Personally, I’ve always liked Mazuma Credit Union and more specifically their CEO Brandon. Why? Because his leadership is progressive and open – not to mention his execution of strategy is deadly effective. I’ve interviewed him on my podcast here and my discussion with him opened my mind to the possibilities of what can happen when a leader at a financial institution is not afraid to make mistakes. There were a lot of valuable tactics and strategies shared throughout their session – like the importance of the right culture, identifying your future core customer, and building the organization to attract while bettering serving them. Tons of tactical brilliance, most importantly I learned that Brandon is not afraid to make mistakes and more specifically how he reflects upon his mistakes. In his words, Brandon said that mistakes mean you’re moving forward and growing. Please allow me to decipher that, there are many different types of mistakes, some are good and some are very bad, not all mistakes are created equal of course. The types of mistakes Brandon discussed were ones of growing pains, meaning they happen because they’re trying new and unknown things. When you charter new lands, mistakes will happen. These are unlike mistakes such as your cash drawer being unbalanced at the end of the day. However, mistakes that occur from progressing forward hold vital lessons to be learned.
It all starts with the essence of culture, people, and the right strategical focus. A lot of thought and strategy goes into building Mazuma Credit Union’s strategy, that of Mazuma Mike and the Mazuma brand itself. Shawn discussed how they measure success and a great takeaway is that they give their social media at least 1 year before really measuring anything. Shawn felt that there’s not enough data that can be accumulated in less than a year and can make you more reactive rather than deliberate. Intuition starts them off as well as studying brands that are great at particular things. Yet, they use their own data to measure, once they have enough of it (after that one year benchmark). I don’t want to over simplify this to share it’s brilliance – because the patience of waiting one year speaks volumes, most companies set up a Facebook page and want returns measured fairly quickly, and that’s the wrong way to look at an overall strategy.
#BankSocial Trended On Twitter During Their Session!
— John Siracusa (@johnsiracusa) October 20, 2016
My key takeaway is that CEO’s at banks and credit unions must become very comfortable with their abilities to strategize in terms of the marketing and employee culture – and not just lending, legal, and compliance. Once they’ve chosen the right people to carry out their refreshing vision, processes must be implemented in order to allow said employees to bloom and be free while operating under the appropriate guidelines to ensure no errors are committed. But if social media is really created and executed properly, there aren’t a lot of disclosures needed. This is vital to understand since, the right person on the strategy and compliance team can make your bank or credit union truly flourish, where as the wrong team or structure will flounder.
It’s simple and to the point.
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