In the fast-paced world of business, time constraints often make it impossible for executives to read and digest the wealth of information that is available. Each year, thousands of academics, consultants, and other experts publish their findings in general and specialized publications. Most individuals find time to read only a small fraction of those reports. In light of this, the Filene Research Institute’s members asked us to cull the most relevant academic research for credit unions and summarize the most salient points in what we’re calling Filene Executive Report: 10 Research Findings with Strategic Implications for Credit Unions.
What is the research about?
In this report, Dave Smith, an associate professor of economics at Pepperdine University and a past Filene researcher, teams up with marketing professor Karen Goncalves to summarize some of the latest and greatest research in the areas of strategy and marketing. The authors succinctly report on some cutting- edge thinking in the specific areas of Web- based communication, segmentation modeling, strategic collaboration, the elements of successful consumer interactions, and questioning conventional wisdom, among others.
What are the credit union implications?
The following are some of the key themes and implications for credit unions that can be gleaned from these articles:
- Using technology is now required to remain competitive, and it’s more important than ever to deploy technology in ways that are smart and effective in order to improve the bottom line.
- It is worthwhile to reach out and collaborate with other organizations whenever possible. Well-functioning partnerships can save time and money.
- Authenticity and confidence are important attributes when interacting with members (they know when you are “faking it”).
- Sophisticated market segmentation is critical in an industry that is rich in data. If you are going to play hardball with your competitors, your tools and techniques need to be as good as or better than theirs.
- If you really want to keep your competitors off-balance, you need to have a variety of strategies and though your best pitch may be a fastball, it’s good to throw a curveball now and then.