I do a lot of strategic thinking/strategic planning sessions.One of the areasI like to help organizations focus on isprofoundly understanding what they really sell. Harley-Davidson does not sell motorcycles. They sell confidence,feeling strong, and enjoying the freedom of the open road.High-end restaurants do not sell food. They sell a fine dining experience andbeautifulmemories with your friends and family. Creditunions do not sell mortgages, checking accounts,car loans, or credit cards.At its most fundamental level,you sell the exact same thing allyour competitors sell: money.And because you are highly regulated,there’s no significant difference between the products and servicesand thecompetition. So,whatdoyou really sell?I believe that you sell financial peace of mind. Being able to buy my first home. Saving to put my kids through college. Knowing that I have someone that I trust looking after my financial future.You also sell,helping people gain financial literacy. Sponsoringa fundraising event. Donating to charity.Pride in being a member of an organizationthat makes a real difference in the community they live in.
So that’s what your second most important group of customers buy from you.They give youdeposits;youprovide them withthe ability to sleep at night knowing your credit unioncares about them and theircommunity. But you notice Isaid,“second most important customer.”The most important customer of your credit union is theemployees because thebiggest driver of happy, loyal, and engaged members is happy, loyal, and engagedemployees.As I like to say, “The member’s experience will never exceed the employee’s experience.”
Sowhat do your most important customers buy? I can guarantee you it’s not trying to get tothreebillion dollars in deposits.They areprobably notsuper excited about keepingthe Board of Directors happy.They aredefinitelynotoverjoyed to fill out paperwork and create reports. What they want from you isa noble purpose. They want to know that they are doing something important andpositively impactingthe lives of other people.
In some businesses,it’svery easyfor employees to see their impact.If you work in a hospital,you save people’s lives.As one of my friends thatownsa prosthetics company says, “We watch them crutch in andthenwalk out.”For me,it’s knowing that if I can help an organization improve, they can take better care of their employees, who will take better care of their families, which willpositively impact their community.
What thenis the noble purpose of your credit union? What do you do that makes your team members feel enlivened, engaged, and dedicated to the success of your organization?Here is another one of my favorite phrases, “People will get out of bed in the morning and go to work for a paycheck, but they will jump out of bed and do their best work for a purpose.”
It’s apretty basicidea that applies to every company in the world. Hire the best people you can, takefantasticcare of them,and they will take great care of yourmembers, which will lead topositive financial results.
