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Creative Business Development Strategies

Creative Business Development Strategies. Tyrone Richardson Business Development Manager AA Credit Union. Creative Strategies. What if you can find people to sell for you and be your “sales army” all over your market?

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Creative Business Development Strategies

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  1. Creative Business Development Strategies Tyrone Richardson Business Development Manager AA Credit Union

  2. Creative Strategies • What if you can find people to sell for you and be your “sales army” all over your market? • What if you can quadruple your business development staff and produce results for less than the cost of 1 additional business development person? • What if you can produce the same amount of accounts as a branch without that cost?

  3. Corporate Approach Ambassadors • People in the environment of our target market that are influencers, “servicers” and advocates of the credit union • Nominal rewards- dinner, points, gift cards • Education- educate them on the movement, not just your needs • Involvement- involve them in what you do- not just what you want • Ensure they are members- then they can tell their story

  4. AA Credit Union • Over 130 Coordinators • In 2007, they generated over • 500+ New members • 800+ New products • $2,000,000 in new loans • $650,000.00 in new deposits

  5. We gave them… • Credit card points (less than 5% redemption rate) • Two training classes • A bi-annual cruise (paid for in part by vendors) • Lots of Kudos • Total Value: $21,000.00

  6. Creative Strategies • What if you could give potential members and members a taste of what your credit union offers? • What if members could try your service, see your products and see everything your credit union can do for them? • What if a potential member can speak to a loan officer without being a member?

  7. Open Houses • Showcase products and services the credit union offers • Showcase the branch and staff • Highlight the current promotions • Share the family benefits of members • Ensure subject matter experts are on hand to meet with potential members • Giveaways and takeaways are great reminder, but have a call to action offer

  8. AA Credit Union 2007 we hosted: • 10 Open House events at various branches • Met with 4,638 members • Opened over 230 new products • Acquired over 300 new accounts (day-of) • Included Coordinators

  9. The Cost… • We made money… • The average cost of the event was $880.00 • In June, • Guaranteed over 300 attendees • Offered product advertising and promotions • Charged $250.00 per partner • Generated $750.00 in revenue

  10. Creative Strategies • How can you bring a large audience of potential members to your branch to hear your information? • How can you win favor with your SEG decision-makers? • How can you capture a targeted audience to deliver a specific message and sign them up right away?

  11. Partnerships • Immerse yourself in your SEG • Partnership = Together with • Incorporate their activities into yours • Celebrate their accomplishments with them • Always ensure your visibility and good PR • Always use the opportunity to promote something new/special promotion

  12. AA Credit Union • Annual Cinco De Mayo Celebration with SEG Company • Hosts of the Annual New Hire Reception for American Airlines • Sponsors and participants of the Annual National Professional Administrative Day at the C.R. Smith Museum • Sponsorship and participation at the DFW Airport Gatorade Drive

  13. Areas of Focus How to grow… • Friends and Family membership • Youth membership • SEG membership • Word-of-mouth Marketing • Market-Specific (Hispanic) membership

  14. Friends and Family

  15. Youth Membership

  16. SEG Program

  17. Word of Mouth Marketing

  18. Market-Specific

  19. The End Questions?

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