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73% of Credit Unions Have Died but There’s More Opportunity Than Ever
- 1. 73% of CUs Have Died but There’s More Opportunity Than Ever
- 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. 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. 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. 20% 80% 96% of “deaths” were actually mergers Source: ncua.gov, “Truth in Mergers”
- 6. CU industry isn’t really dying, it’s growing:
- 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. 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. Growth Opportunity for Your CU =CU Industry Growth
- 10. How can you capitalize on this growth opportunity?
- 11. How have other organizations achieved massive growth?
- 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. 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. 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. 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. 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. 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. What do high-growth companies know?
- 19. Need Recognition Information Search Evaluate Alternatives Purchase They Know the Buying Process
- 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. 20% 80% 80% of customers start online Source: GE Capital, Driving shopper engagement through digital technology
- 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. 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. 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. How can you generate more leads online?
- 27. The Simple Answer: Get more web visitors
- 28. to submit contact info The Simple Answer: Get more web visitors
- 30. Imagine you’re a fisherman
- 31. This is your prized catch
- 32. And your (not so) trusty net
- 33. When they meet…
- 34. You catch only one fish :(
- 35. To catch more fish, what should you do first?
- 36. What should you do? 1 Fix your net!
- 37. Fix your net!1 2 Find more fish! What should you do?
- 38. 1 Fix your net! 2 Find more fish! 3 Dance! What should you do?
- 39. 1 Fix your net! 2 Find more fish! 3 Dance! What should you do?
- 40. 1 Fix your net! 2 Find more fish! 3 Dance! What should you do?
- 43. 1 Fix your net! 2 Find more fish! 3 What should you do first? Dance!
- 45. 1 Fix your net! 2 Find more fish! 3 Dance! What should you do first?
- 46. What does fishing have to do with CU growth?
- 47. VisitorsWebsite
- 48. Leads Captured
- 49. CONVERSION RATE is a measure of website effectiveness
- 50. Leads
- 51. Leads
- 58. How can you improve conversion?
- 59. Fix your net!
- 60. = Online User Experience Fix your net!
- 61. user experience: noun the overall experience of a person interacting with your brand online Source: Dictionary
- 63. How to Improve User Experience
- 69. User Experience Develop personas! Who are your members? ! What is important to them?! Understand Your Members
- 70. 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
- 71. User ! Experience Design & Development Research Nurturing Continuous! Improvement Design discovery! Web and graphic design skills Design
- 72. 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
- 73. See what people do on your website! Conversion rate metrics! Example: Google Analytics! Behavioral Research User ! Experience ! nt Research Continuous! Improvement
- 74. 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
- 75. Re-engage leads and current members! Customer Relationship Management System (CRM)! Example: smart email marketing Customer Relationship Management User ! perience Nurturing
- 76. 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
- 77. 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
- 78. 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
- 80. Get Started: Answer 3 Questions
- 81. Get Started: Answer 3 Questions 1 What is your website’s Conversion Rate (CR)?
- 82. Get Started: Answer 3 Questions 1 What is your website’s Conversion Rate (CR)? 2 How will you improve your website’s CR?
- 83. 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?
- 84. 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?
- 85. Worksheet