I hear it all the time – our members don’t CARE that we are a cooperative. And why should they? What have you done besides state the antiquated rhetoric “A credit union is a not-for-profit owned and operated by our members with a volunteer board of directors…blah blah blah.” We seldom even USE the words Co-Op.
Raise your hand if your credit union URL ends in .coop! Did you know you can’t just willy nilly buy a .coop on Go Daddy? Nope. You must APPLY for it and prove that you are indeed a cooperative.
When we asked a random sample (statistically significant) of our members on a scale of 0 – 10 “How likely is it they will recommend the credit union?” and “Why?” the answers were astonishing. Almost 30% of our members love us because we are local, not a bank, a credit union, or a financial cooperative. They do care.
Armed with this information we designed a logo – cuz that’s what we do in marketing.
Like to say we had a master plan, but we didn’t. Thinking we would slap that on our web, maybe a t-shirt, we really didn’t know. Then it came to us – let’s find local Co-Ops and see if they’ll partner in on the message. In Santa Fe (which is like liberal-granola-eating-Subaru-driving Portland only with sunshine) had only ONE Cooperative, the La Montanita Co-OP Market.
But up north in Los Alamos (where we started) we found two! The LA Co-Op Market and Little Forest Playschool, a parent run co-op since 1951! We met with them to brainstorm on how we might work together. Little Forest Playschool has an annual sale to raise money to run the pre-school – we offered free advertising. We put it up in our lobby on our InLighten Screens. LA Co-Op Market asked if we could partner with them to do a membership drive. We opened 83 memberships at our Los Alamos branch in one day for the market. Then it happened – the word got out and a delightful woman named Micheline approached me about adding the newly formed—- wait for it —- Los Alamos Beer Co-Op to the campaign!
Armed with these amazing partners we approached all of the Northern New Mexico credit unions and asked them to join in. Not a hard sell. Last week-end we sponsored the first Keep It Co-Op Community Concert in Los Alamos and on August 21st will host the First Annual Keep It Co-Op Community Concert in Santa Fe. The city of Santa Fe liked the idea so much they kicked in some serious coin to support the event.
All Northern New Mexico based credit unions participate in shared branching – so guess what we’re doing next?
Anywho – feels good to blog again. I haven’t been able to because I always felt like I’d be revealing credit union strategy or the code to our super powers – but damnit – we need to cooperate!, not compete.
Cooperative Principle Number Six: Cooperation Among Cooperatives (it’s a good thing)
Can you imagine if the Don’t Tax My Credit Union effort was renamed to Don’t Tax My Co-Op! ?