Look Beyond Your Four Walls
To successfully build a community-based business model like your local credit union, it helps to get to know the community. Studies show people “like” credit unions and community banks more than national chains, in large part because people like having a relationship with their financial institution – one that goes far beyond the impersonal interaction they usually have in large banks.
To build a loyal community base its imperative to be a part of the community you serve. Instead of focusing on nationwide marketing campaigns or looking for customers anywhere and everywhere, you will reap far greater benefits by honing in on your surrounding community and building from the branch out rather than from the top down.
If you think of your customer as King Midas, then loyalty is the special magic that allows him to turn everything he touches into gold. Loyalty is the most powerful currency of our on-demand economy, and looking back at the golden era of credit unions yields valuable insight into how to tap into those practices that turn a one-time user into a lifelong brand member.