Don’t Let 2020 Be a Year Your Credit Union Regrets

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A glass bowl of popcorn and remote control in the background the TV works. Evening cozy watching a movie or TV series at home.

Even though we’re less than halfway through the first quarter of 2020, it’s a good time to start thinking about the opportunities that will present themselves to you throughout the rest of the year. But wait! How can you prepare for opportunities you know nothing about? Pause on that question. We’ll come back to it.

Before we go any further, let’s look back to the fateful day in September 2000 when Netflix co-founder Marc Randolph met with John Antioco, the CEO of Blockbuster. (You remember that company, right?) Keep in mind, Netflix wasn’t the entertainment giant it is today. In September 2000, Netflix was a DVD-by-mail rental service, and it was in trouble. The company’s innovative business model, which was all that was possible in the era of slow download speeds, was catching on, but not quickly enough for the company to be anywhere near profitable. Randolph and his Netflix team came up with a solution: They would try to be acquired by Blockbuster.

In Randolph’s new book, That Will Never Work, he describes the pitch he made at that September meeting:

“We should join forces,” Randolph told Antioco. “We will run the online part of the combined business. You will focus on the stores. We will find the synergies that come from the combination, and it will truly be a case of the whole being greater than the sum of its parts.”

At the time, Randolph was asking a mere $50 million to be acquired. For comparison, Netflix is currently worth close to $125 billion (with a B!). There’s a good chance Antioco snickered at the offer—if only to himself. The idea of acquiring a fledgling company with an unproven business model may have seemed funny at the time, but I’m sure it was no laughing matter when the Blockbuster board and leadership had to close their iconic stores in 2010 due to their “sudden” irrelevance.

So, how about you, credit union leader? What opportunities are going to fall into your lap this year, and what are you going to do with them? Are you going to be like Mr. Antioco and snicker at the opportunity? Will you be like Kodak and be so proud of your product that you refuse to adjust to changing market conditions?

Let’s go back to the original question—how do you prepare for opportunities when you have no idea what these opportunities will be? Maybe it starts with a strategic planning session. A well-designed session would give you and your team a chance to outline what success looks like for your credit union. It would also let you define what your future looks like so you can assess opportunities and be prepared to take advantage of the right ones when they come your way.

By spending more than a decade partnering with strategically focused credit unions, our team has been able to develop a unique, time-tested action plan that brings clarity, breaks down barriers, and prepares your credit union for growth. Don’t be like Blockbuster. Don’t be like Kodak. Overcome the fear of change, chart a course forward, and ensure the success of your credit union for decades to come.

Ready to move forward with confidence? Email bo@yourmarketingco.com for more details, or CLICK HERE to learn how our unique planning process can help your credit union achieve its goals.

Ready to make 2020 a better year?

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Alex VanHaasteren

Senior Web Developer

Alex is YMC’s Senior Web Developer and, as the title suggests, she is an absolute pro! While she initially started in graphic design – working long and hard to expertly bring concepts to life – she also felt drawn to technology and applying her natural ability to problem solve. Web Development proved the perfect blend of her creative passion and technical savvy.

When Alex is out with friends – including her YMC colleagues – she’s up for Greek cuisine or some good pulled pork BBQ washed down with Diet Coke. Or an Old Fashioned, if the occasion demands. Someday, she hopes to go to Africa on a safari. Hopefully she’ll see a giraffe in the wild, because – as she’s pointed out – its neck is too short to reach the ground!

When she isn’t jamming out to T-Swift, she’s happy to impart some marketing words of wisdom, “Aim to create something unforgettable.” For day-to-day inspiration, she would remind you of two fundamental truths: You decide your happiness, and Ice cream is its own food group—not just a dessert.

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