Measure the Success of your Business Development Efforts
Data should teach you about your membership and the behavior of your team.
When it comes to motivating business development staff, credit union leaders should look to the Fitbit.
That’s because this device does everything a manager should: provide pertinent, relevant data to people in a way that motivates them and helps them understand their environment and actions.
“That’s what we should be doing in business development,” said John Godwin, principal at Haynes Godwin Consulting and a former credit union business development executive. He addressed the CUNA Marketing & Business Development Council Conference Tuesday in Anaheim, Calif.
Godwin stressed the importance of tracking statistics and goals that are critical to business development success. Doing so helps ensure accountability among staff—and desired results.
He said business development goals should be intelligent, agreed-upon, motivational, specific, measurable, attainable, relevant, and timely.
Important measures to track include the number of new select employee groups (SEGs), the number of potential members, the number of SEG visits and the accounts obtained from them, and penetration among certain SEGs.
“Data should teach you about your membership and the behavior of your team,” Godwin said.
Although he doesn’t suggest setting goals for the number of calls to prospective SEGs, Godwin believes that function is still important.
“The importance of phone calls is getting things into and through the pipeline,” he said. “Phone calls keep the pipeline going and maintain your consistency. The key to success in building business is working the pipeline.”
Who should be involved in setting goals? “If you’re involved in attaining goals, you should be involved in setting goals,” Godwin said. “It would be destructive of me to come up with goals, and hand them out and say ‘do this.’ If you involve staff in goal-setting, it creates accountability—and they become ‘our’ goals.”
He also stressed the importance of being flexible and adjusting business development goals as needed.
“One purpose of goals and data is to motivate. If you set your goals too high, employees know they’ll never reach them, and it’s demotivating.
“If people are surprised by the fact they’re not meeting their goals, that’s a failure of leadership,” he added. “You need to communicate regularly.”