CEO/Senior Management Panel, September 2008

In September 2008, during Credit Union Marketing University's Fall Session, our CEO/Senior Management Panel discussed the economy and the role of marketing from a CEO’s perspective. Guest speakers were: Michael Poulos, President/CEO, Michigan First Credit Union; Todd Pearson, Senior Vice President, Arizona Central Credit Union; and Robb Scott, President/CEO, Deer Valley Credit Union.

Q: What is the most important aspect that marketing needs to consider during these interesting economic times?

RS: To me, the only is ROA!

TP: The key is to tie marketing to the strategic plan and goals.

MP: Coordinating across the other functions of the organization. Make sure everything is synchronized.

TP: Primarily what are the strategic goals, in theory, we want to make loans but also need the liquidity. Make sure of the proper mix. Get input for the decisions from all senior management.

RS: We need to pick our target, determine who we can serve and where they are.

MP: These are times of great opportunity, not peril. Anybody can make money in the good times. The 'good ones' make money during tough times. We need to try different methods – different ways to attract the business. Other competition may be weak, so we can take advantage of this to merge. It takes hard work. The question becomes, do we want to shrink or get out and do more?

Q: What are your pet peeves regarding marketing?

RS: IT is combined with marketing, so we have two people under the CIO.

TP: We have four people in marketing and 4 in business development.

MP: Ours was recently split and we created the VP of Marketing and a new VP of PR and Community Involvement. The marketing department also has a marketing specialist and we are adding a marketing analyst.

Q: For 2009? Conservative or Business as usual?

TP: Conservative? No, the key focal point at our planning session was to acknowledge our failures and jump off the edge of the roof with a new plan.

MP: Our goal is to double our asset size in 5 years. So, we need to capture more of their business from existing members – Target more.

TP: Get in front of the CEO to show the payoff of the investment in marketing – of the value in putting money into the marketing versus investments.

RS: Being prepared with marketing efforts is important, knowing that we might have to make changes.

Q: Quickest way to get budget dollars?

RS: Tell me what the competition is doing. Create a story from what others are doing; what other credit unions are being successful doing and what their budget dollars are. Convince me with valid information.

TP: Openly dialog with the CFO and CEO to discuss the investment. Change the way you talk about marketing - it truly is an investment.

Q: Final thoughts?

TP: Fast, accurate and friendly doesn't pay the bills anymore! We have to be competitive and be in front of our members with good offers.

MP: And, we have to have the willingness to compete – be relevant in the marketplace.

RS: The CEO should be the chief marketing officer! I want to make sure the marketing is focused on the right things – the goals of the Credit Union.

TP: My thought is to trust that our marketing is being done in the best way but verify, in essence everything may pass over my desk.

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