Chair's Message

Be the Man Bites Dog Story!

Evan Hitchcock Marketing & Business Development Manager E-Central Credit Union

For a better part of 2007, the media has been reporting about the demise of the mortgage industry and how it’s affecting hundreds of thousands of homeowners nationwide. And it seems as though more often than not we are hearing how many lenders are closing their doors or reporting a loss in earnings amid the housing downturn. These are the stories our members are reading everyday – they are “dog bites man” story.

Now is the time for credit union marketers to take advantage of the situation and drive in new business, despite all the recent negative news. Our job as marketers is to emphasize to our members and local communities that credit unions (especially your credit union) are not part of the publicized mortgage mess. In fact, very few credit unions participated in the sub-prime market and most credit unions are in an excellent financial position to continue lending.

If your members are like most homeowners affected by the housing downturn, remind them of your services and “bring them home” to your credit union. Many homeowners, especially the ones who financed their home with an adjustable rate mortgage, are a little wary of the whole situation and are looking for a lender they can trust. Industry surveys indicated that one of the top reasons why credit union members bank with their credit union is because of trust.

But guess what? Your members and even potential members aren’t the only ones who need to hear your message. Your local media representatives need to know too. The media is always looking for the “man bites dog” story. Your credit union’s story can be that story. In turn, by pitching your message, you will be building brand awareness and differentiating your credit union from competitors, thus driving in new business.

Fortunately, our industry advocates have been busy in the media. In a recent article on MSN Money titled “Ditch Your Bank for a Credit Union” authored Liz Pulliam Weston, Pat Keefe from the Credit Union National Association (CUNA) was quoted. Bill Hampel, CUNA’s chief economist, was quoted in Amy Hoak’s MarketWatch article “Don't Forget the Credit Union.”

So as credit union marketers, let’s tell our story locally so we all can benefit globally!

 
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