• 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.
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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
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.
• Create a consumer experience, from the
lighting fixtures to the light-hearted chit chat
with front line staff.
• Offering members convenient options
Perception of Credit Unions
Which One would you rather join?
Brand Strategy &
Design
Retail Strategy &
Design
Market Research
Marketing Strategy
& Solutions
Business Strategy
- Mission
- Product &
Services
Objectives
- Sales
- Profit
Control
- Member
Satisfaction
• Evaluation
• Adjustment
- Image
Specific Activities
Identification of
Members
- Daily operations
- Responses to
Market conditions
- Marketing
Overall Strategy
-Concentrated
Marketing
- Controllable
variables
- Differentiated
Marketing
- Uncontrollable
variables
Achieve
Operational
Excellence
Focus on
Member
Wants &
Needs
Exploit
Portfolio of
Products &
Services
Goal
Leverage
Community
Presence
Member
Need
High
Pull
Persuasion
(Require)
No Persuasion
(Desire)
Low
Blind
Persuasion
(Love)
Push
Persuasion
(Crave)
Low
High
Member Want
Environmental
Factors
Competitive
Factors
Market Factors
Strengths
•Loyal and Experienced front line
employees
•No/low fees for products & services
Threats
•Ebb in
immigration
•Low appeal with
in the younger
generations
•Products, Services
& Electronic
Applications from
commercial banks
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
Offer Competitive products/services while maintaining a high customer service as well
as continuous visibility in the communities that we are located in consequently
boosting our member’s “good will” towards the PSFCU.
We need to develop more successful strategies
for:
• Market Penetration
• Market Development
• Retail Format Development
• Diversification ?
– Do we have opportunities to diversify?
Deposit Accounts
Consumer Loans
Cards
Insurance Agency
ATM Application
Trade Finance integration
Interfaces
Cards & Merchant
Management
Payline
Commercial Loans
General Ledgar
Wholesale Banking Interface
Statutory Reporting
Future Functions
Move away from managing funds to managing (realization of)
members financial needs.
• 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
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.
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
• 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.
• Check transactions declined by 6.4% annually
between 2003 and 2006. 1
• Debit transactions grew by 17.5% annually
between 2003 and 2006.
• Young adult consumers are using debit
products more heavily;
– 2 48% prefer debit for Internet transactions vs.
39% for all online consumers.
Are we offering products &
services in demand now
Big EST
Cheap EST
(lowest costs)
Hot EST
Do we boast the quickest
turn around time?
(product/service
selection)
Quick EST
Easy EST
Black Hole
Are our
products &
services easily
accessible?
What is the PSFCU’s
• Target Market?
• Competitive Advantage?
– Products?
– Services?
– Fast turn around time?
– Accessibility?
• Member loyalty
• Low cost products and services
AND
• We need exposure
• Symbols to reinforce the Image
not only relying on the Polish flag
• Consistency in positioning- creating strong
associations
Perhaps……….
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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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.
• 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.
Added features…….
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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 07004.
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.