The Marketing Partners management team
includes Bryan Rimbey, Art Director; John Jeffries, Chief Operating Officer; Steve Fogel, VP Creative Services; Valenna Marshall, Director of Production; Janice Scanlon, VP Client Services; Mark Santore, VP IT/Online Services; Bill McKenna, President/CMO.
Not shown: Joe LaCorte, Director of Marketing Consultants.

Q:  What are the unique challenges facing credit unions as they compete for market and mind share with traditional banks?

A:  The greatest challenge is getting the average consumer to understand the difference in structure between a credit union and a bank. While many people have heard of credit unions, research shows that nearly half of all consumers really don't understand the difference.

Credit unions are not-for-profit financial cooperatives that are owned by their members; banks are for-profit entities that are owned by their shareholders.

What this means is that every member of a credit union is literally a "part owner.” Members can be elected to the Board Of Directors and volunteer for leadership positions. Credit unions excel at providing outstanding member service.

What this also means is that credit unions are a terrific deal for consumers. Most credit unions today offer very similar services to banks, but credit unions typically charge less in fees, pay higher rates on savings and charge lower rates on loans. Once consumers grasp this message and understand the benefits, they become loyal members for life.

The other major challenge is increased competition. Although the financial services industry has always been very competitive, it’s even more so today with a bank branch on every corner and worldwide online access. There are also many more companies involved in financial services then in the past.

Q:  What inspired you to branch out from traditional marketing services into commercial design and construction services?

A:  As we developed or repositioned many of our clients’ brands, integrating that brand into their facilities became a critical part of the process. We had been helping many of our clients with this by working directly with a variety of national building companies specializing in construction of financial facilities.

In June 2006, Frank Alexander, President Of Anthony Builders and Anthony Construction in Bethlehem, became a partner and CEO of Marketing Partners, Inc. Since Frank had over 30 years experience in residential and commercial construction, we figured it made sense for us to actually build some of our clients’ facilities ourselves. We typically know about these in advance, since we also develop their marketing plans. It’s a unique opportunity.

Q:  What advice do you have to agencies seeking to expand their product offerings into related lines of business?

A:  Any agency that becomes an expert in an industry, as we have with credit unions, can demand more for their research, thinking and leadership. They will pay you for your knowledge. By helping your clients grow, you create more value and a more trusting relationship with your clients. This gives you credibility when you expand into something new, but you must still be able to execute successfully.

That’s exactly how we have grown and why we have clients nationwide who choose to do business with us. When you have the vision and the experience to identify and pursue the right opportunities, many will lead to new profit centers and growth.