SAN ANTONIO–Putting credit union onboarding initiatives in the context of dating, the big question for many is, “Why do so few CUs ever get a second date with members?”
It was a question that drew an overflow crowd to a session at the CUNA Marketing and Business Development Council meeting here, as attendees seemed to be seeking relationship advice for why members they thought would be “financial soulmates” for life most often turn out not to be.
Acting as the relationship counselor was Bryn Conway, principal with BC Consulting in Myersville, Md., who has worked with numerous credit unions to improve the effectiveness of their onboarding.
In the session titled “Member Onboarding: Be More Than a Good First Date,” Conway polled her audience of marketers and business development professionals for how many felt their own programs were “phenomenal.” No hands were raised.
“Let’s think of it like this: We work at this every day and we’re so excited when a member joins and thinks about all the products and services we can sell them and thinks we are going to be their financial soulmate for life,” said Conway. “But it doesn’t work out that way, does it? They sign up, and then we never see them again. Even when they go through our onboarding program, they still have just that one product they signed up for.”
Where credit unions frequently fail, suggested Conway, is in “overdressing” for that first date with the new member.
“Is your perception of the first date their perception of the first date? I would argue that at CUs we assume that when a member joins they love us, they are ready to commit, and are in it for the long haul. Our member’s perception is this is the first date—this is a trial run. They want to see if there is any chemistry and aren’t ready to fully commit. That’s why they open just that one account. So, it’s the experience that you create that sets the tone.”
Offering “do’s and don’ts lessons from the dating world,” Conway offered this advice:
Don’t Wing It, But Do Set Goals
“A good date doesn’t just show up and say, ‘Whattaya wanna do?’ The goal of every first date is the second date. Plan and measure. It’s everyone’s job,” said Conway.
With online account opening and indirect members, said Conway, marketers and BD execs must give some thought to what is the source of the first impression of the credit union?
“Often the perception is we just want to get you into the loan funnel and sell other products. But credit unions think of community in ways that car dealers don’t. Think about how in your onboarding plan you make the communication personal. Think about what is the plan for the member when they come in and talk to you for the first time. Find out what their preferences are. Are they emailing you and you are calling back? You are not interacting in the channel they prefer. Second, we want to make sure we measure. It’s not enough to have a plan. How do you measure? Do you measure them at the end, perhaps 90 days? Or do you measure along the way. The challenge here is to know where you are successful and at which touch-point.”
Don’t Interview, But Do Make the First Move
“On a first date, you don’t ask how many kids they would like to have. It is absolutely your job to court and pursue. You need to make the first move. They’ve come to you to help them with something. Figure out what that is, and make it feel special. You want them to leave that first interaction feeling like you’re a good catch.”
A credit union must also adapt to the preferences of the new member. If that prospect isn’t responding to email or marketing pieces, find out a way to make the relationship more “personal,” suggested Conway, such as asking them to attend an event. “But ask them, without asking anything of them, if they want to attend. And if they do, you need to show up.”
Conway added that employees need to be trained to gather feedback and be sincere about it. “Staff needs to be empowered to follow up and show the member how they did follow up.”
Don’t Overpromise, But Do Deliver
“I’m sure your ‘About Us’ pages have a charming story about how five people started the credit union in a shoebox or a desk drawer 60 or 80 years ago. It’s a wonderful story—but what I don’t think we do is communicate that during the onboarding process,” said Conway. “Instead, we talk products and services. We have a checklist of four or five products to sell. Do we talk about our mission and values? Chemistry in relationships comes from shared beliefs, shared values. Stop shoving a debit card in their face and instead talk about your values and how they can help write the next chapter in your story.”
Don’t Email Too Much, But Do Communicate Early and Often and Get Personal
Conway asked her audience, “How many have said, ‘My members prefer to do everything online’?” It’s a frequent refrain, she noted.
“But I would challenge you to survey your members and ask them how they prefer to do business with you. And what I have found is members are OK transacting with you using technology. What they want to do, if they have a question, is to talk to somebody.”
Conway offered two more Don’ts.
“Don’t take your members for granted,” she advised. “I think this is really important with your long-term members. So, you always ask how can you help. When it comes to your members I encourage you to pop the questions. Make sure you do an annual member survey. You want to make sure you are talking to different parts of your membership over and over again.”
The second “don’t,” according to Conway, is don’t assume the adage “absence makes the heart grow fonder” is always true. Many long-time members can still be valuable members, but there must be an ongoing effort to reach out to them.
“Remember what made you fall in love in the first place,” she said.