CHESTERFIELD, Mo.—Members are “the new marketing,” says one company that is advising CUs to invest extra budget dollars in staff training to boost the member experience.
Jeff Winter, senior vice president, business development at NewGround, said his company understands credit unions are often looking at technology, branch transformation, or training staff to operate differently when they have additional budget money to spend.
“We have found that it’s important to do something versus nothing, and with consumers serving as the new marketing, we feel a sound investment is to maximize the member experience by training staff to operate differently,” Winter said.
To do this, credit unions should focus on creating functional environments that engage the member to create a positive experience, he said.
“It’s important to note that each member is unique and that it’s beneficial to deepen the relationship through customized and personalized engagements,” Winter said.
The insights are being shared as part of a CUToday.info series on what to do with unexpected budget surpluses, such as the payment from the NCUSIF many credit unions will receive this year.
The Dilemma
Winter noted that as digital commerce grows, more members are buying online to save time and companies are faced with the dilemma of how to increase physical traffic.
“The solution is to stage experiences in order to have the members spend time and create shareable memories,” said Winter. “Experiences create member loyalty. Member satisfaction, manifested through experiential strategies, drives members’ experiences.”
Experiential strategies are a factor in driving the ROI and growth of credit unions, emphasized Winter.
“One thing has remained constant—the member experience transcends all industries,” he said. “Cross-training employees removes silos so that they can function across multiple tasks from handling cash transactions to loan applications. This ensures that member requests are handled seamlessly, from start to finish.”
Winter said that NewGround strongly believes the credit union’s brand should “come alive” and create an engaging personalized experience in which members clearly understand just how important they are.
“To bring your brand alive, you must focus on the member experience,” Winter said.