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73% of Credit Unions Have Died but There’s More Opportunity Than Ever

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"73% of Credit Unions Have Died but There’s More Opportunity Than Ever" is a CU Executive Briefing that shares insights about the industry and how leaders can capitalize on the growth opportunity in front of them.

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73% of Credit Unions Have Died but There’s More Opportunity Than Ever

  1. 1. 73% of CUs Have Died but There’s More Opportunity Than Ever
  2. 2. Number of Credit Unions (Year End) 1970 2014 6,513 23,687 73% Decline Since Pinnacle in 1970 Source: CUNA Report Year-End 2014
  3. 3. Number of Credit Unions (Year End) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 6,5136,7957,0707,3517,6057,8308,089 8,3968,662 9,011 9,436 30% Decline, 2004-2014 Source: CUNA Report Year-End 2014
  4. 4. 3.03% Decline Annually Number of Credit Unions (Year End) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 6,5136,7957,0707,3517,6057,8308,089 8,3968,662 9,011 9,436 Source: CUNA Report Year-End 2014
  5. 5. 20% 80% 96% of “deaths” were actually mergers Source: ncua.gov, “Truth in Mergers”
  6. 6. CU industry isn’t really dying, it’s growing:
  7. 7. (In Thousands) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 101,460 98,37995,96893,98992,61991,99790,73689,32488,22287,01486,050 17.9% Membership Growth Source: CUNA Report Year-End 2014
  8. 8. And 71.3% Asset Growth (In Billions) 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 1,145 1,084 1,043 982 934 903 832 777 732 700 668 Source: CUNA Report Year-End 2014
  9. 9. Growth Opportunity for Your CU =CU Industry Growth
  10. 10. How can you capitalize on this growth opportunity?
  11. 11. How have other organizations achieved massive growth?
  12. 12. Median 2-Year Growth Rate 0% 25% 50% 75% 100% Avg. Company High Growth Firms Average Company Growth 15x more 100% 6.6% Source: Hinge Research Institute
  13. 13. Median 2-Year Growth Rate 0% 25% 50% 75% 100% Avg. Company High Growth Company Average vs. High Growth 6.6% 100% Source: Hinge Research Institute
  14. 14. Median 2-Year Growth Rate 0% 25% 50% 75% 100% Avg. Company High Growth Company Growth Difference 15x faster 100% 6.6% Source: Hinge Research Institute
  15. 15. Median Current Profitability 0% 7.5% 15% 22.5% 30% Avg. Company High Growth Firms Average Profitability 2x more 27.5% 12.5% Source: Hinge Research Institute
  16. 16. Median Current Profitability 0% 7.5% 15% 22.5% 30% Avg. Company High Growth Company 27.5% 12.5% Average vs. High Profitability Source: Hinge Research Institute
  17. 17. Median Current Profitability 0% 7.5% 15% 22.5% 30% Avg. Company High Growth Company Profitability Difference 2x more 27.5% 12.5% Source: Hinge Research Institute
  18. 18. What do high-growth companies know?
  19. 19. Need Recognition Information Search Evaluate Alternatives Purchase They Know the Buying Process
  20. 20. Need Recognition Information Search Evaluate Alternatives Purchase And that customers complete 60% without you Source: Harvard Business Review, “The End of Solution Sales”
  21. 21. 20% 80% 80% of customers start online Source: GE Capital, Driving shopper engagement through digital technology
  22. 22. 0% 25% 50% 75% 100% Average Company High Growth Online Leads Other Leads 63% Avg Co.’s Get 12% of Leads from Internet Source: Hinge Research Institute 12%
  23. 23. 0% 25% 50% 75% 100% Average Company High Growth Company Online Leads Other Leads 63% 12% Versus 63% for High Growth Co.’s Source: Hinge Research Institute
  24. 24. 0% 25% 50% 75% 100% Average Company High Growth Company Online Leads Other Leads 5x more 63% 12% High Growth Co.’s Get 5x More Source: Hinge Research Institute
  25. 25. How can you generate more leads online?
  26. 26. The Simple Answer:
  27. 27. The Simple Answer: Get more web visitors
  28. 28. to submit contact info The Simple Answer: Get more web visitors
  29. 29. A Useful Analogy:
  30. 30. Imagine you’re a fisherman
  31. 31. This is your prized catch
  32. 32. And your (not so) trusty net
  33. 33. When they meet…
  34. 34. You catch only one fish :(
  35. 35. To catch more fish, what should you do first?
  36. 36. What should you do? 1 Fix your net!
  37. 37. Fix your net!1 2 Find more fish! What should you do?
  38. 38. 1 Fix your net! 2 Find more fish! 3 Dance! What should you do?
  39. 39. 1 Fix your net! 2 Find more fish! 3 Dance! What should you do?
  40. 40. 1 Fix your net! 2 Find more fish! 3 Dance! What should you do?
  41. 41. 1 Fix your net! 2 Find more fish! 3 What should you do first? Dance!
  42. 42. 1 Fix your net! 2 Find more fish! 3 Dance! What should you do first?
  43. 43. What does fishing have to do with CU growth?
  44. 44. VisitorsWebsite
  45. 45. Leads Captured
  46. 46. CONVERSION RATE is a measure of website effectiveness
  47. 47. Leads
  48. 48. Leads
  49. 49. Website Visitors÷Leads
  50. 50. Website Visitors÷Leads
  51. 51. Website Visitors÷ Conversion Rate=Leads
  52. 52. Website Visitors÷ Conversion Rate=Leads 1
  53. 53. Website Visitors÷ Conversion Rate=Leads 1 100
  54. 54. Website Visitors÷ Conversion Rate=Leads 1 100 1%
  55. 55. How can you improve conversion?
  56. 56. Fix your net!
  57. 57. = Online User Experience Fix your net!
  58. 58. user experience: noun the overall experience of a person interacting with your brand online Source: Dictionary
  59. 59. =User Experience Conversion Rate
  60. 60. How to Improve User Experience
  61. 61. Design & Development Research Nurturing Continuous Improvement User Experience
  62. 62. Design & Development Research Nurturing Continuous Improvement User Experience
  63. 63. Design & Development Research Nurturing Continuous Improvement User Experience
  64. 64. Design & Development Research Nurturing Continuous Improvement User Experience
  65. 65. User Experience Design & Development Research Nurturing Continuous Improvement
  66. 66. User Experience Develop personas! Who are your members? ! What is important to them?! Understand Your Members
  67. 67. User Experience Hook (i.e., Stadium Speech)! Problem or Need! Evidence (e.g., market data)! Solution (Start with Why: What do you believe?)! Invite to Act! Education-Based Marketing Develop personas! Who are your members? ! What is important to them?! Understand Your Members
  68. 68. User ! Experience Design & Development Research Nurturing Continuous! Improvement Design discovery! Web and graphic design skills Design
  69. 69. User ! Experience Design & Development Research Nurturing Continuous! Improvement Design discovery! Web and graphic design skills Design Content strategy and development! Website programming (e.g., HTML, CSS, PHP) ! Content Management System (CMS) (e.g., WordPress)! Development
  70. 70. See what people do on your website! Conversion rate metrics! Example: Google Analytics! Behavioral Research User ! Experience ! nt Research Continuous! Improvement
  71. 71. See what people do on your website! Conversion rate metrics! Example: Google Analytics! Attitudinal Research Understand why people do what they do! Learn user’s beliefs! Example: intercept surveys Behavioral Research User ! Experience ! nt Research Continuous! Improvement
  72. 72. Re-engage leads and current members! Customer Relationship Management System (CRM)! Example: smart email marketing Customer Relationship Management User ! perience Nurturing
  73. 73. Re-engage leads and current members! Customer Relationship Management System (CRM)! Example: smart email marketing Retargeting Re-engage website visitors! Example: Google Retargeting Ads Customer Relationship Management User ! perience Nurturing
  74. 74. User ! Experience Continuous! Improvement Continuous Improvement Create a long-term plan to accomplish growth goals! Release improvements and updates regularly! Implement new UX initiatives and technologies Long-Term Plan
  75. 75. User ! Experience Continuous! Improvement Create a long-term plan to accomplish growth goals! Release improvements and updates regularly! Implement new UX initiatives and technologies Ongoing Conversion Optimization Calculate conversion rates! Continually run experiments to improve conversion! Example: a/b test Long-Term Plan Continuous Improvement
  76. 76. User Experience Design & Development Research Nurturing Continuous Improvement
  77. 77. Get Started: Answer 3 Questions
  78. 78. Get Started: Answer 3 Questions 1 What is your website’s Conversion Rate (CR)?
  79. 79. Get Started: Answer 3 Questions 1 What is your website’s Conversion Rate (CR)? 2 How will you improve your website’s CR?
  80. 80. Get Started: Answer 3 Questions 1 What is your website’s Conversion Rate (CR)? 2 How will you improve your website’s CR? 3 If your CR doubled, what would be the ROI?
  81. 81. Get Started: Answer 3 Questions 1 What is your website’s Conversion Rate (CR)? 2 How will you improve your website’s CR? 3 If your CR doubled, what would be the ROI?
  82. 82. Worksheet

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