Bringing New Business on Board

‘Know the demographic your CU is targeting in its efforts to be successful.’

December 23, 2013

Numerica Credit Union’s team of business development managers has been together just one year. But what a year it’s been.

Drawing from their separate areas of expertise, Manuel Hochheimer, Janet McNeilly, and Jeanette Radmer teamed up to identify the Spokane Valley, Wash., credit union’s target demographics and introduced initiatives to broaden its market share within those segments.

The trio’s Dealer Center Outbound Conversion Program dramatically improved engagement among indirect auto loan recipients. Its University Outreach Program deepened interactions between Numerica and more than a half-dozen colleges in its service area. And the credit union’s emphasis on the growing medical, dental, educational, and small-business communities in the region meshes with its goal of attracting more 25- to 49-year-olds.

Radmer sums up the team’s strategy: “Be strategic in your business development efforts. Know the demographic your credit union is targeting in its efforts to be successful and thrive in the future. Then, reach out to that demographic, get to know them, and introduce them to the benefits your credit union has to offer.”

The group’s successful onboarding program stands out as its chief accomplishment. In the past year, Numerica connected with approximately 70% of its indirect members, converting nearly 20% of them into primary financial institution members—a rate about 10 times the industry average.

“Simply by reaching out to people, having a conversation, and listening to their stories, we’ve become a partner in their quest to find financial well-being, rather than the place where they have their car loan,” Hochheimer says.

Numerica tailors financial education presentations for students and faculty at colleges such as Gonzaga University, Whitworth University, and Eastern Washington University, and partners with them on community involvement projects. The credit union also offers a tour of its headquarters with an executive Q&A.

Thanks to the region’s emphasis on becoming a business corridor, many of those rising stars remain in the area following graduation to start their careers. Numerica has positioned itself as their trusted financial adviser.

“I get excited about learning what motivates members and identifying their unique needs,” McNeilly says. “This process wouldn’t be as fulfilling if I didn’t work for a company that I believe in. I can honestly say I enjoy going to work every day.”