Business development: All about the leads

The key to building solid select employee group (SEG) partnerships is listening to these organizations’ needs and leaning into how your credit union can support their goals, says Kristin Llewelyn, senior manager, affinity partnerships, at BECU in Seattle.

“Focus your energy on partners that want this to be mutually beneficial for both partners,” says Llewelyn, who addressed the 2023 CUNA Marketing & Business Development Council Conference Monday in Orlando. “Get creative with your ideas, marketing, and financial education.”

Doing so creates opportunities for business leads. She says BECU focuses its business development efforts on:

• Current partners to increase referrals and deepen engagement. 
• Other financial institutions. “If you can’t compete with some financial institutions, then don’t,” Llewelyn says. “See what you’re both good at and collaborate. Do what’s best for members: refer some to other institutions and have those institutions refer people to you.”
• The team. Involve your branch managers, frontline staff, business services, and other departments in business development. “Let them see what they can do in the community,” she says. “Work with your business members to make it easy for them to refer people to you.”
• Your network. Check in with colleagues, friends, and family members. Do their employers provide financial education? If not, credit unions can step in.
• Networking. This will never go away as a business development tool. When attending an event, see who’ll be there and connect in advance. Connect with everyone you can on LinkedIn, and post information on social channels.

Llewelyn suggests “thinking outside the SEG box” by approaching these organizations:

• Associations, including alumni groups, homeowners, Parent Teach Associations, and community service organizations.
• Clubs, such as booster organizations for sports teams, gaming, adult sports, and Toastmasters.
• Residential groups, including retirement communities, residential buildings, and relocation companies.
• Business organizations like the Chamber of Commerce, networking groups, and co-working spaces.
• Others, including nonprofit partners, public radio, community partners, and colleges.