Coming from a family of entrepreneurs, Sharon Cook never thought she'd be working in the corporate world, let alone at a credit union.
"I didn't go in that direction, but what I found surprising is how much autonomy and support we have here at Mountain America," Cook, the senior vice president of marketing/public relations at the West Jordan, Utah-based credit union, said. "We're encouraged to take real ownership of our departments, and that is why I enjoy it here so much."
While other financial institutions were cutting back in their marketing departments during the recession, the $4.4 billion credit union actively recruited the Women to Watch honoree to help provide the institution with a stronger momentum as the recession began to wind down.
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"The fact that the leadership here recognized the value of marketing enough to invest in it is why I accepted the position," she said.
Recognizing that she's hit the jackpot in regards to landing a forward-thinking, innovative leadership position, her advice to other marketing professionals who may not be as fortunate is to develop a compelling, data-driven story that explains how marketing can make a difference in furthering their organization's strategic plan. She added that every marketing professional should keep up with industry trends, and be aware of what's going on not only in their community and organization, but in other industries, including retail and technology.
"I think we have so much opportunity," she said. "Now is the time to make sure we're investing in the long-term while still driving ROI and meeting our immediate strategic goals. We must ask if we are investing in technology that better supports member needs and enhances communication."
To Cook, those investments mean credit unions need to dig deeper into the data they have on their current members to better understand them and the whys behind their choices, as well as who the credit union's future members will be. Internally, a similar, in-depth analysis of the credit union's leadership team should be conducted to assess employee skills and the tools available to allow for talent development plans focused on how the entire staff can deliver on evolving member expectations, she said.
"The way we communicate and do business is constantly changing, so having the right systems and tools in place to meet those challenges, and integrate public relations, marketing and branding to get the maximum benefit and momentum for the organization, is so important," Cook said.
It's clear that she talks the talk and walks the walk, as her awareness and knowledge of the marketplace has translated to actionable strategies that she and her staff have turned into bottom line-impacting results.
Responsible for both the credit union's marketing and public relations departments, she oversees strategy development and implementation, brand management, community affairs and member acquisition. Since joining Mountain America, Cook's departments have seen record growth each year.
Having an understanding of the digital body language and personas of members has helped her gain deep insight into everything from their use of mobile devices and digital media to television, radio and social media.
Read more: Mountain America incorporated financial technologies to help members …
Filtering decisions through a member-centric lens has led Mountain America to incorporate new financial technologies designed to help members with their daily routines of tracking their spending, paying their bills and transferring payments. Cook said the deep big-data dive has helped all departments, from sales and mortgage services to investment services, better understand members' needs, which in turn increases member engagement.
The credit union's 2014 results show a 9.08% growth over 2013 for mortgages, a 25.65% growth in HELOCs and a 27.93% increase in auto loans. In addition, average services per household for new accounts increased from 5.02 at year-end 2013 to 5.28 at year-end 2014, and for existing accounts, 2013′s year-end figure of 6.07 increased to 6.69 at year-end 2014, due, in part, to the implementation of technology programs.
"Platforms change, so it's more about using a higher-level communication strategy to deliver the right message to the right audience at the right time," she said. "Knowing what you want out of the data helps keep those messages relevant."
She said her work involves a constant cycle of researching, testing, measuring and monitoring results; talking to experts in and out of the industry; and sharing and comparing insights and lessons learned.
"I never think of completion in terms of who, but rather in terms of the myriad of technology and ideas that can disrupt the industry," she said.
She added that it's more important to be concerned about where radically new ideas will come from next than about what the financial institution down the road is doing, and said she follows a "prepare for the future, but take each day as it comes" philosophy.
A believer in learning as much as one can, Cook admits she has high performance expectations of her team and is committed to helping them build upon their strengths. Team members research new trends and attend seminars and classes, and are then given opportunities to apply their new skills by tackling challenges. She said her role can shift from coach to mentor depending on the individual. At Mountain America, the difficulty that lies in attracting and retaining top talent is recognized, as is the need for future leaders, strategic thinking, creativity, innovation and budgeting. Cook added that by developing critical thinking skills, staff members have effectively managed their changing priorities and produced their desired results.
"Be a positive force in your organization," she recommended. "Never stop learning. Work hard, teach and motivate others, and the title and income will follow. Identify two to three people you admire and ask them to mentor you. Don't limit yourself to just female mentors. I've had many mentors over the course of my career. They each taught me something important."
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