There comes a time when your credit union might be stuck, not seeing any results or any change. A time when you can take a step back to assess your position to get creative and think outside the box. If your credit union is in this position, wanting to make changes and redirect marketing efforts, the best place to start is the classic SWOT analysis.
This tried, and true exercise offers a way to explore your credit union internally and externally by analyzing strengths, weaknesses, opportunities, and threats.
By asking and answering questions that pertain to your credit union and outside competition, you can uncover many pathways of promotional success. Following are the four-quadrant breakdowns and some sample questions to get you started!
Strengths are your credit union’s attributes and abilities that you can utilize in future strategies. These are things that you already possess.
What promotions have been successful?
Does your CU Team have special skills you can utilize in the future? (e.g., education, creativity, networking.)
What does your credit union possess in assets that can be used to your advantage? (e.g., members, branches, community, equipment, technology.)
What competitive benefits make the #CUDifference and put your credit union above the big banks?
Weaknesses are areas of your credit union’s operations that can use some work or added attention in order to benefit fully from promotions or campaigns.
What are some aspects of your credit union that can be improved or can use a competitive edge?
Does your credit union need more of a physical asset to succeed?
Is your CUTeam putting their energy and talents toward the wrong direction?
Are you having trouble with branch location or online engagement?
Is your credit union marketing strategy working?
Opportunities are external factors in your CUCommunity that your institution can take advantage of for potential growth and success.
Is there a FOM expansion or more significant market trend that your credit union can take advantage of to promote financial services and grow your membership?
Can your credit union engage in community events and business partnerships to grow awareness and community support?
Is your credit union website ADA compliant?
Is your FOM growing due to regulation changes? Are there increasing numbers and businesses that can apply to your credit union?
Do your current members trust you as their primary financial institution?
Threats are negative factors that you have no control over and cannot likely change. Always keep account of threats to prepare for speed bumps.
Are competing banks and credit unions expanding in your area?
Is your CUCommunity economy stable, growing, or declining?
Is your credit union engaged in evolving with fintech and credit union innovation?
Is your CUCommunity seeing lending rates drop?