Goals for Products & Services 2010
This is the time of year when we haul out the business plan to evaluate what we've accomplished and where we intend to improve next year.
Here's an opportunity to walk through a simple plan to formulate some Products and Services goals for next year. Set some goals based on market potential and historical data available to you in the core software you use everyday. The programs you develop will be built on sound best practices with CU*BASE as the foundation. The questions in this newsletter guide you through an entire planning process, all answered by tapping CU*BASE as your source.
Go ahead - start your 2010 planning here.
Where will you find a credit union of relative size or location to yours?
Whether you are thinking about launching a new initiative or making decisions on how to configure a new product or service, use this annually produced report to Learn From a Peer, even contact those who have already traveled the same road.
While this may not be a deciding factor in products or services your credit union promotes this year, you might start here when considering the realm of possibilities for 2010.
Choose a service or a product. Where will you find the current penetration within your membership base?
Here's an example to build on; but you be the driver and choose one or many to analyze and build into a plan. eStatements remain a hot topic. You might use that as an example for this exercise. What is your penetration? Or look at the inverse. What percentage of your membership is not yet enrolled in eStatements?
Comparisons are a visual yardstick. Where can you see the degree of change from last year till now?
CU*BASE stores all your member data, demographics, and a portfolio of transactions both current and historical. This menu option presents comparisons showing changes between time periods. If you prefer illustrations, colorful graphs of the data are one click away.
Numbers tell a story. What's the story behind your portfolio of products and services set as stretch goals?
Do you have stretch goals? Look over your goals during this analysis of your products or services. Answer these questions by using CU*BASE. How many members? What is the average age of the member taking advantage of the service? What else can you determine without moving from this set of screens?How can you communicate with these members quickly?
CU*BASE is your communication hub for member interactions. Once you identify members who could benefit from these products and services, use CU*BASE to send eMail messages, It's Me 247 online banking messages, U.S. mail, or call them on the telephone. In reality, you might use Member Connect at any time to show appreciation, or simply talk to your members. Acknowledgement could be the reinforcement that bonds members to your credit union.Every action begins with a thought.
While you start your planning process and set goals, the slate is cleaned off and rewritten. With CU*BASE tools readily available to you 365/24/7 you aren't taking chances on your success as a credit union executive. You can create a strategic plan, based on market potential inside your field of membership.
Some programs such as ASAP were introduced in 2008. Ask, See, Act, Profit is geared to instill thought provoking actionable items you would use to improve your bottom line. More recently you were presented with Learn From A Peer, adding to the collaborative effects of being involved with a network of colleagues and mentors.
Having answered the questions in this newsletter, what's your winning strategy for 2010?
