Sometimes we’re so consumed with new member growth that we lose sight of where our real bang for the buck comes from: relationships.
We emphasize locking new members into “sticky” products, rather than focusing on what value we can bring to their lives.
If your credit union’s goals include increasing the percentage of members that make your credit union their primary financial institution (PFI), expanding share of wallet within your target market, or improving Net Promoter® Scores (NPS), here is a plan to guarantee you don’t leave those goals to chance.
I’m talking about emphasizing strategic, ongoing, relevant, value-driven member contact.
Building real relationships takes time. It sometimes has nothing to do with a checking account or direct deposit, but has everything to do with trust.
But your actions—not your words—lay the foundation for that outcome. You earn that title by demonstrating, time after time, that you aim to bring value to their lives, not to sell a product.
Take these five steps to demonstrate you want to become your members’ trusted adviser:
1. Show appreciation within 24 hours by sending a handwritten note, email, or text message.
2. Reach out after two to three days to provide additional information, answer a question, or set an appointment to talk further about a question that came up during your last interaction. Call the member, or send an email or text message.
3. Follow up in six to 10 days by phone, email, or text message to ensure everything works as promised, answer additional questions, and confirm members received all items they ordered.
4. Touch base within two to three weeks to engage your member in deeper conversation specific to information you already know about them.
Keep the conversation member-focused by asking open-ended, conversational questions. Don’t miss an opportunity to state the value of membership.
5. Maintain contact with your members by providing suggestions that can benefit them and their families. Ongoing contact means forever.
Don’t let that scare you, though. Share information about how they can save money, find peace of mind, earn money, save time, and have a brighter future.
Developing greater engagement through proactive, member-centric, value-driven, and mindful member contact will pave the way toward achieving those goals of greater PFI, improved target market wallet share, and increased NPS.
Adopt that formula as your mantra. And don’t just say it. Live it.
This article initially appeared in Credit Union Front Line newsletter, the monthly sales and service newsletter for branch staff and their managers. Subscribe now to the print edition or PDF version.