DES MOINES, Iowa (2/22/13)--A new white paper from The Members Group (TMG) looks outside the financial services industry to help credit unions better determine their core competencies and get in touch with the value proposition they bring to the marketplace.
"Strategic Planning's Big Questions," written by Shazia Manus, TMG CEO, studies how companies such as FedEx, U.S. Cellular, Walgreens, Dell, the Mayo Clinic and National Geographic create unique value propositions. She recommended that credit union leaders "can and should look outside the industry for inspiration."
Media companies today are facing as many, if not more, challenges to their business model as financial institutions. To more fully "bring to life" the experience of reading a
National Geographic magazine or watching the brand's cable channel, the company took its content on tour, creating interactive content for mall-goers. Passersby saw themselves interacting with dolphins, dinosaurs, storms and spacemen on a theater-size screen.
"For me, it brought back all those memories of being a child, lying on the floor looking at all of the pictures in my grandpa's and dad's copies of National Geographic," said one person who experienced the tour. The same user concluded "that's exactly what marketing should do … make us smile and bring back those memories we hold close."
Value propositions fall into four basic categories: Best quality, best price, luxury or must-have, according to Anthony Tjan, CEO of the venture-capital firm Cue Ball. Credit unions must determine if and how their unique competencies can work to make consumers recognize them as the leader in one of the four categories, Tjan said.
"Figure out how to reposition your offering. Stop being stuck in the middle and aim to set a new standard," Tjan said.