News International Group has announced that it will start charging £2/week to access The Times and The Sunday Times Online. While I'm not well versed on exchange rates, I'm pretty sure that £2 isn't free.
I'm not surprised by this news (Rupert Murdoch has been promising this move would come for almost a year), and fully expect that major media outlets in the United States follow suit in short order.
I'll be the first to admit I'm a cheapskate. I rely on free online services all day long. From Blogger to Twitter to Wordpress and the rest of the web, I expect "free" and make the most out of it. I also provide "free" on a regular basis (priced appropriately, usually). I seek out "free," expect "free," and love "free."
I suspect that many of you do too.
We're so used to "free" that if we were actually forced to (gasp) start paying for things like online news, social networking sites, popular blogs, and search engines we'd probably convince ourselves that the world is coming to an end. And just as the land of the free has decisively turned its back on the free market, I wonder how long we can afford (both from the consumer side and the business side) to keep on rocking in the free world?
How much longer can credit unions afford to offer free checking? Free membership? Free online services?
The next big thing in financial services innovation may not come in the form of a new gadget, new software, new charter, new savings account, or new branch layout. Instead, it could very well come in the form of a pricing strategy that (finally) eliminates the phrase "loss leader" from our lexicon.
26 March 2010
24 March 2010
What's Your Credit Union's Chant?
FrugalDad retweeted a link to this video today. It made me think about what being remarkable means. Some of you will think that Utah State's cheer is obnoxious. Others of you will think it's the best thing since sliced bread. Either way, I bet it gets a reaction out of you.
What is your credit union doing to be remarkable? Better question: is your credit union willing to take the risk that being remarkable requires?
What are they saying?
Yes that is a score board!
Is that not a 74?
Yes that is a 74!
Is that not a 62?
Yes that is a 62!
Is that not the winning team?
Yes that is the winning team!
Is that not the losing team?
Yes that is the losing team!
WINNING TEAM! LOSING TEAM! WINNING TEAM! LOSING TEAM! WINNING TEAM! LOSING TEAM! WINNING TEAM! LOSING TEAM
(hat tip to Buster Sports for the lyrics and link)
What is your credit union doing to be remarkable? Better question: is your credit union willing to take the risk that being remarkable requires?
What are they saying?
Yes that is a score board!
Is that not a 74?
Yes that is a 74!
Is that not a 62?
Yes that is a 62!
Is that not the winning team?
Yes that is the winning team!
Is that not the losing team?
Yes that is the losing team!
WINNING TEAM! LOSING TEAM! WINNING TEAM! LOSING TEAM! WINNING TEAM! LOSING TEAM! WINNING TEAM! LOSING TEAM
(hat tip to Buster Sports for the lyrics and link)
20 March 2010
We Did It!!!
Several weeks ago, I saw this tweet from Jason Lindstrom (@cusperhero):
The link went to the following ad:
With the national unemployment rate in the U.S. still at 9.7% (and a staggering 12.5% in Jason's home state of California), it should not be surprising that someone you or I know has lost his/her job. What is surprising to me is that credit unions have allowed talent like Jason remain free agents for so long. Robbie Wright wrote a great post just this week about this very topic.
Former Indiana University basketball coach Bob Knight was asked by an executive for the Portland Trailblazers prior to the 1984 NBA draft (paraphrasing) "Who do you think we should pick?" Knight responded, "You have to pick Michael Jordan." The Trailblazers executive said, "But we need a center." Knight said, "Play Jordan at center."
If hard work, experience, education, and a portfolio full of accomplishments can't keep Jason from becoming unemployed, it can happen to any of us. That's why this story struck me so hard. I couldn't imagine losing my job, and living with the reality that I may not be able to support my family. I couldn't imagine feeling that the industry that I gave all of my heart and soul to for so many years would simply turn its back on me.
So, I made an attempt to raise the money necessary to help Jason place his ad in the Credit Union Times. My thought was simple. If 500 credit union people were to contribute only $3/each, we would be able to make this happen for one of the truly great ambassadors our movement has. Simple, right?
$261 was quickly raised by some of the most generous people on this planet. I remember seeing the donations come in and thinking, "Wow! This is going to work!" This was going to be further proof of the power of social media and the cooperative spirit of credit union people.
Alas, I wasn't able to excite enough people about donating. No one likes to fail, and I'll be first to admit that I didn't take this very well. My mind quickly assumed the worst. I questioned the cooperative spirit of credit union people. I questioned my role in credit union social media. I questioned what has happened to empathy, the golden rule, and perspective.
Then, like has happened over and over in my young career when my nearly ever-present optimism goes astray, I got a call from Jeff Hardin that fixed my perspective. "Let's give it another shot," he said. "Maybe we aren't leveraging the right networks." He talked me into launching the fundraiser again, and reached out directly to the CUDE Islandwood class of 2009 that Jeff and I attended together (Jason was a mentor at our program).
Through this revived effort, we were able to raise enough money to place Jason's ad for four weeks!
I hope credit unions see the ad and make the wise move necessary to keep Jason in the movement. It's ridiculous that in a time of such high unemployment that credit unions aren't reexamining every position in their organization, weeding out anyone but their top performers, and filling those positions with the amazing amount of top-notch talent available in the job market.
I couldn't be happier about what 25 very special people contributed to make this possible. While the project won't be deemed a complete success until Jason finds a suitable position, this small display of credit union people taking care of their own gives me hope. I have been asked not to disclose the names of many of the donors, but let me say from the bottom of my heart a sincere "Thank You" to you all.
Some happy and not so happy takeaways from this program:
1. DE is a powerful network.
2. Jeff Hardin is solid gold.
3. The 20/80 rule is alive and well.
4. Storytelling is important. I didn't do a good enough job telling the story about why it was important to help with this initiative.
5. Don't give up.
6. The people who care matter (and get too little of our attention).
7. The people who don't care don't matter (and get way too much of our attention).
8. Credit unions need to make sure that they have the right people on staff, and aren't letting the big one get away.
9. Email still works.
We're crossing our fingers for you, Jason!
The link went to the following ad:
With the national unemployment rate in the U.S. still at 9.7% (and a staggering 12.5% in Jason's home state of California), it should not be surprising that someone you or I know has lost his/her job. What is surprising to me is that credit unions have allowed talent like Jason remain free agents for so long. Robbie Wright wrote a great post just this week about this very topic.
Former Indiana University basketball coach Bob Knight was asked by an executive for the Portland Trailblazers prior to the 1984 NBA draft (paraphrasing) "Who do you think we should pick?" Knight responded, "You have to pick Michael Jordan." The Trailblazers executive said, "But we need a center." Knight said, "Play Jordan at center."
Talent is talent. There is absolutely no justifiable reason that we are not gobbling up talent like Jason's.
If hard work, experience, education, and a portfolio full of accomplishments can't keep Jason from becoming unemployed, it can happen to any of us. That's why this story struck me so hard. I couldn't imagine losing my job, and living with the reality that I may not be able to support my family. I couldn't imagine feeling that the industry that I gave all of my heart and soul to for so many years would simply turn its back on me.
So, I made an attempt to raise the money necessary to help Jason place his ad in the Credit Union Times. My thought was simple. If 500 credit union people were to contribute only $3/each, we would be able to make this happen for one of the truly great ambassadors our movement has. Simple, right?
$261 was quickly raised by some of the most generous people on this planet. I remember seeing the donations come in and thinking, "Wow! This is going to work!" This was going to be further proof of the power of social media and the cooperative spirit of credit union people.
Alas, I wasn't able to excite enough people about donating. No one likes to fail, and I'll be first to admit that I didn't take this very well. My mind quickly assumed the worst. I questioned the cooperative spirit of credit union people. I questioned my role in credit union social media. I questioned what has happened to empathy, the golden rule, and perspective.
Then, like has happened over and over in my young career when my nearly ever-present optimism goes astray, I got a call from Jeff Hardin that fixed my perspective. "Let's give it another shot," he said. "Maybe we aren't leveraging the right networks." He talked me into launching the fundraiser again, and reached out directly to the CUDE Islandwood class of 2009 that Jeff and I attended together (Jason was a mentor at our program).
Through this revived effort, we were able to raise enough money to place Jason's ad for four weeks!
I hope credit unions see the ad and make the wise move necessary to keep Jason in the movement. It's ridiculous that in a time of such high unemployment that credit unions aren't reexamining every position in their organization, weeding out anyone but their top performers, and filling those positions with the amazing amount of top-notch talent available in the job market.
I couldn't be happier about what 25 very special people contributed to make this possible. While the project won't be deemed a complete success until Jason finds a suitable position, this small display of credit union people taking care of their own gives me hope. I have been asked not to disclose the names of many of the donors, but let me say from the bottom of my heart a sincere "Thank You" to you all.
Some happy and not so happy takeaways from this program:
1. DE is a powerful network.
2. Jeff Hardin is solid gold.
3. The 20/80 rule is alive and well.
4. Storytelling is important. I didn't do a good enough job telling the story about why it was important to help with this initiative.
5. Don't give up.
6. The people who care matter (and get too little of our attention).
7. The people who don't care don't matter (and get way too much of our attention).
8. Credit unions need to make sure that they have the right people on staff, and aren't letting the big one get away.
9. Email still works.
We're crossing our fingers for you, Jason!
15 March 2010
Don't Be Shy
Ondine Irving has singlehandedly put credit unions in the national spotlight with her relentless efforts to get financial advice guru Suze Orman's attention about credit union credit card programs. It worked. Before long, Orman was singing the praises of (most) credit union card programs in places such as the Suze Orman Show, Larry King Live, and Morning Joe.
It all started with Twitter. Ondine tweeted to @SuzeOrmanShow tirelessly...to the point that I started to think she was a little bit off her rocker. I was lucky enough to interview her last December for my "Ideas in Action" podcast series and met her finally at GAC last month.
Here's what I learned. Ondine has consumer advocacy in her blood. Her sole focus is and has always been to help credit unions create the most consumer-centric credit card programs possible. She's built a career off of making card programs work for credit unions and their members, and passionately pursues the spreading of that knowledge. She refused to sit idly by when she watched Suze Orman talk about the shady practices of bank credit card programs without suggesting her viewers consider credit union programs as a better alternative.
Thank goodness Ondine wasn't shy.
The Financial Brand's Jeffry Pilcher tweeted the other day that Ondine "has done more for the CU industry than the industry has done for itself in the last ten years."
That statement seems hyperbolic, but it may not be. There are few things I can readily think of during that time period that carry the weight of Ondine's Credit Card Connection. For the credit unions smart enough to take advantage of it, it has meant millions of new eyeballs checking out their wares.
The purpose of this post is to sing the praises of Ondine, make no mistake about it. But more to the point, it's to encourage you to run with your idea. Sharpen your focus. Shamelessly pursue it.
Don't be shy.
08 March 2010
Looking Like a Fool...
February 8, received an email from Tim McAlpine entitled "Gut Check." He and DeAndré Upshaw had come up with an idea for a contest that, in Tim's mind, could spell either professional disaster or endless entertainment. The contest was to encourage people to submit a music video about moving your money from a bank to a credit union, taking inspiration from General Larry Platt's wildly amusing "Pants on the Ground" audition for American Idol. The launch of the contest would capitalize on the Move Your Money movement, which encourages people to ditch big banks for credit unions and community banks.
"Awesome and fun OR awful and suicidal?" Tim asked.
A user-generated video contest based on "Pants on the Ground" and Move Your Money?! I called him almost immediately, saying "do it...it's a great idea!"
I'm sure I had nothing to do with his decision (his intuition about things like this is vastly better than mine), but he went live with his contest the very next day.
Six days later? Crickets. No entries. Very little discernible buzz.
"Fruitcake!" I thought. I had emphatically encouraged a good friend to launch a dud.
I panicked, and decided to create a video so he would have at least one submission. I studied the "Pants on the Ground" lyrics, modified them to fit the contest rules, and recorded a Credit Union Warrior version of "Money in the Bank" (complete with falsetto background vocals that will make you either laugh or hurl). I threw together a video to go with the song, and became the first entry in the contest...almost my apology for leading Tim astray.
It just goes to show you how crazy our expectations and levels of patience have become. The contest was a great idea, and (despite what I feared) there was significant buzz. Deciding whether or not to enter a contest takes time. Creating content takes time. Often, when you launch a thing like this you lose sight of those important points.
Within weeks, the Money in the Bank contest had received 14 entries...all of them packed with personality, energy, and even some catchy tunes. Two videos were posted on the very popular Move Your Money blog, tens of thousands of people visited YoungFreeHQ.com, and the participants had a blast.
Being remarkable sometimes means risking "looking like a fool." Currency Marketing is remarkable.
Voting starts today. Make sure you exercise your civic duty.
"Awesome and fun OR awful and suicidal?" Tim asked.
A user-generated video contest based on "Pants on the Ground" and Move Your Money?! I called him almost immediately, saying "do it...it's a great idea!"
I'm sure I had nothing to do with his decision (his intuition about things like this is vastly better than mine), but he went live with his contest the very next day.
Six days later? Crickets. No entries. Very little discernible buzz.
"Fruitcake!" I thought. I had emphatically encouraged a good friend to launch a dud.
I panicked, and decided to create a video so he would have at least one submission. I studied the "Pants on the Ground" lyrics, modified them to fit the contest rules, and recorded a Credit Union Warrior version of "Money in the Bank" (complete with falsetto background vocals that will make you either laugh or hurl). I threw together a video to go with the song, and became the first entry in the contest...almost my apology for leading Tim astray.
It just goes to show you how crazy our expectations and levels of patience have become. The contest was a great idea, and (despite what I feared) there was significant buzz. Deciding whether or not to enter a contest takes time. Creating content takes time. Often, when you launch a thing like this you lose sight of those important points.
Within weeks, the Money in the Bank contest had received 14 entries...all of them packed with personality, energy, and even some catchy tunes. Two videos were posted on the very popular Move Your Money blog, tens of thousands of people visited YoungFreeHQ.com, and the participants had a blast.
Being remarkable sometimes means risking "looking like a fool." Currency Marketing is remarkable.
Voting starts today. Make sure you exercise your civic duty.
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