http://everythingcu.wordpress.com/2007/11/27/think-your-story-doesnt-affect-your-bottom-line/

However, I do believe that the co-op model inherently creates different motivations and accountabilities that are beneficial for consumers and difficult for banks to achieve because of their short-term responsibilities to investors.

Credit unions must also be focused on profitability, but the focus should be on advancing their value proposition to members rather than providing a good return to investors.

The investors in credit unions are their member owners who use their products and services. That’s why I still believe that when executed correctly and branded accordingly, ownership in a credit union can have real substance.

I can’t help you there. I’m of the opinion that an average credit union is not better than an average bank. They are both average.

The key for the credit union, stop being AVERAGE!

I think it’s important to remember that “value” does not always mean “benefits”. Exclusivity can build value, but I don’t know if I’d call it a benefit.

In the end, it always comes down to what specifically each person gets from the relationship. What you call the consumer is pretty meaningless unless the term is backed by differentiated delivery that gives legitimate meaning and consequence to the terms used in messaging.

Denise, as much as it hurts me to say, makes a good point. I am all about niche/specialized markets, and from that view, I really don’t fit the outdoor extremist that REI is and should be after.

However, to think that me being outside this target group limits my ability to “get the membership thing” in regard to REI is a little elitist. I understand what is being offered. It’s just that the value of that offer is so small in my eyes that it doesn’t impact my purchasing decisions.

But let’s do what this blog is meant to do, bring this back to credit unions. Are there some people that just don’t “get” membership? There are, but I think they are few and far between. I think a more accurate description may be that few people value credit union membership enough to allow it to impact their financial decisions.

Why? It’s popular to point to expanding fields of membership as the reason, and I definitely lean that way. I hope to post more on this before the end of the week.

I am also curious if anyone supports Denise’s position that “you are not REI’s target audience. Period. That’s why you don’t get the membership thing.”