All Business

Headnote

When it comes to member business services, marketers' roles span research, product design and delivery, and education.

When a credit union introduces business services, when do marketers get into the act? In planning the launch? Developing the advertising campaign?

Aim for much earlier, suggests Mark Weber of CUES Supplier member Weber Marketing Group (www.webermarketing.com), Seattle. "It's the marketer s job to be involved from day one- in the initial marketing research, design of products, timing and evolution of the rollout, and staff training."

To be able to contribute effectively to the team effort of developing this line of products and services, marketers need to hone a whole new skill set and understanding of business services, Weber says. They need to be familiar with the various segments of businesses within the credit unions field of membership; the nature of those businesses and their needs and preferences for business loans, deposit accounts, and cash management services; and the best ways to connect existing and prospective business members with those services.

For credit unions just beginning to consider business services or in the early stages of introducing them, identifying which existing members are business owners can help guide decisions about which products to offer and how to roll them out. Credit unions may find that 10 to 20 percent of their members are operating businesses as part-time or full-time endeavors; some may be managing their business finances through their personal accounts.

"You may find an incredibly untapped market to serve members' financial needs more effectively," says Weber, who previously worked for a large savings bank and helped launch two business banks in Washington. "The low-hanging fruit are already members- you just don't see them as business owners. You can spend several years just dealing with these existing bases."

Which Segments to Serve?

After identifying the potential market for business services among current members, the next step is to identify the various segments they represent and the types of financial services they need. Small office/home office owners may be a significant hidden market. "The challenge is that we don't have a lot of data about who these people are," he notes.

Other potential segments include manufacturing, retail, health care, professional associations and nonprofit groups. Each segment has...