Use Tech Tools to Cultivate Credit Union Member Loyalty

by Cathy Scoda

Customer satisfaction is worthless. Customer loyalty is priceless. -Jeffrey Gitomer

It’s (practically) common knowledge that it’s easier to sell additional products to an existing customer than it is to sell existing products to a new customer. And, if you’re like many businesses, you’ve invested a bit of money in technology. Now it’s time to bring the two together—and use your technology tools to foster a stronger relationship with your members.

Start with the most noticeable—your website. Aside from your staff members, your site is one of the most visible “faces” of your credit union. Is your website welcoming—or overwhelming? Can members easily find the information they need to make a decision, conduct a transaction, or contact you?

If you’re not sure, conduct a website usability audit to determine how easy your site is to use and if the navigation makes sense. A usability audit will also evaluate your site’s overall functionality. (CU Solutions Group can help with the audit.) Then, using the results of the audit, make the necessary changes to your site. With the competition just a mouse click away, your well organized site shows your members that you value their time. (You know that they don’t have all day to search for information and rates.)

While your site’s appearance may have only a subtle effect on loyalty, you want to make sure it’s a positive one.

Spend a lot of time talking to customers face to face. You’d be amazed how many companies don’t listen to their customers. -Ross Perot

As good as technology is, nothing takes the place of face-to-face interaction—and you can use the technology tools at your disposal to bring about that interaction. For instance, if you plan to host a financial planning seminar, you can:

• Use email to invite your members (Be sure members have opted in to receive emails from you.)
• Post the information on your website’s calendar of events
• Use a quick online registration process to track the number of attendees
• Record the seminar and upload it to your website for attendees and all members to view at their convenience
• Send a survey after the seminar to gather feedback for future improvements or additional seminars

Now, you have the best of both worlds; you’re demonstrating to members that you’re using the latest technology to help make their lives easier—and you still care enough about them to meet in person.

The more you engage with customers the clearer things become and the easier it is to determine what you should be doing. - John Russell, President, Harley Davidson

Regular communication with your members can help foster loyalty. What do your members want? Understand each member’s needs—and get to know a few of their wants in order to market your products and services. (They might need a mortgage today; they might want to travel to Europe in five years.)

A poll on your website can help you learn about your members’ interests and even their plans. This can help you determine which products and services might interest them. Keep in mind, though, that a poll provides only general, anonymous results. But it still can help you assess your members’ thoughts about a single topic.

Another way to engage with your members is through a regular series of email newsletters that are targeted to specific demographic groups. These newsletters can help start a dialogue with members and provide the opportunity to mention special promotions. Certainly there is cross-over among different age groups—but there are also stark differences. Some members are just starting a family and/or looking for their first house, while others have begun the countdown to retirement. In addition to the information they provide, targeted email newsletters send another message: your credit union is staffed by experts who can address certain needs and/or help solve financial problems. (As with the email invitation mentioned above, the same caveat applies: ask members to opt in to receive your email newsletter.)

It is not the employer who pays the wages. Employers only handle the money. It is the customer who pays the wages. -Henry Ford

In the credit union industry, we call them “members” not “customers”—but Henry Ford was correct. Our members keep us in business—so it’s incumbent upon us to make it as easy as possible for them to keep doing business with us. Technology tools can help you do that—and when used well they can do so without removing all of the human interaction.

Related Services: Content Management System, Email Marketing, Website Usability Audit, Video Management, Website Development