Posted by Miriam De Dios Woodward on May 15, 2012
Smart credit union executives realize that the face of the American consumer is changing, and that to grow membership, they must adapt to their new consumers.
One way for credit unions to pursue their membership growth strategy with their local Hispanic community is by asking the right questions to develop a customized strategy for achieving their membership growth goals:
Is the credit union well-positioned to target and serve the Hispanic market?
The goal here is to determine whether a credit union is excited by the philosophical and business imperative to serve the Hispanic market. Answers can be found in a variety of ways, including internal staff/board surveys and a review of materials, such as marketing collateral and strategic planning documents.
How many Hispanic members is the credit union currently serving?
This question is about more than numbers. Rather, it is designed to help the credit union understand how far it has come in the Discovery, Emerging & Best Practice phases.
What milestones has the credit union already achieved?
The answers to this question provide a snapshot of the credit union’s current Hispanic outreach, including a look at personnel, products, processes and systems, and promotion and marketing strategies.
How many Hispanic members could the credit union serve and what is the income potential?
One measure of a credit union’s potential success in Hispanic growth is total income. It can be calculated from three figures: 1) number in the target market, 2) credit union penetration rate, and 3) average income per member.
What are the opportunities and challenges faced by the credit union?
Credit unions must take a hard look at the distribution of Hispanic residents in neighborhoods surrounding branch locations; median income of area Hispanics; percentage of local Hispanics who prefer Spanish to determine their readiness for successful Hispanic engagement.
What are the best-practice strategies that will attract and retain Hispanic members?
Recommendations will vary depending on a credit union’s market, what they’ve already accomplished and how well they’ve accomplished it.
The white paper “Asking the Right Questions” can be downloaded at: http://tinyurl.com/7ovghlu.
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