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Steve Jobs: Coasting is costing Credit Unions

Wed, Jul 22, 2015

Columbia, Maryland

Posted in CU Insight July 7, 2015, by Bo McDonald of Your Marketing Co

In one 10-year time frame, Apple went from death’s door to the dominant player in mobile devices. Better yet, when Apple reached the top of their market, their competitors imploded one at a time. Research In Motion (RIMM), Motorola, Sony, and HTC all slowly lost ground.

What can you learn from Apple about success in your credit union? Most companies with an overwhelming market share would have taken their foot off the gas and enjoyed success. The C-Suite and senior managers would have accepted offers to pose for Fortune magazine covers, served on several different corporate boards (each to further raise their profile), and cashed in on their hard earned accomplishments. When the world is worshipping you, you bask. You coast. You rest easy for a little while — especially after 10 hard fought years of rebuilding a company. Apple did none of that.

Credit Unions did. Through the heyday of credit unions, when visions were clear and missions were noble, success came without much work. HR Departments sent new employees to you to open an account. Companies supported their credit unions because the credit unions provided a crucial service for their employees who needed it the most.

So what happened? Times changed. Visions were lost. We took our foot off the gas. Community charters muddied the waters and greed overtook some credit unions. But that’s not the end of the story, if you don’t want it to be. 

Apple made a comeback after near distinction – so can your credit union.  How?

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