50 Ways To Lose Your Members

First things first, Paul Simon is a musical genius.  Now that we have a common understanding, I will proceed.

Recently, 50 Ways To Leave Your Lover graced my ears.  I did not actively seek out this tune, but the precocity of iTunes shuffle prevailed once again.  Because I’m always thinking about credit unions (seriously, it’s an illness), I thought, “If Paul and Art think it’s easy to lose a lover, it’s probably even easier to lose a credit union member.”

I (think I) know what you’re thinking, and yes, it is a stretch.  Either way, member retention is something that a lot of credit unions don’t focus on.  It’s not to say that we are lazy as an industry, but let’s face it, we’ve all got a lot going on and many of us are lucky to keep our heads erect due to the sheer weight of the multiple “hats” we’re wearing.

Yesterday, I had the privilege of tuning in to a Google Hangout with Tom Glatt and a few others  and he echoed the importance of member growth.  Remember, you can’t have growth if you’re CU is hemorrhaging members.  So, here it is: 5 (not 50) Ways to Lose Your Members (not lover):

 

1. Don’t make a new plan, Stan

“We always run this loan special in the Spring…”  Times, they are a changing.  Your credit union needs to change with them.  So much is said about “thinking outside of the box”.  I say this, “There IS NO box!”  Let’s stop talking about cardboard and get down to brass tacks.  Be unconventional, question traditions and don’t just do what you’ve been doing for years “just because”.  Credit union members have a lot of choices.  Online banking is taking off and banks are working to become less, well, “bankish” every day.

Banks and credit unions sell the same widgets.  Package them differently.

 

2. DON’T keep doing what you’re doing

Your credit union is unique, no doubt.  Is your membership aware of your CU’s uniqueness?  It is totally necessary to be innovative with marketing and branding strategies, but other things are better left as is.  Member service (I will only address this topic once) is important.  If you’ve got a member-centric mindset and your credit union lives it every day (every day), please skip to #3.  If not, please proceed.

I’m sure many of you have experienced the member that only conducts their business with a certain Member Service Representative (insert your CU’s title).  Why do members do this?  They do this because at one point, that employee went above and beyond what was asked of them for that member.

In my opinion, if we all went above and beyond, this phenomenon would fade away.  Don’t get me wrong, this is not a bad thing, but one member’s preference to work with only a specific employee implies that they may have had a less than stellar experience while interacting with a different employee.  We need to strive to provide the best service, we don’t necessarily need to talk about how awesome we are at it, though.  Not sure if you’re employees are making the grade?  Why not employ a mystery shop program?  We need to stay honest with ourselves, outside parties are great at doing this.  No one likes holding their own feet to the fire (if that’s even physically possible.)

 

3. Hop on the bus, Gus

Get out of the office and get into the community!  Already doing three community activities?  Why not make it six?  If people don’t see you out in the communities that you serve, how will they get to know more about you?  Other than what you post on billboards and run on the radio or TV, how are your members and prospective members learning about you?  Community events, when done correctly are the best marketing your credit union can do.  Let your members see you living the credit union lifestyle.  Start conversations with them outside of the branch.  Ask how your credit union is meeting or falling short of meeting their needs.  Show them that you care (actually caring helps as well) and use their feedback to address issues that need to be dealt with.

Let me be clear here, I am NOT talking about throwing sponsorship dollars around.  I am NOT talking about hanging a banner somewhere with your logo on it and expecting people to see it, actually process it and then make a “buying decision”.  No one does this, no one.  We need to get our brands out there in traditional ways, but if you can get your brand out there and have employees there to talk about making people’s lives easier, your credit union’s success at retaining and attracting new members will skyrocket.  What I AM talking about (Willis?)

 

4. You don’t need to discuss much?

You may not need to discuss much about “leaving your lover”, but you do need to spend time talking strategy.  Ideally, the amount of time you spend should shake out like this (from least amount of time to most): 1. Talking (everyone loves meeting right?) 2. Planning (“Failure to prepare is preparing to fail.”) 3. Executing (Not that sort of executing.)

We’re busy, but no one is too busy to do their due diligence.  Plans should always come first!  You may want to be the first credit union on Pinterest (trivial right?), but once you get on the website, what the heck are you going to post?  How are you going to use it to provide value to your membership?  How are you going to avoid being a salesperson?  You can apply this to budgeting, loan growth, marketing, membership growth, you name it.  I’m not casting stones here, but it has become apparent to me that there is a lot of doing, but little thought behind the action.  Lay your plans first, carry them out and then assess what can be done better.

 

5. Don’t let your meaning be lost or misconstrued

Don’t embrace social (new) media.  There’s no ROI, right?  I’m calling BS on this argument.  You want statistics?  Well, go find them for yourself.  I am more concerned with results.  I’ve been a part of managing social media campaigns for credit unions for three years (impressive right? lol).  There is an ROI and it CANNOT be measured traditionally.  You don’t measure water and square footage the same way, how can you expect to measure two completely different tactics the same way?

I expect, no, I welcome disagreement.  Discourse is good.  Results are better.  What are the results of a properly run social media campaign?  At the credit union I worked at prior to my current venture, we decreased the average age of our membership by 3.5 years in twelve months time.  Furthermore, 86% of net new members were under the age of 46.  Need more?  Here, 60% of that same net new membership was under 31 years old.  Read this white paper for more.  Pick your metrics, work your plan and reap the rewards.

Social media is the easiest way to get your message out of your branches and in front of more people.  It is a relationship builder.  Stronger relationships generally lead to higher member retention.  If you’re lucky enough, you might get people talking about you.  When this happens, sit back and enjoy the show.  I’m not saying Facebook, Twitter, Foursquare and whatever other platform you prefer should be your primary focus.  What I am saying is that they provide value to your members and when you have the right person running your campaign, it’s cost effective and high impact.

 

What are some other ways to lose your lover (err… members?)  I’d love to hear your thoughts.

Without wax,

Bryce

Memorial Day: Remembering One of My Heros

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I usually use this medium to talk about marketing, social media, credit unions, my thoughts and trying to be what I consider humorous.  This post won’t really talk about many of those issues.  What it will talk about is one of the most important and motivating factors in my life that made me understand from an early age the importance of giving 100% all of the time.  Don’t get me wrong, I don’t think I am very special in most regards, but I do know that no matter what I do in my lifetime, I will not settle for mediocre results.  I will do everything (ethically) within my power to make a difference, to create positive change, to help create opportunities for people to be a part of something bigger than themselves.

Let’s be honest, though.  No matter what any of us do, in our respective professional careers of choice will never compare to what so many brave men and women have done to even allow us an opportunity to pursue our goals and dreams.

So how did I come to the understand that anything less than a 100% commitment to whatever I am doing is absolutely unacceptable?  There are two people I have to thank for that: My father and my grandfather.  Naturally, one can assume that everything my father has and continues to teach me is the direct result of the morals and life lessons that his father shared with him.

I don’t really know why, but this year I find myself thinking a lot about my grandfather Dale “Butch” Roth.  Grandpa Roth passed away when I was still in high school and there is not a day that goes by where I don’t think about him.  I especially remember how happy all of his grandchildren were whenever we had the chance to be with him.  He truly was a “spectacular” man.

Grandpa Roth enlisted in the US Navy while in high school and left his classmates prior to graduating to serve our country.  Little know fact, Grandpa Roth was named Most Handsome Sailor while serving.  Maybe that’s where I get my good looks?  Anyhow, he left all that he knew at a young age and went off to serve.  Like I said, he didn’t graduate with his fellow classmates.  If you knew my grandpa and how much he loved his school St. Mary’s Central Catholic, you would probably think that was a bigger deal for him then heading off into an uncertain future of military service.

Grandpa never really spoke about his service and much of the info I know today was learned after his death.  Grandpa Roth raised what at the time was a typical Roman Catholic family (8 kids, yea, you read that right.)  My father was the youngest.  I’m told my dad was pretty confident in himself at a young age.  He once told my uncle Ed that he was going to be a State Champ in wrestling (this was the first time he met Ed.  I believe it may have been their very first verbal exchange as well.)  The funny thing is, my dad, Jude, was like 90 lbs. soaking wet and was doing arm curls at the dinner table when all of this happened. To be a fly on the wall…

Anyhow, only one of these men will have a chance to read this, but I am sure the other one is watching as I type.  This was rather lengthy and may have went a little different route then where I thought it would go when I started, but the message remains the same: Please remember why most of us won’t be working on Monday.

Also, never settle for anything less than your best.  While many of us will never sacrifice like so many have, what we can do is make sure we take full advantage of all the opportunities we have because others made and continue to make the ultimate sacrifice so we even have a chance to pursue our wildest dreams.  To do anything less is unacceptable.

In closing, I’d like to say thanks to everyone who has served.  I know I never could.  I wouldn’t make it past the first day.  I think that is why I understand just how special those who do serve are.  They are a rare, selfless breed.  They embody all that is courageous and noble.  They are the true heroes who will never hoist a trophy or say, “I’m going to Disney World.” Nope.  Instead, they do the very opposite.  They push their body’s and mind’s to the very brink and then they go off and do things that nobody else wants to do.

Thank you is not enough, but it is all we have.

*Note* The picture above is of my Grandpa Roth and Cousin Zac.  Grandpa finally received his diploma at Zac’s graduation.  I was there and I will never forget how proud he was.

Love ya gramps.

-Bryce