MADISON (12/14/12)--A new whitepaper from the CUNA Marketing & Business Development Council discusses how credit unions can rekindle select-employee group (SEG) relationships in a marketing environment that has shifted to community charters in recent years.
"The business development pendulum is coming back after a swing to community charters," said the paper, titled "Developing Strategies for SEG-Based Credit Unions." "Increasingly, credit unions large and small, rural and urban, see and act on the promise of increased business through SEG-based efforts."
Trends examined in the paper include:
Business development at the branch level. As the business development model evolves, credit unions face the challenge of how to best involve branch managers in the process. In more and more credit unions, business development is performed by the branch manager.
Business development as a strategic function. To optimize success, many credit unions work to integrate business development as a core strategic function on the same level as operations, lending and marketing.
Business development for executives. Credit unions should make business development skills an important part of executive team job requirements and deploy them as community-brand ambassadors, the paper said.
Business development to business services. Credit unions should try to provide to their SEGs a comprehensive array of business products and services, including corporate checking accounts, loans and credit cards, the paper said.
Leveraging business development for small businesses. As credit unions re-establish old SEG relationships and develop new ones, many seek ways to connect with small businesses as part of the plan. A comprehensive business-development plan will include a complete suite of services for small businesses.
To download the white paper, use the link.