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11
Status Quo Is Quazy Status Quo Is Quazy Talk!!!!Talk!!!!
Patrick K. AdamsSt. Louis Community CU
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The Ultimate GoalThe Ultimate Goal
A Leap In Value Rapidly Earns Buzz & A Leap In Value Rapidly Earns Buzz & Loyalty… And Dare We Say Growth.Loyalty… And Dare We Say Growth.
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Create A “LEAP” In ValueCreate A “LEAP” In Value
►L---------Love The IdeaL---------Love The Idea►E---------Energy Is KeyE---------Energy Is Key►A---------Audacity Shakes The TreeA---------Audacity Shakes The Tree►P---------Possibilities Are PresentP---------Possibilities Are Present
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GROWTH
SCALABLE ADVANTAGE
RETURN TO MEMBER LABOR OPPORTUNITIES
LONG TERM SURVIVAL
WE HAVE ESTABLISHED INFRASTRUCTURENEED TO DRIVE MORE BIZ THROUGH IT!
COMPETITIVE POSITION
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Business LifecycleBusiness Lifecycle
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Strategic Inflection PointStrategic Inflection Point
►Avoid The “Uh-Oh” PointAvoid The “Uh-Oh” Point
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The Market Is Crowded & We The Market Is Crowded & We Look Like Everybody Else… Look Like Everybody Else…
► CompetitionCompetition► CommoditizationCommoditization► ConsolidationConsolidation► Consumer ViewConsumer View► Contracting MarketContracting Market► Competition vs ConsumerCompetition vs Consumer
Tastes Like Chicken Is Not A Tastes Like Chicken Is Not A ComplimentCompliment
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In A Crowded Market…In A Crowded Market…
►Profits ReduceProfits Reduce►Growth StymiesGrowth Stymies
If supply is exceeding demand, then we If supply is exceeding demand, then we are competing for market share that is are competing for market share that is contracting. contracting.
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A New LogicA New Logic
We Have To Innovate Our “Value We Have To Innovate Our “Value Proposition”Proposition”
►Growth & Prosperity Comes From Growth & Prosperity Comes From InnovationInnovation
► Innovation Is Foundation For SuccessInnovation Is Foundation For Success
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We Can Either Compete…We Can Either Compete…
In A Shrinking Venue In A Shrinking Venue
OROR
By Beating Somebody To SurviveBy Beating Somebody To Survive
OROR
Finding A New Venue With No CompetitionFinding A New Venue With No Competition
Stop Benchmarking To Competition!!!Stop Benchmarking To Competition!!!
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CREDIT UNIONCREDIT UNION VS VS BANKSBANKS
PR
ICE
Pro
du
cts
CO
NV
EN
IEN
CE
SE
RV
ICE
ON
-LIN
E
AD
VE
RT
ISIN
G
BR
AN
D
BIZ
S
ER
VIC
ES
MIC
RO
BIZ
S
ER
VIC
ES
AL
TE
RN
AT
IVE
F
IN. S
ER
VIC
ES
CA
US
E
ED
UC
AT
ION
BM
VIS
IBIL
ITY
NAME RECOGNITION
HIGH
LOW
CU
CU
CU
CU
CU
CU
BANK
BANK
BANK
BOTH
BANK
BANK
BANK
BANK
CU
Yo
uth
NC
B P
artn
ersh
ips
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Great BIG Ideas!!!!Great BIG Ideas!!!!
I. People Before ProfitI. People Before Profit
II. Service On SteroidsII. Service On Steroids
III. Opportunities To Grow The BizIII. Opportunities To Grow The Biz
IV. Don’t Be Satisfied With IV. Don’t Be Satisfied With SatisfiedSatisfied
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I. People Before ProfitI. People Before Profit
►Culture Eats Strategy For Culture Eats Strategy For BreakfastBreakfast
►Commit To Your Value Commit To Your Value DisciplineDiscipline
►Identify Your “A” PlayersIdentify Your “A” Players►Embrace Creativity, Risk-Embrace Creativity, Risk-
taking, Problem Solving & Fun taking, Problem Solving & Fun
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Identify Your Value Identify Your Value Discipline…Discipline…
►Are We Product Driven?Are We Product Driven?►Are We Operationally Driven?Are We Operationally Driven?► Is It About Service Intimacy? Is It About Service Intimacy?
Successful Companies Are Great At Successful Companies Are Great At One ThingOne Thing
1515
Mission StatementMission Statementvsvs
Battle CryBattle Cry
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Know Who Drives The BusKnow Who Drives The Bus
►““A” PlayersA” Players►Strong OrientationStrong Orientation►OwnershipOwnership►Why vs What?Why vs What?►Role As Brand Role As Brand
LeaderLeader
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Embrace ChangeEmbrace Change
►PromotePromote Creativity Creativity►Don’t Be A Sissy BabyDon’t Be A Sissy Baby►Have A Kid’s SpiritHave A Kid’s Spirit
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II. Service On SteroidsII. Service On Steroids
►Do A “GAP” AnalysisDo A “GAP” Analysis►Understand The View From The Understand The View From The
Member’s PerspectiveMember’s Perspective►Pricing, Policies, Processes, Pricing, Policies, Processes,
ProductsProducts►Build Relationships---Stop Build Relationships---Stop
Processing Transactions Processing Transactions
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BrandBrand
Business Silos Brought Together
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Member Expectations
Clo
se G
aps
Close G
aps
Close Gaps
CU Deliverable
CU Promise
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III.Opportunities To Grow The III.Opportunities To Grow The BizBiz
►Find New MarketsFind New Markets►Understand The Consumption Understand The Consumption
ContinuumContinuum► Identify Life Stage OpportunitiesIdentify Life Stage Opportunities►Embrace Lifetime ValueEmbrace Lifetime Value
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Re-Orient Your OrganizationRe-Orient Your Organization
►Change From…Change From…
A. Competitors to AlternativesA. Competitors to Alternatives
B. Members to Non-MembersB. Members to Non-Members
Forces Credit Union To Re-define Forces Credit Union To Re-define Member ValueMember Value
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Great Big Idea!!!!Great Big Idea!!!!
Identify Your Non-Customers and…Identify Your Non-Customers and…
Build On The Powerful Commonalities Of Build On The Powerful Commonalities Of What Buyers ValueWhat Buyers Value
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Three Tiers Of Non-MemberssThree Tiers Of Non-Memberss
► Close To You…Cognitive Level Of LoyaltyClose To You…Cognitive Level Of Loyalty► Refuse To Use You…Unacceptable OfferingsRefuse To Use You…Unacceptable Offerings► Never Thought Of You As An Option…Never Thought Of You As An Option…
Assumed They Belonged ElsewhereAssumed They Belonged Elsewhere
Go With The One That Provides You The Go With The One That Provides You The Greatest Amount Of PotentialGreatest Amount Of Potential
Make Sure You’re Profitable & SustainableMake Sure You’re Profitable & Sustainable
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First Second Third Tier Tier Tier
YourMarket
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IV. Don’t Be Satisfied With IV. Don’t Be Satisfied With Satisfied Satisfied
►Optimize The Loyalty LevelOptimize The Loyalty Level►Teach The Increasing Returns Biz Teach The Increasing Returns Biz
ModelModel
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Loyalty/Brand IntegrationLoyalty/Brand Integration
Normative
Affective
Cognitive
Hard to imitate
Hard to deliver
Most meaningful
“Lifers”
Easy to deliver
Easy to lose
Easy to imitate
Emotional/Spiritual/
“The Thing To do”
Make it Personal
Both functional & emotional …benefits are readily visible
The power of translation…
Feature to benefit
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Increasing Returns Business Increasing Returns Business Model…Model…
The More Solutions…The More You KnowThe More Solutions…The More You Know
The More You Know…The Easier It Is The The More You Know…The Easier It Is The More Services…The More LoyalMore Services…The More Loyal
The More Loyal…The Longer They StayThe More Loyal…The Longer They Stay
The Longer They Stay…The More ChancesThe Longer They Stay…The More Chances
The More Needs Met…The Higher The ROAThe More Needs Met…The Higher The ROA
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