You can tell a lot about a person by the paper they read. See if you can find the marketing truth in this joke about newspaper readers:

1. The Wall Street Journal is read by the people who run the country.
2. The Washington Post is read by people who think they run the country.
3. The New York Times is read by people who think they should run the country and who are very good at crossword puzzles.
4. USA Today is read by people who think they ought to run the country but don’t really understand The New York Times. They do, however, like their statistics shown in pie charts.
5. The Los Angeles Times is read by people who wouldn’t mind running the country — if they didn’t have to leave Southern California to do it.
6. The Boston Globe is read by people whose parents used to run the country, thank you very much.
7. The New York Daily News is read by people who aren’t too sure who’s running the country and don’t really care as long as they can get a seat on the train.
8. The New York Post is read by people who don’t care who is running the country as long as they do something really scandalous, preferably while intoxicated.
9. The Miami Herald is read by people who are running another country but need the baseball scores.
10. The San Francisco Chronicle is read by people who aren’t sure if there is a country or that anyone is running it; but if so, they oppose all that they stand for — unless the leaders are handicapped minority feminist atheist dwarfs who also happen to be illegal aliens from any other country or galaxy.
11. The National Enquirer is read by people trapped in line at the grocery store.
12. The Minneapolis Star Tribune is read by people who have recently caught a walleye and need something in which to wrap it.

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One of the great things about credit unions is the sense of community they foster. We’ve worked with several on projects that involved them giving back to their communities. Some spearhead volunteer projects or hold an open house  where they have activities for the kids, giveaways, music, and free food. Others sponsor local sports teams or charity races.

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If you were opening a new restaurant, would you consider letting your customers decide what to pay? According to an AP story in USAToday, Panera re-opened an existing restaurant as a nonprofit in Clayton MO, asking their customers to use the honor system to pay for their meals. Cashiers do tell customers a “suggested” price, and there are workers at the door to explain the concept that it is “not a handout,” but people decide on their own what to pay.

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In a time when every credit union seems to be on the prowl for loans, it may be easy to downplay the importance of Gen Y since they are not yet using credit union products as heavily as other demographics.

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At the 2010 MAC Conference, Bob Hoel, PhD of the Filene Research Institute shared these megatrends that are reshaping the financial services world:

1. Demographic trends

• Geezers Rule! In 2010, 32% of Americans are over 55. By 2015 that number grows to 35% of the population. Those over 55 want: personal service, competence (you need tellers who are good with seniors), good rates, and advice. They are more than willing to pay for book keeping, check writing services and record keeping, and they love CUs that call on senior citizen centers. Lots of seniors are in a position to help grand kids but don’t want unlimited liability. They are willing to put money into a CD or make loan down payments for them, but don’t know how to do it.

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Moms are hot.
If you want a sure-fire marketing strategy, you need to focus on one underserved market niche that has the strongest sense of affiliation, the most homogeny, and the most influence over others. According to Shari Storm, CMO of Verity Credit Union, author of Motherhood is the New MBA and speaker at the recent MAC Conference, you need to target Moms. Here’s why:

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I have heard variations of “preaching to the choir” all my life. Of course, I grew up as a P.K. (preacher’s kid) and even have a brother who became a minister in his second career, so maybe the phrase has a deeper psychological meaning with me than most people. But today, it seems to apply everywhere I look. Everyone seems to be trying to convince people of something they already believe.

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More notes from the CUNA Marketing and Business Development Council Conference:

Economic Insights – Bill Hampel, SVP/Chief Economist, CUNA did an outstanding job of making economic stats understandable:
• Credit unions have been collateral damage in the financial crisis (but be sure to tell members about share insurance to put them more at ease.)
• Home prices in most of the country have hit bottom, consumer confidence back up to 50% (was 20% at one time).
• 2nd quarter of year is when jobs will start coming back, but likely 4th quarter before consumer confidence is back.
• People will be wanting to pay down debt in future.
• Spread is good between loans and savings right now. Should be September before Fed changes rate.
• Low growth economy; good time for “poaching” members.
• Look for 4% loan growth in 2010 and 6% in 2011.
• Rising delinquencies do not necessarily mean major modifications are needed. At 1.8% delinquency rate for CUs (compared to 5.37% for banks).
• Net loan write-offs have gone from .5% to 1.2% this year, forecasting .8% in 2011.
• Credit card charge offs @ 4.29% (compared to 10% for banks).
• Savings growing 8% this year, 6% next.
• Net worth is more important than net income.
• Net income to average assets: 2008- 31 basis points, 2009- 15 basis points, 2010 estimated at 40 basis points.
• It’s OK to let capital ratio fall — Net capital to assets: 6.5% in 80s, 11% in 90s, should be 9.6% this year (as a reference, 6% is when the auditors show up, 7% is considered well-capitalized).

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Every credit union has them. Single service members who are a member in name only, with an auto loan or certificate that they picked up because of the rate or the convenience. If the member is paying fees or interest on a loan, then that member is likely profitable – so that’s an easy call.

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Nine years ago I answered an ad in the paper with the hopes of moving closer to my family. The ad was for a Marketing Director position at Call Federal Credit Union. I wish I knew then how much my life would change, just how passionate I would feel towards something I knew so little about at the time. It’s funny to think of it now, but I didn’t know what a credit union was then or even have a clue how I might market one, but the decision has been one of the best and luckiest of my life.

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Over the past several years, more and more credit unions have eliminated certain words from their marketing and identity. Words like “member”, “join” and even “credit union” are now taboo in a lot of places, and internet account access is almost always called “home banking.” And when was the last time you heard “share draft”?

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Why do credit unions still focus so much on marketing checking accounts to non-members?

I mean, I know why — the checking account is still the best indicator of a PFI relationship, and it’s extraordinarily “sticky”. Members with checking are loyal members, or at least they’re stuck with you for a while. I get that.

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Seth Godin is the author of ten bestsellers about marketing that have been translated into 30 languages. Since he left Yahoo! as VP of Direct Marketing, he has blogged over 3000 posts, has the #1 blog written by an individual, and emails daily insights to a continually growing list of opt-in subscribers.

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Anyone who tries to market to women these days – which should include most everyone reading these words since women are the primary target for most credit union marketing – likely understands that women “come to the table with different life experiences, attitudes and demographics, and they want marketers to understand and embrace those differences.” (yawn)

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63% of people in the U.S. would recommend a brand that supports a good cause, according to the 3rd annual Edelman goodpurpose Consumer Study. That number was only 47% in 2008, representing a major shift in consumer attitudes in one year.

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