Five Power Plays of an Audible-Ready Seller

Grant Wilson
August 29, 2011 | COMMENTS

When Howard Schultz, CEO of Starbucks, decided to write a book about how he returned as CEO to revive the company, one word came to mind: Onward. This is the aptly titled book every credit union executive should read. Yes, every credit union executive should read Onward. It is one of the best business books I’ve read, right up there with The Referral Engine and Crush It.

The subtitle says it all: “How Starbucks Fought for Its Life without Losing Its Soul.” In many ways credit unions today are fighting for their lives (increased regulations, negative economy, hyper competition, decreased margins, changing technologies, etc.) as well. As a movement we can’t lose our soul in the fight.

Here are some quotes from the book that have application for credit unions:

• “The damage was slow and quite, incremental, like a single loose thread that unravels a sweater inch by inch.” Negative change sometimes takes place subtly. One bad teller experience. A rushed member service call. Taking individually those interactions may seem small. But they add up quickly and before you know it your service brand may be much weaker than you want.
•  “Starbucks has always been about so much more than coffee. But without great coffee, we have no reason to exist.” In the end, it’s about your products. Loans. Checking accounts. Savings. Investments. Are those products as strong as they can be? What can your credit union do to offer innovative products or improve the ones you have?
• “In the name of efficiency, our company had created some bad habits among our baristas.” In today’s environment, it’s all about cuts and efficiencies. While that’s a good thing, it’s also a trap. You can make your credit union so lean and efficient you sacrifice the member experience and your brand.
• “Starbucks was under attack; mostly from within. This is why, I think, so many companies fail. Not because of challenges in the marketplace, but because of challenges on the inside.” Your credit union’s staff will make or break your brand. So how is your staff living the brand? What internal struggles are you facing?
• “A well-built brand is the culmination of intangibles that do not flow directly to the revenue or profitability of a company, but contribute to its texture. Forsaking them can take a subtle, collective toll.” Some CEOs and CFOs decry branding as “touchy-feely” and whine about branding’s ROI. If you choose not to focus on your credit union’s strategic brand (targets, differentiation, staff training, etc.) you will save a few bucks in the short term. But long term, your profitability will suffer because you failed to build your strategy.

My biggest takeaway from reading Onward is that if Starbucks—one of the best brands going today—had to take a hard look at itself and reinvent its brand, then credit unions should do the same. Don’t assume everything with your brand is okay.

I’ll be honest: I underlined about half the book (yes, it’s that good). So there are many other takeaways than the ones above.

Credit unions must actively move forward into today’s highly competitive marketplace. One way to learn new ideas is to read Onward.

Mark Arnold is a speaker, brand expert, and strategic planner for the financial services industry. This article appeared on http://blog.markarnold.org/and is reprinted with permission. Contact Arnold at 214-538-4147 or mark@markarnold.com.