CEO says Co-ops must be adaptable to survive
SASKATOON — Co-operatives must market themselves better if they want to succeed over the long-term, says the CEO of Federated Co-operatives Limited.
“We need to reintroduce Co-ops to Western Canada. We haven’t told our story well enough,” Scott Banda said Sunday at TCU Place following his opening remarks to delegates at FCL’s Marketing Expo.
Held every five years, the event sees more than 2,000 Co-op owners and employees take in events at TCU Place, Credit Union Centre and Prairieland Park.
Banda said the two-year “brand renewal” process includes new logos, but also an expanded focus on “business intelligence” and welcoming immigrants and other groups.
“The demographics are changing rapidly in Western Canada. We need to reach out to new Canadians and others,” he said, noting an increased emphasis on more international foods.
With 23,000 employees in 500 cities, Co-ops generate much-needed jobs and significant economic activity across Western Canada, he said.
Banda said Co-ops have succeeded in part because their lifetime membership structure has allowed them to think long-term, rather than chase quarterly profits.
“We are not a drain. We are a builder,” he told delegates.
But Co-ops can’t simply rely on the goodwill of members while their competitors innovate.
“We must earn our business.
“We cannot take it for granted,” he said.
“We can compete and grow long into the future.”
The Saskatoon-based FCL has roughly 1.5 million members.
It is Canada’s 51st-largest company.