After reading the CU Warrior’s blog post on Digging the Diggers, I thought: Great stuff, but how and why are credit unions in this situation to begin with?
My answer: They ain’t got no swagger.
Thesaurus.com defines the verb form of swagger as “walk pompously.” Noun form synonyms include audacity, bluster, and hubris.
I realize that those words might not have a positive connotation to you. But when you see some hip-hop rap star walking around with a ton of bling, and six women clinging to him, you think “that guy’s swagger just reeks success.”
It’s about the image portrayed. When I tell people how many people work at my company, I often hear “wow, I thought you guys were bigger.” Right. Because we “play bigger” than we are. Doesn’t mean we’re arrogant or anything. It’s about an image we’re trying (I think) to project and reinforce.
After reading Matt’s blog post, I thought about the image that I perceive the credit union industry (as a whole) to be projecting: Insecurity. “Oooh, we’re the little guy getting taken advantage of by the big bad banks, which is so wrong, because we’re so much better, but nobody knows it.” Oh, boo hoo.
There’s a ton of YouTube videos I could point to that all focus on “spanking the banks”, or making fun of bankers, or feeding the “little guy” image.
And let me concede that that image may very appeal to a certain segment of the market. As Matt alludes to, though, maybe that segment is just the 6% he says CUs are fighting over. Personally, I think the segment is a lot higher, but even if it’s three times greater, that still leaves more than eight in 10 consumers who aren’t going to be attracted by the “insecure little guy” image.
What do the 80% want? I don’t know. I only know what I want: To associate with winners. To do business with the best firm in the pack, not the one I feel sorry for because they’re so needy. The one with the swagger, the bling, and the beautiful women clinging on to them.
The Warrior says “We price products like we’re banks. We’re not banks.” Pretty bold. What would a CU with swagger do? Charge for PFM access, and give away the checking account. Require members to open a minimum number of accounts in order to maintain their status as a member. Tell members “if you want to benefit from the superior service and products we offer, then you’re going to have to earn it, beyotch.”
Of course, if you’re going to have a swagger, and project an image that you’re the best, then you better be good. With the insecurity that I perceive, I can’t help but wonder if CUs really believe their own claims about superior service.
CUs need to start “playing bigger.” Too many misinterpret this “small firm” thing. People don’t want to do business with a small business simply because it’s small, they want to do business with a smaller firm because they believe that there will be benefits — like better service, more flexible pricing, better ease of doing business, etc. — to doing business with it.
I’ve said it before, going to say it again: It’s time to move past the “big bank mistrust” thing. That’s old news, thanks to BP. Time for CUs to get aggressive and assertive about marketing. Time for CUs to get their swagger on.
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Swag is cool. Swag is in. Swag is sporting and representing something you believe in.
Just listen to Solja Boy as he turns his swag on: http://www.youtube.com/watch?v=9yRme0C2pmI
“I gotta question why they hatin’ on me I aint did nothin to em.”
Or like TI, Kanye West, Lil Wayne, Jay-Z, and M.I.A., say… “no one on the corner got’s swagga like us”: http://www.youtube.com/watch?v=TiS9-yPvBnY
Be big. Act small. Grow. Win.
JR: I might have made a mistake bringing up the hip-hop example.
I dislike the hip hop comparison because when I see the stars you reference in your post, I see people who are all about theirselves and what they want. CU’s are supposed to be all about the member and what the member wants/ needs. While I 100%agree that CU’s need to kick it up a notch, I believe the best way is to find those who want to help themselves, imho.
@Travis – thanks for the note and in reference to the hip hoppers in my comment, I 100% agree that they are all about themselves. No doubt there at all.
However, to tie everything together, for CUs to kick it up a notch they must first believe in themselves… invest in themselves. They MUST have some swagger.
To re-quote Ron, “Of course, if you’re going to have a swagger, and project an image that you’re the best, then you better be good. With the insecurity that I perceive, I can’t help but wonder if CUs really believe their own claims about superior service. CUs need to start playing bigger”.
A few years ago, I suggested that credit unions take a page out of Costco’s handbook, and start charging a significant annual membership fee. Want to show swagger? Charge $50/year to be a member of your credit union. Justify the charge by pointing to the things that members are getting for that money. If you have trouble making that argument, you may have landed on our problem.
If what we’re doing people aren’t willing to pay for, there’s too much supply and not enough differentiation.
Swagger is being different, being proud of it, and pricing things accordingly.
‘dunno about the word “swagger,” its SO edgy…. but leaders are always “leaning forward”… what happens when a shortstop or a tailback has his weight on his heels?….
[...] This post was mentioned on Twitter by James Robert Lay, rshevlin. rshevlin said: Need proof I've been sitting at airport too long? A 2nd blog post for the day. A response to @cuwarrior 's blog post http://bit.ly/94gMoa [...]
In all of the years I’ve worked with Canadian and US credit unions, I couldn’t quite articulate the difference until I read this post. Canadian credit unions have total confidence and swagger and prance around like a puffed up peacock.
This commercial from Coast Capital sums up that swagger in 30 seconds. http://www.youtube.com/watch?v=pBaRq2bzfXE
Love this post.
This is precisely why in Texas we’ve been not on board with whole “little guy” approach from National on the political – we get the tactic, but it just rubs us wrong.
We are a multi-billion dollar industry. In San Antonio, for example, credit unions have a majority of the consumer market share and are more… Canadian in attitude.
We’ve got a window to develop some serious swagger. I hope we get it done.
How does swagger help customers?
I like swagger. Never thought of using swagger for myself to help the CU grow.
I always thought to myself what makes a pro athlete the “best”. They all are at the same level as far as their physical ability, but what made Michael Jordan the “best” to most? It was his swagger in himself that made him the “best” and then when he taught that swagger to his team, they became a dynasty.
Now if I can only remember to have swagger every day because our CU does offer better service and flexible pricing.
Howard: First off, thanks for commenting, good to hear from you.
To answer your question — and I’m fully aware I’m stretching it a bit here — it gives customers confidence. I used the word “swagger” because “air of confidence” wasn’t as provocative or evocative.
How long has Amex been advertising “membership has its privileges”? It’s designed to project an image of eliteness, differentiation, specialness. (sorry, not a very good sentence grammatically). CUs equate membership to ownership. Most people could care less about “owning” .00001% of a credit union.
Ron, Amex is/was great at getting consumers to think they were joining an elite club that not everyone could get into (whether that was true or not), which would seem at odds with the egalitarian culture of CUs. But I can see that instilling a sense of pride among CU employees could rub off on members.
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