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CUES CANADA WEST AGM | OTTAWA, ON | MAY 4, 2008 Small is BEAUTIFUL. Your credit union SMALL and successful. can remain

Small is beautiful. Your credit union can remain small and successful

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Presentation given on May 4, 2008 at the CUES West AGM in Ottawa by Tim McAlpine of Currency Marketing. With the tidal wave of mergers and consolidation within the Canadian and US credit union systems, it seems as though getting bigger is the only way for credit unions to survive. However, there are fine examples of very successful credit unions that are bucking the trend and purposefully remaining small. Tim McAlpine will explore how these credit unions are using marketing, technology and good old-fashioned member advocacy to not only remain small, but also continue to be viable and successful.

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Page 1: Small is beautiful. Your credit union can remain small and successful

CUES CANADA WEST AGM | OTTAWA, ON | MAY 4, 2008

Small isBEAUTIFUL.Your credit union

SMALLand successful.

can remain

Page 2: Small is beautiful. Your credit union can remain small and successful

Tim McAlpine

President & Chief Strategist

Currency Marketing

Page 3: Small is beautiful. Your credit union can remain small and successful

+ Credit union advocate

+ Creative leader

+ Marketer + Speaker + Blogger + Cheerleader

Page 4: Small is beautiful. Your credit union can remain small and successful

PRESENTATIONTwo slide

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FGSJF(For Goodness Sakes, Just Focus)

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NLGAD(Now, Let’s Get A Drink)

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REALITIESSmall

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One small U.S. credit union disappears everyday

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The eternal lure of economies of scale

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I will give you advice on branding and marketing. I am not an accountant.

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OBSERVATIONSSmall

Page 12: Small is beautiful. Your credit union can remain small and successful

NEWS FLASH Your small credit

union is not differentiated

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If your credit union looks like a bank, sounds like a bank and feels like a bank, it’s a bank.

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Think of the big banksand the big credit unions as the major TV networks

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By necessity, small niche stations are highly specialized and differentiated

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In contrast, this is how the financial services industry looks

from the consumer’s point of view

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Quality of quantity?

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BIG BOX = BIG BANK

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DOES YOUR SMALL CU = SPECIALTY SHOP?

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BIG=SLOW

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SMALL=NIMBLE

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The financial landscape is rapidly changing

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The dinosaurs didn’t have broadband, what’s your credit union’s excuse?

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ADVICESmall

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Tune out the noise

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Lead, don’t follow

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Think niche

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Understand your members and your marketplace

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Don’t define yourself by what

you’re not

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Build upon what you know

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CU

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BRANDSSmall credit unions

with different and relevant

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Your

is critical!

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1Credit union branding is

about revealing and

promoting an easily

understood, authentic

difference over an

extended period of time

LESSON

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2LESSON Your credit union

difference must be

extremely compelling to a

defined group of people

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3LESSON A credit union must

create and promote

compelling products

and services to thrive

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4LESSON

Better does not

make your credit

union different

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5LESSON

The built-in credit union

difference is no longer

readily understood and

even when it is

understood it is not

compelling

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6LESSON

A credit union must actually

decide on its difference,

make fundamental changes

to support that decision

and grow into its brand

over time

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6possible differentiatedbrand positions

Page 41: Small is beautiful. Your credit union can remain small and successful

Wealth sharer (cash/dividends/rewards)

Price leader (savings/earnings)

Innovator (products and services)

Advocate (programs and mentorship)

Agent of change (a cause to champion)

Affinity (taylored to a specific niche)

Page 42: Small is beautiful. Your credit union can remain small and successful

Mount Lehman Credit UnionLocation: British Columbia

Members: 1,800Assets: $40 million

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InnovatorPassionate, relevant and tech savvy

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Gene BlishenGeneral Manager

Page 52: Small is beautiful. Your credit union can remain small and successful

FirstCredit Union

Location: Powell River, British Columbia

Members: 6,500Assets: $130 million

Page 53: Small is beautiful. Your credit union can remain small and successful

Wealth SharerInnovative rewards program doubles share of wallet

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White River Credit Union

Location: Enunclaw, Washington

Members: 7,000Assets: $40 million

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AdvocateNew branch design is an authentic community gathering place

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BUDGETSmall credit unions

marketing with a modest

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Consider pre-designed

materials

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However, ensure that pre-designed doesn’t mean generic and bank-like

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PSB The Marketing SuperSoucewww.psbonline.com

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NationwideMarketing Solutionswww.NationwideMarketingSolutions.com

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Cuckoo Campaignswww.CuckooCampaigns.com

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SOCIALSmall credit unions mastering

media

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THINK Small World Web,

NOTWorld Wide Web

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Courtesy of Brent Dixon from Trabian

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OLD

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NEW

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SOCIAL MEDIA

Take advantage of

FREE Web 2.0 services

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UFirst FederalCredit Union

Location: Plattsburgh, New York

Members: 3,300Assets: $20 million

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Ginny BradyBoard Member

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MembersCredit Union

Location: Winstom-Salem, North Carolina

Members: 50,000Assets: $200 million

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Matt DavisDirector of Public Relations

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Members Credit Union Football Pick’em by Matt Davis

Page 88: Small is beautiful. Your credit union can remain small and successful

Common WealthCredit Union

Location: Lloydminster, Alberta

Members: 52,000Assets: 1.6 billion

Certainly not small, but a good example of the potential

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The Difference Between Banks and Credit Unions Part 1 by Larissa

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Y&F Road Trip by Larissa

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SUMMARYSmall

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Create and live a relevant brand

Page 98: Small is beautiful. Your credit union can remain small and successful

Connect with your members in new and exciting ways

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BE DIFFERENTBE RELEVANT

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currencymarketing.ca/blog

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currencymarketing.ca/podcast

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AQ&

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Thank

YOU!

Page 104: Small is beautiful. Your credit union can remain small and successful

Tim [email protected]

currencymarketing.ca