Marketing Corner

Avoid Members “Unfriending” Your Credit Union

How to Avoid Credit Union Members “Unfriending” Your Credit Union

Every one of us has had the experience of someone online “unfriending” us. Gasp! Maybe they didn’t like something you said, maybe they thought you were someone else, or maybe they just didn’t like you to begin with and were simply tolerating your presence. Who knows? What we do know is you definitely don’t want that online phenomenon to carry over into your credit union membership. Members “unfriending” you can spell big trouble. The following are a few tips to encourage your members to stay on “friendly terms” with your credit union.

How to Avoid “Unfriending” – Stay on “Friendly Terms” with Members

  1. Know their names. Train your staff to call your credit union members by name. Whenever you call someone by their name it shows that you see them as an individual rather than just a customer. Calling a member by their name shows interest in them personally and that you respect them as an individual. Dale Carnegie says, “A person’s name is to him or her the sweetest and most important sound in any language.” As such, train your staff to greet each member by their name. What if they don’t know the member’s name? Simple… Ask.
  2. Get to know their needs. It’s important for your credit union staff to understand the financial needs of your members. Doing so allows them to market other products and services that, otherwise may be overlooked. Of course, Oak Tree has the perfect forms package to suit any personal lending need, from automobiles to home mortgages and more. Our consumer lending package is always compliant and up to date. However, before you can sell these products or services, you must get to know your members to understand what their needs are.
  3. Market, market, market. Developing a strategic marketing plan for member retention has a side benefit. It encourages new member growth. The more involved with your credit union a member becomes, the more natural it will be for them to bring you up in daily conversations they have with friends and family. If you are servicing all of their financial needs, and doing a good job, then you should expect new members as an indirect result. It’s what happens when a solid marketing plan is coupled together with great customer service. The powerful one-two combo cannot be denied. Your members will thank you by sticking around, and bringing their friends along, too.

Member Retention

Finally, member retention is necessary. As more regulations are certain to occur, it is imperative that membership remains constant in order for credit unions to market other services to existing members. It’s a challenge for sure, but it is possible. Do it well, and enjoy loyal members for years to come. As for social media, well, you are on your own.