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Having worked with credit unions for a number of years, there’s one thing we can say with certainty: credit unions are excellent at putting people first, but not always! Too often credit unions – along with many organizations in other industries – promote their products and services in a way that meets their own needs, rather than those of the consumer. In other words, they take an organization-first approach to marketing instead of a people-first approach. And this does not bode well, neither for the organization nor the consumer. By neglecting a people-first approach in marketing, you are giving consumers a reason to at best, ignore your brand, and at worst, form a negative opinion about it. And with today’s consumer firmly in power, the only way to succeed is to prioritize the needs of the consumer.The good news is implementing a people-first marketing approach doesn’t have to be difficult. And credit unions are at an advantage, considering how well-versed they are in people-first practices. Here’s how your organization can start doing it today. Advertise For Them, Not At ThemWhy do you advertise? Is it for the benefit of your organization? Or for the benefit of potential members? Let’s look at an example: when executing a home loan campaign, is your goal to drive an increase of home loans at your credit union? Or is it to empower as many people as possible to achieve their dream of owning a home?Already you can see how this shift in thinking changes the way the promotion would play out. By prioritizing the consumer you are able to deliver a message that is far more compelling and relevant to them. Similarly, you are more likely to produce a campaign that is more entertaining and engaging, as you are no longer feeding audiences a dry sales pitch. By giving the consumer more opportunity to relate to your message, they will be more receptive to what you are saying and more motivated to explore what you have to offer.With this approach, you’re no longer another annoying advertiser that’s interrupting the consumer. You’re a helpful, informative resource offering something of value.Understand Your AudienceDo you know the preferences and habits of your target audience? Really know them? Be honest here. You might have made some assumptions in the past, but if you don’t have hard and current evidence then you are setting your brand up to fail. Today, consumer habits and preferences change faster than ever and that means your organization needs to keep up. You need to make a determined effort to analyze your audience – consistently and frequently. It’s no longer viable to choose mediums or channels based on what your organization is comfortable with. You need to be where your target market wants you to be, and the only way to do this is to know how they act, think, and feel.If you aren’t regularly gathering insights, or if it’s been a while since you’ve done so, there are simple yet effective ways to get started. We highly recommend incentivized surveys, both online and in-branch. A gift card is a good option for generating interest from both existing and potential members, while cost-effective tools like SurveyMonkey allow for seamless insight gathering online. Surveys at least once a year – if not every quarter – ensures you are doing the right thing for your audience and ultimately your organization. Cut The Self TalkYou might be used to talking HELOC’s, REFI’s, and the benefits of being a member-owned organization all day long, but that doesn’t mean your target market knows what you’re talking about. One of the biggest traps credit unions fall into is ‘talking to themselves’. That is, communicating with common credit union lingo and messaging that many outside the industry would struggle to understand. And with many people still unaware of what a credit union is and how it differs from a bank, this ‘self-talk’ ends up isolating potential members. To combat this, we suggest talking to someone outside of the industry to get their take. This could be trusted non-members or a professional communications consultancy. Doing this will help you craft a message that appeals to your target consumer, even if they have never heard of a credit union before. Remember: it’s how consumers actually interpret the message that’s important, not how you want them to perceive it.People-First All The WayPeople-first marketing does require a shift in thinking and an adjustment in action. It’s likely you will start doing things differently to what you’re used to, but that can only be a good thing. Delivering value and providing consumers with what they want will only make your credit union stronger, helping to secure your organization’s success for the future. You’re already doing this with the services you provide, isn’t time you started doing it with your marketing, too? 6SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Ben Prager Prior to forming Prager Creative, Ben worked with design studios, branding firms and advertising agencies to push great strategy and design for all his projects. His experience with all aspects … Web: www.pragercreative.com/creditunions Details
Dutch mature pension funds could improve their liquitity position by increasing their allocation to cashflow-generating corporate bonds, experts at the €775bn asset manager AXA Investment Managers have said.Such a change in asset allocation – at the expense of equity and government bond holdings – would not significantly affect a pension fund’s returns, while contributing to its overall hedging strategy, according to Sebastian Proffit, head of portfolio solutions for fixed income.During an online roundtable about liquidity and aimed at the Dutch pensions sector last week, he referred to Mercer’s last year’s European Asset Allocation Survey, which suggested that the percentage of defined benefit schemes in Europe with a negative cashflow is to rise from 60% to 90% in the coming 10 years.The survey also indicated that 91% of the participating pension funds considered selling assets to improve liquidity which, Proffit said it “could be potentially risky as well as expensive”. He said dealing with increased cash holdings and a new focus on divestment would require a different mindset at pension fund boards.Chris Iggo, chief investment officer for core investments, also said that credit prospects are better than for equity, arguing that credit markets “have more support as well as potential for positive returns”.“Most of the time, credit outperforms government bonds, with limited additional risk for the better quality of investment grade bonds,” he pointed out.Iggo said he expected bond yields to stay low for the time being, with yields of 20-year Dutch government bonds remaining at zero at best.The CIO said that, despite ample financial stimulus posed by the central bank’s buying and local governments issuing government bonds, there will be no upward pressure on interest rates for the near future.He added that, after the initial fall of 33%, equity markets were unlikely to recover this year. “We expect equity to remain volatile, and I think that there is a significant risk of a second leg down,” he said.Mohamed Maalej, head of portfolio engineering, said increasing a credit allocation to long-term dollar and sterling-denominated corporate bonds makes most sense, “as they usually have a longer duration than euro-denominated credit”.However, both Iggo and Maleej higlighted the importance of research in order to find high quality credit.Maalej also mentioned the recent 12% drop in credit markets in the past two weeks, whereas during the financial crisis the fall had amounted to 11% in total, spread out over a nine-month period.He said ETFs had recently exchanged against discounts ranging from 5% to 20% relative to the underlying benchmark, leading to overall losses of up to 50% of their value.Proffit said he had already noticed a lot of interest in cashflow-driven investment (CDI) in the UK, but noted it was too early to draw conclusions. He would expect the degree of CDI to gradually increase, as had happened with liability-driven investment (LDI).He said that, based on their funding level which he estimated at 95% on average, UK pension funds could afford to de-risk through reducing their equity exposure in favour of credit and government bonds in order to decrease long-term liquidity risk.According to Mercer’s survey, Dutch pension funds had a 16% exposure to credit as part of their bond holdings last year, relative to 37% for UK schemes.
Syracuse goalkeeper Ady Cohen saved a quick shot, but then Colgate gathered the rebound and scored. That was the theme of the first period, as Syracuse fell behind, 3-0, en route to a sixth straight loss to start the season. A poor first period left Syracuse (0-6) chasing Colgate (3-2-1) in Hamilton, NY on Friday Night. The scoring started early with the Raiders taking the lead seven minutes into the first period. Then two goals in three minutes by Colgate, including one on a five-on-three power play, demoralized SU. With the win, the Raiders remained undefeated at home this season. After the first intermission, Syracuse came out of the break reenergized and reinvigorated. Perhaps it was something head coach Paul Flanagan said in the locker room. In the second period, SU outshot Colgate 11-0, but couldn’t score.Liz Auby, Colgate’s goalie, leads the nation with over 300 minutes played. She also added 31 saves tonight to her 101 saves on the year.On the other side, Flanagan chose to switch up his starting goalie once again as Ady Cohen got the start with Allison Small dealing with an injury. Cohen allowed five goals on 26 shots, which added to the ongoing battle for the starting spot. Flanagan has yet to decide on a starting netminder for SU this season.AdvertisementThis is placeholder text“I don’t think we have an established number one,” said Flanagan last week.The fire that the Orange had in the second period fizzled out in the third with the game effectively over. Two consolation goals from SU made the final score 5-2. However, this was yet another performance where the Orange looked bright in brief moments, but were outplayed for most of the game.Syracuse returns to Tennity Ice Pavilion tomorrow afternoon seeking its first win over Colgate in five years. Comments Published on October 18, 2019 at 8:59 pm Contact Gaurav: [email protected] Facebook Twitter Google+