the essential elements of storytelling patterson...the essential elements of storytelling alix...
TRANSCRIPT
The Essential Elements of Storytelling
Alix Patterson Callahan & Associates, Inc. October 2016
Callahan & Associates’ Portfolio Of Resources
• Peer-to-Peer • CUAnalyzer/CUTarget • MortgageAnalyzer • BranchAnalyzer • Trendwatch • Market Research
Data and Analysis Industry Collaboration
Context Strategy
Implementation
• CreditUnions.com • Credit Union Directory • Strategy &
Performance • Collections • Market Share Guides
• Executive Roundtables
• Webinars • Executive Resource
Center
• Strategic Planning • Consulting • Leadership Team
Development • Strategy Labs • Speakers Bureau
• CUFSLP • TRUST for Credit
Unions • CU Student Choice
Credit Unions = A Winning Formula?
Lower Loan Rates +
Higher Savings Dividends +
Better Member Service =
<10% Market Share Nationally
The Spectrum of Economic Organizations
How Far We’ve Come…
A Shift In Thinking... What Story We Tell
From this…
• The bottom line
• Growth trends
• Market share data
• Sustainability
To this…
• Your members
• Your associates
• Your community
• The industry
A Shift In Thinking... Who Tells Our Story
From (just) this…
• The Marketing Department
To (and) this…
• Your employees
• Your board
• Your members
• Your community
• The media
If you only take away one thing today…
Contrary to popular belief, brand storytelling is not about your [credit union]. It’s about your [members] and the value that they get when engaging with your product or service. The most powerful brand stories are the ones that prioritize [members] as the stars. Think of your [credit union] as a supporting character.
Source: http://www.quicksprout.com/the-beginners-guide-to-online-marketing-chapter-3/
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Wright-Patt’s 3-Stakeholder Model
Institution
Members Partners
(Employees)
What’s the most important measure of success for your lending department?
a) Growth over Last Year
b) Growth in Market Share
c) # Loans Originated
d) $ Loans Originated
e) Other
A Different Answer: Interest Saved.
Fast Lane Financing
• Spring 2008 Goal – Save $1 Million interest on auto refinances
– Finish Line – Met goal by November 2008
• January 2009 – new goal $3M – any type of loan
– Finish Line – Met by May 13
– Reset to $5M by December
– Finish line - $6.5 million
How Much Members Saved – in Millions!
$16
$37
$15 $16
$23
$-
$5
$10
$15
$20
$25
$30
$35
$40
Interest Saved
Mill
ion
s
2011 2012 2013 2014 2015
Why was this so successful?!
• Staff “buy in”
– Stories
– FLF Days
– Winners Circle
– Branch goals
– Part of our culture to educate & advise
A Good Idea Knows No Bounds
Thrivent FCU BalanceWorks™
Opportunities
• Income Inequality
• Retirement
• Household Wealth Gap
• Community Re-development
• Local Job Growth
Income Doesn’t Tell the Whole Story
Healthy Not Healthy
43% 57% Source: Understanding and Improving Consumer Financial Health in America, CFSI, 2015
It’s Not (just) About Income
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Literacy = Resiliency
No Retirement
Savings [PERCENTAG
E]
The Need
Homeownership Rates
0% 10% 20% 30% 40% 50% 60% 70% 80%
White
Latino
Black
Source: Survey of Income and Program Participation (SIPP), 2008 Wave Panel 10, 2011
Wealth Accumulation
$7,113
$8,348
$111,146
$104,033
$102,798
$0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000
Black
Latino
White
Median Wealth Gap
Source: Survey of Income and Program Participation (SIPP), 2008 Wave Panel 10, 2011
Median Wealth Return to College Degree
$4,846
$4,191
$55,869
$- $10,000 $20,000 $30,000 $40,000 $50,000 $60,000
White
Latino
Black
Source: Survey of Income and Program Participation (SIPP), 2008 Wave Panel 10, 2011
Example Stakeholder Statements
1. We will participate in cooperative endeavors that support the on-going viability of the credit union system.
2. We will help members borrow smarter by offering lower rate refinancing opportunities.
3. We will give back what we take from the environment.
4. We will provide employment opportunities by creating by funding/supporting local small business.
5. We will have fun at work.
Report on KPIs
1. Started a compliance CUSO to extend our expertise to other credit unions in need.
2. Saved members $2.3 million with our Sit & Save program
3. Reduced carbon footprint in 2 branches by converting to solar energy
4. Underwrote $4 million in SBA loans; participated in 6 community fundraisers for ….
5. 92% of our employees would recommend us to others as a place to work.
Contact Information
Alix Patterson Partner
Callahan & Associates, Inc.
(202) 223-3920 ext. 213
www.CreditUnions.com
/
AlixPatterson
/pub/alix-patterson/1/3b1/774
http://www.creditunions.com/authors/alix-patterson/
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