Who has looked at the calendar lately and thought to themselves, “How can the month of January already be over?” Granted, we have a few more days, but you must admit, this month seemed to fly by faster than the Millennium Falcon on the Kessel Run.
As the days continue to disappear into the rearview mirror, along with them is an abundance of New Year’s resolutions. I don’t participate in making annual resolutions, but I know many Earthlings do. For example, one of my colleagues made the resolution to eat healthier this year. I spoke with him the other day and asked how the healthier cuisine was tasting. He responded that while he continues to eat healthier foods, the snacks and sweets still sneak up and force him to digest them (his words, not mine).
He said Trader Joe’s is to blame. I asked him who Trader Joe was, and he clarified for me that Trader Joe was not a “who” but rather a “what” – a retail grocery outlet, to be precise. He said that during his shopping for healthy foods at Trader Joe’s, various irresistible indulgences appeared mysteriously in his cart. So as not to disrupt the checkout line, he went ahead and purchased them. How courteous!
All his ranting and raving about the excellence of Trader Joe’s led me to an investigation of this retail establishment to discover what the hoopla was all about. What I discovered was a unique and customer-friendly business model. As one reviewer put it, “Trader Joe’s offers an affordable treasure hunt for unique groceries within a fun, community-focused environment, setting it apart from conventional supermarkets.” How so, you ask? Here are a few of the key factors my research identified that make Trader Joe’s special:
- Private Label and Unique Products: The store primarily sells its own brands, which are often high-quality versions of name brands at lower costs.
- Value-Focused Pricing: Trader Joe’s doesn’t hold sales, accept coupons or facilitate loyalty programs. Instead, they offer the best price every day by buying direct, in volume and keeping overhead low.
- Fun and Quirky Experience: Hawaiian-style shirt uniforms, creative handwritten signs, pirate themes and plastic lobsters, for example, create a joyful, adventure-filled shopping trip.
- Curated Selection: Since Trader Joe’s is a smaller store, shoppers aren’t overwhelmed with choices. Instead, the focus is on in-demand, interesting and sometimes exotic items.
- Customer Service and Samples: Want to try out an item before buying? Friendly “Crew Members” can help, turning a shopping trip into a discovery process.
- Efficient Business Model: Buying directly, avoiding middleman fees and maintaining small, urban stores keep costs down, enabling them to pass the savings on to shoppers.
As I reviewed these points, I concluded that Trader Joe’s is THE grocery store of choice for the credit union world! So many concepts are shared by the grocer, credit unions and CUSOs that it’s uncanny:
- Member- and customer-first philosophies drive their business models.
- Curated selections of products are designed specifically for the wants and needs of members/customers. Additionally, custom and unique products can be developed based on these wants and needs.
- They’re all private label – they make the decisions that best suit members/customers with nothing dictated by a larger organization or institution.
- Value-focused pricing, because while our businesses need to make money to survive, the ultimate value they recognize is satisfied members/customers. A fair pricing structure helps this.
- Like Trader Joe’s, customer service is second to none for the credit union industry! At myCUmortgage, delivering five-star service is our promise to our partner credit unions and their members.
Personally, I’d like to add that Trader Joe’s, credit unions and CUSOs also all offer fun experiences. All the credit unions we work with regularly participate in entertaining events, promotions and “dress up” days. And what’s more fun than the team of MONSTERS that myCUmortgage sports?
As credit union mortgage lenders, you need to highlight these attributes to your members through multi-channel marketing and communications efforts. Proudly let them know that you are there to assist them with all their home loan needs.
How does your credit union emulate Trader Joe’s business model and philosophy? Please share below! And if you’re a credit union looking for a mortgage partner with a Trader Joe’s mentality, look no further than myCUmortgage. Learn more about becoming a partner by visiting https://www.mycumortgage.com/become-a-partner/. We look forward to talking to you.
As for the Trader Joe’s way of doing business? Well… THAT is how WE mortgage!