CEO: In tough economy, CU marketers must learn numbers

TEMPE, Ariz. (8/18/08)--"The challenge for any credit union CEO today is trying to maintain balance and aggressiveness, while watching out for potential land mines."

So says Michael Poulos, CEO, Michigan First CU, Lathrop Village, Mich., referring to why credit union marketing professionals should learn the credit unions numbers. By learning the numbers that contribute to the bottom line, they can better drive marketing efforts to get results that the CEO and senior management team want.

"Without any question, any marketing professional should understand the financial condition of the credit union and all the numbers that go along with it.

"Understanding the financial condition of your credit union and being in sync with the financial goals is the foundation for being successful with the senior management team," he said.

He noted that the marketing professional also needs to be aware of the issues facing the CEO and senior managers. "My biggest concern is that we might miss out on business opportunities because of what it going on in the economy," Poulos said. "Any business can make money in good times, but only good ones make money in bad times. Being reticent and overcautious are the major concerns I have."

He teaches a session on financial ratios and assists students with the financial aspects of a group project during Credit Union Marketing University, which meets in Scottsdale, Ariz., Sept. 22-26.

courtesy of cuna.org