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Yesterday I was in Cupertino, California, 
. The Mothership. Apple’s headquarters. I got to visit the Apple Employee Store. Wow.
What do you think the Apple Employee Store would look like? A crappy little room with fluorescent lights in the basement? A bunch of tables in an old conference room piled high with reject iPods sold for a dollar?
Nope - it was gorgeous. Just like an Apple store. Sleek and modern, minimalist inviting perfection. They don’t sell computers or phones at the employee store, just logo merchandise and gadget-lalapalooza. They have all their computers and phones out for you to play with…just sit down and enjoy.
I bought the t-shirt. On the front in the perfect Apple font it says:
“I visited the Mothership.” On the back, the Apple.
I was telling my brother about this last night as I was listening to KINK FM radio (from Portland, Oregon) through my car stereo, by using the AOL Radio app on my iPhone - oh and I’m driving to Cochiti Lake, New Mexico.
I commented that I love being in this world. He had just been to the Apple store in Manhattan and was bragging about having to stand in line for 6 hours to buy the new iPhone.
“I want to live in an Apple world!” my brother told me. “I want to live in an Apple house, drive an Apple car, shop at an Apple grocery store………”
Can you imagine?
As many of you know, I am a very loyal Saturn owner. Sure, I cheated that ONE time on the new Volkswagen Beetle, but Saturn took me back. We’ve been together for over 15 years. We’ve celebrated our purchases with balloons, cheers, gift baskets, umbrellas, car washes and barbecues.
I tried to capture our love in my book, Tattoos: The Ultimate Proof of a Successful Brand.
Last month, we took our relationship to the next level. We traded in my ION to get the new VUE. I could tell something was wrong the way we were hurried through the transaction. It felt mechanical. There was nothing knew. It was getting stale. I felt like he was going through the motions.
Sure, I got the cheer at the end, but as I drove away, it felt icky. Then we had a problem with our VUE. I brought it up, and was told to come back later - he didn’t have time. I made an appointment with him- now he didn’t have the right part. The third time I went to get it fixed, he asked me to fill out his survey. How was he doing?
I gave them the lowest rating. But the funny thing was, when I handed it back to him, he just took it, didn’t look up from his work and thanked me.
A few days ago I got a call from “the boss” wanting to know why I gave such a low rating - I shared my frustration. How when we were first together they were so attentive, and loving and caring and how now it’s just another car purchase experience. The magic is gone. The relationship is on thin ice. He, like so many men, was uncomfortable talking about feelings, and kind of hemmed and hawed….and said, “I’ll send you something in the mail.” Now I’m hopeful. A nice card? Flowers? Something sparkly?
Nope. I got a Dear John letter. A form letter basically apologizing from “corporate” for not meeting my expectations.
So, it’s over. I don’t know if I can ever trust them again - after all we’ve been through together. I’ll keep this Saturn for a couple of years, but then I’ll be “back in the market” for another new car.
It’s been such a long time since I’ve been “out there”….I’m scared.
I was in Lincoln City, Oregon this past week-end. Did some work with the Chinook Winds Casino. A great bunch of people and the nation’s “Sexiest” Tribal Casino. You should check it out.
After the gig, I got in the elevator to check into my ocean front suite. On the wall was an announcement:
The band Foreigner is coming to the casino this month.
Sponsored by……wait for it……. AARP.
Sigh………
Fred Reichheld, the author of The Ultimate Question and the Net Promoter Score has a great post on his blog this morning that asks another question - “Should NPS scores be tied to compensation?”
With so many credit unions using NPS and the Member Loyalty Group bringing the standard metric to the movement, I’d love to hear what you think. And for those that are doing it, what the results have been.
I’ve been saying for some time now that traditional marketing is dead. Direct mail - dismal responses. Newsletters? Yet we are begging members to go to e-statements. Radio? One word-iPod. TV - 500 channels, 24 hours a day. Which 30 second spot to purchase?
When I put these notions on a slide in a presentation - inevitably marketers get nervous, and someone will courageously ask, “If we don’t do those things, what will we do?” Great question.
My answer: think differently. You need new tools. Net Promoter Score is a great start. Think of it as a cheap and ongoing focus group. Not getting the lift from your promotions? Maybe it’s because compliance is running the member experience. But as a marketer, how can you prove that? By asking the ultimate question, “How likely are you to recommend the credit union to a friend, family member or colleague?”
Redesigning your free checking brochure is not going to do it. Aren’t you sick of trying to make your checking sound “freer?”
“Something your competition is not likely to copy.”
In the world of R & D (rip-off and duplicate) it’s becoming harder and harder to differentiate ourselves from the competition. Credit unions are not as “sharing” as they once were for fear of R & D. But if you did something that your competition is NOT likely to copy - then you should shout it to the world.
Such is the case of Greater Nevada’s newest branch (as seen in CU Journal online):
Members of Greater Nevada CU may be brought back to a different era when they visit the credit union’s newest branch here-with a miniature grain silo as its entrance and the barn-shaped main lobby.
Tucson Old Pueblo Credit Union built a drive-up window for fire trucks! (their founding members)
Umpqua Bank brews their own blend of coffee - the Umpqua Blend.
What is YOUR credit union doing to differentiate themselves from the competition (which now includes other credit unions)?
Sub-prime
Underserved
Courtesy pay.
Pay Day Lending.
I’ve only been with credit unions since 1980. I worked for a teachers credit union, grocery store co-op, government employees and the high tech industry. They had a common bond and joined the credit union to pool their resources so they could get lower rates on loans and higher rates on deposits.
We called them when they were about to bounce a check (courtesy pay).
We encouraged them to apply for a share secured loan for emergencies (pay day lending).
We required a 20% down payment on a new car loan (sub-prime).
We created special savings programs, like the Teachers Depsoit Fund (underserved).
We had no competition.
So, what happened? How did the definitions change so dramatically?
As a follow-up to my blog post AVIS tried harder to lose my business and it HERTZ - this greeted me today at the Minneapolis Airport! The trunk was open, keys in the ignition, map on the seat……
I love getting Hertzed.
PS - Technical difficulties with WordPress. I cannot upload the photo — anyone, anyone???
According to Fred Reichheld, the Loyalty Economics guru, this is what a “bad profit” can do to your business:
Consider those resentful overage and usage fees from your cell phone supplier, or those plans that manipulate you into buying more minutes than you need. These practices generate bad profits. Whenever a customer feels deceived, coerced, or disrespected, then earnings from that customer are bad - they come at the customer’s expense. Bad profits convert customers into detractors who blacken a firm’s reputation and choke off a company’s best opportunity for true growth, the kind of growth that is both profitable and sustainable. The pursuit of bad profits alienates customers and demoralizes employees. Good profits come from satisfied customers who not only provide repeat business but bring new customers to the company.
And this just in…..
WASHINGTON – NCUA and banking regulators today will propose new rules barring certain unfair credit card practices and setting new requirements on overdraft protection programs, including allowing members to opt out of such programs, also known as bounce protection.
The proposal would prohibit a federal credit union from imposing an overdraft protection fee unless the member has specifically agreed to participate, or “opt-in” to the program.
Enough said….
I rented 43 cars from AVIS last year. That’s $6,557.59 of business. I was loyal. I have never forgotten to turn in my keys. Until last Thursday. I took off with the keys! I called Medford from Portland, Oregon (on my way to Seattle) and the agent told me to drop them off in Seattle. And here’s where the problem began.
Seattle assured me that this happens all the time, in fact, I was the third one that day! They simply overnight the keys to Medford. I called on Saturday to confirm. I needed a receipt for the rental to bill my client.
Have you ever tried to call AVIS on the week-end? You’d think that an airport rental car agency would pretty much be around-the-clock. Nope. Not if you need - are you ready for this - CUSTOMER SERVICE! They only work from 9 to 5 Monday thru Friday. They’re available 24/7 if you need to rent a car. If you have a problem, you gotta wait until Monday. So I did.
The Medford office also doesn’t pick up their phone on the week-ends but rather gives you a nice little message saying they are busy helping another customer.
This morning I called Medford - no answer. I called again, and again….and finally called the Customer Service line and explained that Medford won’t pick up their phone. They suggested I call Seattle. Seattle picked up the phone but said that THEY can’t close the contract - only Medford can. At the end of the call he admitted that he COULD do it, but he’d get in BIG trouble.
I now called the main toll free AVIS number just for fun. My own version of Russian Roulette. This guy came up with a whole new reason why he couldn’t close the contract. We have to wait for the keys. What? How will we KNOW when Medford gets the keys?? I need to call Medford.
Then I had this great idea - I’ll call the Medford Hertz. They are literally feet away from the employees at AVIS that don’t answer their phone. Here’s a gigantic moment of truth. All the marketing, planning, budgeting, positioning, pricing does not matter - will Hertz pick up their phone?
A nice young lady did just that. Wow. I was giddy. I explained that I really needed to talk to a person right next door, at their competitor, AVIS, and could she lean over the rail and simply ask them to please PICK UP THEIR PHONE!! She suggested I leave my number and that they should call me.
She delivered my message and AVIS Medford DID call me right back.
When I explained to her how frustrating it is that THEY DON’T ANSWER THE PHONE, she clued me in. You see, I was pressing option “4″ (customer service), they rarely answer that BUT, they almost always answer option “2″ the LOST AND FOUND option. Good to know for the future.
But then she dropped this new bombshell on me. IF Seattle doesn’t get the keys to Medford I could face “rekeying” charges. “How much is that?” I asked. “Well, let’s see” she pondered, “You rented a Chevy Malibu, we’ll have to go to the dealer and have them reprogram and re-key…..I have no idea.”
I thanked her for her help.
I just became a Hertz #1 Gold Club member. Took me about 3 minutes to sign up online and print my temporary Gold Card.
Hertz, if you are reading this - your Medford employee, Carol, made you tons of money today.
Thanks for answering the phone.
Can you imagine if every credit union measured ROA with a different ruler? Credit unions know that achieving a 100 bp ROA is good. You can have a lower one if you manage risk well. Net worth is another measure of safety and soundness that we all measure exactly the same way. If we didn’t we’d be in trouble.
But when it comes to measuring the REAL business we are in - serving the member - we do it sporadically (if at all) there is no credit union standard, we’ve never tied it to growth - we simply don’t have any reliable data. Consequently, financial measures rule the organization. They become our filter for all decision making.
The author of Loyalty Rules, The Loyalty Effect and his most recent, The Ultimate Question puts it best:
“A lot of companies survey customers once or twice a year and they average the numbers across all products and locations. First of all, satisfaction is not the right metric. Secondly, how can an average score once or twice a year be sufficient? Imagine that you only looked at profits averaged across all your product lines only once a year. How good would you be at managing profits? That’s how good you will be at managing loyalty.” - Fred Reichheld
When I first read about the Net Promoter Score (NPS), I was giddy. Here is a metric that is simple to use but packs a powerful punch in terms of data. Reliable data. NPS is a measure of the relationship between your member and your brand that is predictive of growth.
Diana Dkystra will be substantiating that statement at the FORUM Symposium later this year. She’s been measuring her brand with NPS for over three years. ROA no longer drives her decision making - it’s the member.
Many credit unions have used the NPS tool - however there is not a standard methodology (like ROA) that has been adopted. Until now.
Addison Avenue Credit Union, AmericaFirst Credit Union, Baxter Credit Union, BECU, Educators Credit Union (in Racine, Wisconsin), and San Francisco Fire Credit Union announced today the formation of the Member Loyalty Group, L.L.C. - a Credit Union Service Organization (CUSO) created to implement a standardized member-loyalty metric for credit unions nationwide.
The CUSO has partnered with Satmetrix, the company that developed the NPS (with Fred Reichheld), to first implement Satmetrix’s member-loyalty services. And in a few months will offer those services to all credit unions in the country, large and small.
The Member Loyalty Group’s six founding organizations have all been using the Net Promoter Score (NPS) metric to measure member loyalty for several years.
These credit unions were concerned, however, that the NPS was not being used in the same way by all of them. So they banded together to form a CUSO that would partner with Satmetrix, the company that developed the NPS, to first implement Satmetrix’s member-loyalty services within their organizations and then offer those services to all credit unions in the country, large and small.
Michelle Bloedorn, former VP Sales and Service for Baxter Credit Union has been named Executive Director of the CUSO. “Our number one priority is to develop THE standard metric for NPS. Many credit unions are using the NPS survey tool, but the methodology is not the same,” says Bloedorn. “Like ROA, we need to measure our member loyalty with the same ruler. The bottom-line has been the only measure of success and yet loyalty is what made credit unions grow. If your members cannot refer you, you will have a tough time growing in this increasingly competitive market.”
I am so excited for credit unions, and for our members to have this data.
Stay tuned……
I was in Sedona, Arizona this past week-end to speak for the CEOs and Board Chairs of some of the largest and most innovative cooperatives in the world.
No, not BECU or Navy Fed - Florida’s Natural, Blue Diamond Almonds, and the Dairy Farmers of America (just to name a few). I was asked to share my knowledge of Net Promoter Score (NPS) at the Graduate Institute of Cooperative Leadership.
I spent weeks researching agricultural cooperatives and constantly experienced deja vous. It was like reading the history of credit unions all over again.
One of the co-ops in the room was 98 years old. They struggle with the need to merge to create economies of scale. They are riddled with regulation. Oh, and they have to deal with the economy AND the weather. I have a deep respect for farming.
The one thing that stood out for me at this conference, was how many times they mentioned their member. The farmer. It was always a part of their language. Their cause. At the end of the day, how does this benefit the farmer?
Most credit union conferences today tend to focus on the products, the risk of our business, the need to improve margins. All important things - but it struck me - we are nothing without our member. Our members created us. And when we stop being loyal to that fact (to them) they will stop being loyal to us.
That’s why I’ve become so passionate about the Net Promoter Score (NPS). It’s the measure of member loyalty that predicts growth by asking a simple question, “How likely are you to recommend us to your friends, family and co-workers?”
Loyalty and word-of-mouth grew credit unions for the first 50 years. Our members marketed FOR us. Because we could not quantify the ROI on that - we ignored the essential ingredient in that process - the members have to be at the center of your decision-making. And not by “guessing” what they need or relying solely on “anecdotal” reference. NPS is a discipline, like accounting, that puts the voice of the member on the balance sheet, where it belongs.
I am rejuvenated after spending the week-end with these co-ops. I know we have some nay-sayers out there when it comes to NPS. So I invite you to attend the FORUM Symposium in October of this year where you will get to hear the incredible story of how Diana Dkystra used NPS to grow a super loyal base of members at San Francisco Fire.
……or why I bought TiVo to avoid moments like this. I was watching Extreme Makeover Home Edition last night in my kitchen (the TiVo is in the living room). Have you ever watched that? OMG, this poor family was literally living in a chicken coop turned shack and the mom and all three daughters suffered from this horrible disease but that didn’t stop them from helping others with the same affliction and I’m sobbing at the end of this show and vowing to support all the generous supporters products…..and then they cut to a commercial.
Jessica Alba walks into the room and says,
“Do you know what you want? I do. I want a foundation to match my skin.”
It’s a promo for Revlon’s new Custom Creations. So you no longer have to suffer with make-up lines!!! Aaarrrrgggghhhhhhhh!! Are you KIDDING me? How could Revlon hope to not piss off everyone paying attention. There ARE bigger problems in the world than models not being happy with their flawless looks.
Whew - that felt good.
This showed up today in my Google Alerts for “credit unions”.
I just returned from the BarCampBank San Francisco.
Unlike the BCB in Seattle last year, this one came with a souvenier t-shirt, over 45 of the smartest people I’ve ever met and a cool location - U Cal Berkeley.
Our single goal - to question everything as it relates to banking today. We questioned money, moving money, ethics in banking, ownership, laws, loyalty, relevance.
Remember that Far Side cartoon where a kid is raising his hand in class - and when called upon says “Teacher, can I be excused? My brain is full.”
That was me.
Thanks to our friends from across the pond Frederic Baud and friends (from France) and to Robbie Wright and Matt Iverson for pulling it together.
March has been a busy month for me in the air. Consequently, I’ve been able to catch all four movies that United Airlines had to offer. Two going East (changes mid month) and two going West. I’m a big movie fan. Besides getting lost in a good book, getting lost in a good movie at 30,000 feet is a blessing.
Not so much with August Rush starring a doe-eyed Keri Russell who stumbles her way through this movie in a constant state of confusion. I can forgive the occasional implausible scenario - but the end of this movie made me want to scream. Spoil alert: Keri’s been looking for her son (whom her evil dad pretended was still born and secretly gave him up for adoption only to finally reveal on his death bed that the boy LIVES!) for months. Walking around in a stupor through Central Park - chasing after 11 year-old boys hoping he’s hers…..oh, and she’s also a world class Cellist who has come out of hiding to perform a major concert in Central Park where, are you ready for this, AN 11 YEAR OLD BOY will be conducting his first symphony right after she plays.
Somehow this slipped by her. She didn’t cross paths with him in rehearsal, didn’t happen to catch it on the news, nor does she bother to stay (after completing her flawless number) to see this phenom. Made me want to scream as loud as the 11 month old baby in the seat next to me.
Alvin and the Chipmunks: I had to get past the fact that “Earl” plays Dave, the Chipmunks “dad” but otherwise, it was sheer delight…and with a nice glass of red wine, all you need on a Monday night flying to Chicago. My sisters and I owned that album (much to my parent’s chagrin) and couldn’t get enough of it. This movie acknowledged the 60’s in fun and campy way while somehow making you believe that singing chipmunks COULD actually do well on You Tube!
Because they love me. They keep track of my “loyalty” and know how to keep it.
Last week-end I used my Marriott points to stay at the swanky downtown Portland location on my birthday. Had a nice quiet birthday party at my brother’s house and upon returning to my room….discovered a lovely birthday dessert complete with card signed by some of the staff.
Wow.
When I get my copy of Northwest Palate magazine I read it, or shall I say, savor it from cover to cover. It only comes out once every other month. It’s the place to read about all the cool stuff going on in Oregon, Washington and Vancouver BC as it pertains to food and wine. Two of my favorite things - besides marketing and free checking, of course.
Can you imagine if we wrote about a new branch opening the way Northwest Palate writes about a new restaurant:
“There’s still a high funk factor here, and turning a speakeasy into a a recherche’ boite seems an unlikely endeavor for the owner of upscale Coupage - but the mixture of hipster barflies, quirky decor and epicurean nosh give the Triangle a unique intrigue.”
Instead we say things like “open to anyone who lives, works, or worships in the tri-county region….”
*sigh*
My friend Cheryl sent me this amazing quote yesterday:
“Company culture is determined from the top. Ignore it, and it will spiral into bad morale, which is transparent to your customers. Nurture it, and your metrics will prove it matters. In short, culture eats strategy for lunch.” – Kevin Nolan, retired Affinity Health Systems CEO.
This is precisely why I have repositioned my brand to focus on culture. If you have a bad culture - marketing can’t help you.
Consider this:
If your culture SUCKS your members will market FOR you.
If your culture is FABULOUS, your members will market FOR you.
I stayed at the Hawthorn Suites in Racine, Wisconsin last week. They have a restaurant that sells wines by the glass that got them Wine awards! Their grilled salmon salad with slivered almonds and bing cherries will change your life. Who knew? Right???
But when you get in the elevator to go to your suite (read big room) you see the sign above. WTH?? As I exit on the 3rd floor I look out over this swimming pool expecting a scene from Animal House. Looks pretty benign. A nice family enjoying a warm romp in an indoor pool decorated with airplanes for the kiddies (it was 7 degrees outside). Hmmmmmm…..so what chaotic event caused them to commission a sign maker and permanently mount this to the elevator wall??
Look around your office. Walk outside and come in the door where your members do. What signs do you see? What does it say about your culture? Is it the story you want to tell? Is the sign working? (my favorite one is at the drive-up window - please have your deposit slip ready - um, when you get to the window - where the sign is)…….
I was told that I have to go to the local DMV in Racine. They have a sign there that reads:
“Profanity will not be tolerated here.”
Xerox.
Kleenex.
Coke.
Google.
The ultimate goal of any brand is to become a “word” that dominates your category. That your brand means to “make a copy” or “search for something.” That you ask for a “coke” or a “kleenex” instead of a soft drink or facial tissue.
So naturally, if your credit union was founded by one of these icons and you were allowed to bear their name - you should dump it.
As was the case with Xerox Federal Credit Union.
According to the CU Journal article on February 25th:
The Xerox name is well known–but perhaps a bit too well known for a credit union that also serves other employee groups. As a result, the $702-million Xerox FCU is changing its name to Xceed Financial CU.
Really?
Even the CEO admits that only 35% of their membership is still Xerox. So doesn’t that mean the word is out? Now anyone can join Xerox FCU??
This doesn’t appear to be a case of sponsor getting skittish with them using the incredible brand name - in fact, just the opposite.
Ubiquity is our enemy. We are becoming a weird brand with weird names that mean nothing. Kinecta, Achieva, Veridian, Visterra, Advantis..the list goes on.
I’m still waiting for Taco Bell to learn from our examples and become Mexican Food Bell.
Truth in Lending.
Truth in Savings.
Fair Credit Reporting Act.
All necessary evils. It’s interesting to look at those titles. They require financial institutions to tell the truth and to be fair.
It would seem like anyone wanting to be in the business of taking your money would already have those values. Wrong. So when we don’t tell the truth and we’re not fair, we get spanked with compliance. It’s the naughty stool. The time out issued by the Feds.
Almost everyone has lied at one time in their life. Whether it’s a little white lie or a whopper-of-a-televised-lie-in-an-interview. There’s some guilt, and if you’re caught you usually try to explain why it wasn’t really a lie…rather than just admitting, okay, I screwed up. I’m sorry.
My friend Jeff Hardin sent me a link to a podcast yesterday. It was the story of a single mom who got caught in the cycle of payday lenders. You see, the lenders lied. Of course they’ll tell you that they aren’t lying, they just don’t have to disclose everything because their business is not as regulated — yet.
I couldn’t help but think of the courtesy pay product that has become fee income heroin to many credit unions. We get to lie to members. Because “technically” we are not loaning them money, we don’t have to disclose an interest rate.
According to one credit union’s website:
It is a non-contractual courtesy that we extend to our Members who maintain their checking accounts in good standing. This feature is discretionary on the part of the Credit Union.
Back in the day (which, according to comedian Dane Cook was a Wednesday btw) the credit union I worked for had courtesy pay. We would look at the overdraft list and call members (as a courtesy) and let them know they needed to make a deposit or we were going to return a check. We did this for free. Most of the members brought money in right away and were very thankful for our courteousness. Now I get that we can’t possibly do that today. What with technology and all…but how about this:
If a member qualifies for a $700 courtesy pay limit, why wouldn’t you just qualify them for a $700 line of credit at 18% interest? The member would only have to pay $10.50 to repay that amount in 30 days. Instead of $27.50 per item (as noted on one credit union website) which puts the interest rate at around 50% - IF there was only one item paid for $700.00.
I found this company pops up first when you google “courtesy pay.” According to Parker in the video demo - you aren’t serving your members well if you don’t have a courtesy pay program. OH, AND you can Improve NSF income 120% to 400%
How can that be? One of the “features” of courtesy pay according to a credit union website:
Courtesy Pay is provided as a service to help you avoid additional fees by the merchant or payee. When you overdraw your account, a fee is assessed either as an NSF fee of $27.50 when we return the item unpaid to the merchant or payee, or as a Courtesy Pay fee of $27.50 when we pay the item.
Given that scenario, wouldn’t the fee income be the same to the credit union?
Here’s the saddest part for me. WE (meaning the credit union movement) were founded because of courtesy pay programs, aka loan sharks. People of small means could only get credit paying exorbitant interest rates. I’m not making this up..check it out:
Desjardins became aware of the outrageous interest being charged by loan sharks and organized the credit union to provide relief to the working class.
I hate to think that after 100 years (next year will mark the 100th anniversary of the first American credit union) that we would have to be legislated BACK to promoting thrift, telling the truth and charging fair rates.
I’ve been toying with the idea of “naming” my company. I always had this vision of being the next Tom Peters. You know, my name IS my brand.
But sometimes I’ll call a client and get screened by the receptionist. “May I please tell important person who is calling?” they will inquire, “Denise Wymore” I respond. “And who are you with?”…….um……me?
Tom Peters solved that by saying “The Tom Peters GROUP.” Of course, that would imply that he has a group. But I don’t have a group. It’s just me. And for those that have known me a long time, I don’t partner well.
So, I’m seriously thinking of calling my business Cult-ivation. Because creating a cult-like devotion to your brand (think Apple) is what it’s all about.
Thoughts?
I opened the door and walked into the waiting room. Fluorescent lights, plaid upholstered chairs lined up like soldiers against a wall with bad art. I signed in (as instructed) at the check-in desk and took a seat. A People magazine from June of last year sat all dog-eared for me to read. The hiss of silence ringing in my ears. I hate waiting. Movement behind the greeter station. I must be next. A woman checks the clipboard, looks out at the waiting room and says “Miss Way-more?” Struggling with my name.
I follow her to the back. I’m anticipating the scale. I HATE being weighed and her botching of my name makes me even more anxious. Was that intentional? I’m ready to drop my purse, kick of shoes and coat, large jewelry…anything to Way-less…..
Oh but wait - I’m not at the doctor, I’m at my credit union.
I’m escorted to an office cluttered with Happy Meal toys and pictures of kids and cruise ship excursions and funny quotes that appear to be third generation copies scotch taped to the front of the panels on the cube that are supposed to “hide” clutter.
Piles of files are on a credenza behind her and a pile next to the computer. I wonder if I’m adding to that with my request. She parts some brochure racks (like the red sea) as she slides a form with boxes so tiny I have to pull out my glasses to read the instructions. This, is my “application” for membership, she explains. As I fill it out she moves papers around, leans in and squints at her monitor. Types a few things on the keyboard.
FADE TO BLACK…..A figure emerges from stage left:
“Does this scene look familiar? If you were to start a credit union today would you set it up this way? Would you build the first impression to mirror a doctor’s office waiting room? Would you hire an interior designer that would scour E-Bay looking for old trinkets from Happy Meals so you could carefully mount them on top of your monitor? Would you really make members SIGN IN to JOIN??”
I didn’t think so…………
“Advertising is the modern substitute for argument; its function is to make the worse appear the better.” - George Santayana
My good friend Doug True has a great post that summarized a busy week of blog-o-sphere discussion on the ultimate erosion of credit union loyalty and how we quickly get it back. There’s talk of yet another National Brand Campaign while others believe that you must have a blog to survive.
I found it. I know how to grow your credit union.
Unfortunately, she’s retiring. Her name is Jeanine Miller. She’s worked for Members Credit Union since 1963 and she’s the head teller.
Two things struck me while reading this article.
1. Can you imagine any bank ever having this kind of press?
2. It made the news because it’s so unusual.
Most CEOs will agree with me - the brand is their experience and the front-line employees have more control over the credit union’s reputation than anyone in senior management. BUT, we don’t do anything about it. Few of us measure the value that Jeanine Miller brings to the bottom-line in the form of referrals and repeat business. The teller position continues to be at the bottom of the organizational chart and pay structure.
We’ll spend more money begging for business through membership bribes then we will on paying these unsung heroes and trying to retain them.
You want to grow? Pay attention to your tellers.
THIS JUST IN: A videoof Jeanine’s last day - thanks NC Credit Union League
I was in Oshkosh, Wisconsin this week. I ate cheese, had dinner at a Supper Club, learned about sturgeon spearing, hand warmers, that your car windows can actually freeze shut (found that out at a drive-thru) and dontcha know, I got to visit Mills Fleet Farm (aka the Man’s Mall).
It smells (like tires) when you walk in. The lighting is harsh, the floors are concrete. You’re probably thinking, like Costco, right? Sort of……but the target audience is vastly different. They target farmers and hunters and fishermen. Truck driving, cap wearing, facial hair sporting, Packers loving dudes. Picture an entire aisle of flannel shirts. A fishing rod selection that could make the Guinness Book of World Records. There were huge bags of stuff that had something to do with cows. I didn’t ask.
I am not their target audience. But I did buy their shirt. It had a picture of a tractor on the front with “Mills Fleet Farm” above and below……the best tag line ever:
“If we don’t sell it. You don’t need it.”
Starbucks announced today that they will begin serving french fries and hamburgers at their 15,000 locations beginning this year in an effort to compete with McDonald’s.
Oh wait - I have that wrong.
McDonald’s announced yesterday they are going to add coffee shops to their 15,000 American locations in an effort to compete with Starbucks.
Now that makes more sense.
The first time I ever went skiing I was in high school. That was a few years ago. My boyfriend was on a racing team, so naturally I had to learn to ski. But I digress….on our way up to the mountain (about a 50 mile drive from Portland) he told me that we HAD to stop at Joe’s Donut Shop. It was a weird red and white painted cinder block hole-in-the-wall. The aroma inside the shop makes your knees weak. What is it about fried dough with sugar? Nobody does it better than Joe. I looked forward to our weekly treks up the mountain after that. Not for the skiing (truth be told - I sucked) but for the chance to try another of Joe’s creations.
Last night I had the NW Cable news on. And there it was! Joe’s Donuts! Still going strong and having a banner year because of all the snow on Mt. Hood.
Modern marketing = Word-of-mouth. You can’t beg for business anymore - now you have to earn it. And Joe does. Every day. For YEARS he’s been doing one thing and doing it well. Making donuts.
As far as I know, Joe has no marketing budget. He doesn’t advertise on TV, the radio or newspaper. He doesn’t rubber band flyers to your door knob. He doesn’t call your house or fill your mailbox with direct mail.
Instead, people are marketing FOR Joe. I googled Joe and found several pages of hits. From as far away as Bangkok and on a page called Real Good Food.
That’s some good modern marketing. Way to go Joe!
I love this week. From a marketing perspective, we no longer have to fear turning on our televisions without the TiVo control velcroed to our hip so we can avoid the barrage of Christmas ads. AND all of the Year In Review shows start airing.
It’s nice closure. A cleansing of sorts.
So I offer my year-in-review of the best and worst marketing moments:
Old Marketing (aka the worst)
The San Diego County Credit Union Poinsettia Bowl. I’ve been reluctant to poke fun at this because I know that several credit unions sponsor sports. And in some markets I do believe it makes sense. They are very local and very small events that rely on sponsorship. Not to say this bowl game is huge but it’s certainly big enough to be televised.
Which is why it made my list. I think the Mental Floss blog sums it up nicely:
“If you’re like me, you were probably sitting around last Thursday night mulling the logistics of a hypothetical move to San Diego. If I took a county job, where would I do my banking? I couldn’t have been alone in this conundrum. The entire nation was wondering, and if they’d been watching the San Diego County Credit Union Poinsettia Bowl, they would have known. Does a local credit union really need the national exposure of sponsoring a bowl game? If you’ve got a more efficient idea for letting people in Vermont know about the 4.00% APY they could be earning with an average daily balance over $100,000 in the credit union’s Money Market Max account, I’d like to hear it.”
Worst marketing also goes to Sun State Credit Union’s attempt to offer “lower rates on loans” by charging crazy fees. This member’s experience made the local paper not once, but twice.
Brand is your reputation. Not your name, logo, or tag line. Sun State has a tough road ahead, in my opinion, to overcome this negative image. CUES Nexus has a great blog post today relating to this issue as well.
and…….drum roll please.
The worst I-still-cannot-believe-credit unions-are-doing-this marketing goes to anyone who still uses pre-fab direct mail pieces. I don’t care if they are free. You get what you pay for - and it looks like you don’t care. There I said it - again.
Now for the best Modern Marketing examples of 2007:
Any credit union that paid an extraordinary dividend this year. (applause, applause). I cannot think of a better example of “how we are different than banks” than this.
One such credit union shared a letter from a member that received her dividend. Her closing statement was this: “When I look at my account and see the heading ‘extraordinary dividend’ I will be thinking ‘extraordinary credit union.’ I sincerely thank you and your staff for your generosity and I look forward to many more years as a member of this fine institution.” That’s good stuff.
To all those pioneering credit unions that have a blog. For jumping into this new and scary territory and taking a chance. To William Azaroff for showing us the way.
To any credit union that asked their members the ultimate question in 2007. “How likely are you to recommend your credit union to a friend, family member or co-worker?” aka Net Promoter Score. Word of mouth is modern marketing. It always has been and always will be the best and most effective tool we have.
Happy New Year!
I’m still amazed at the amount of local advertising I see on television these days. With the number of TiVos and DVRs sold - KNOWING that 98% of the owners of these devices are invoking the “no commercial” feature. With over 200 channels available, how DOES one decide the media buy? Which 30 seconds in a 24 hour day, seven day week on those 200 do you purchase?
Last night I checked into a hotel in Kansas City. It was late. I’m watching the Craig Ferguson Show hoping that when they cut to a commercial, I will drop off into sleep. Not this time. Somehow this jingle seeped into my brain and will probably be there for the foreseeable future….are you ready? Sing it along with me: (in a soft and chipper sounding male voice):
“Midwest Hemorrhoid Treatment Center………don’t suffer in silence.”
Wow. If you’re a singer, and your agent gets you that gig - I mean how bad do you want to work? How do you get through it without busting out laughing. Who wrote those lyrics, pitched them to the client without wetting themselves?
I mean, don’t get me wrong. The “hemmys” are a drag (so I’ve heard). But, seriously?
I called my husband to help me finish their campaign. (He used to be in marketing - now he’s a CFO). Here’s his take……”If you have soft tissue issues, call us at 1-800-GOT-RHOIDS.”
Is that modern marketing?
It’s rare in today’s society to have a customer service experience that makes you say, “WOW!” You know, the kind that makes you want to blog about them. Tell your friends. Create a slide in your next presentation. Light a few candles and build a shrine?
Here are my WOW customer service experience hall of fame inductees (in no particular order).
1. Genoa restaurant in Portland, Oregon. This is a very small intimate expensive seven course Northern Italian experience. I went there with a dear friend and foodie. We loved it. So much we lingered. I think a bit too long. So rather than use body language to tell us to move on they simply and elegantly said, “Would you ladies like to continue your conversation in our private parlor with a complimentary glass of port?” Who wouldn’t? And it was just that. A beautifully appointed room in the back of the restaurant for hangers-on. An exquisite way to “turn a table.”
2. In-N-Out Burger. On the extreme opposite end of the culinary perspective. I was urged by a client to “experience” this fast food first hand before flying out to my next gig. (note: they are only in the Southwest). I ordered my surprisingly affordable cheeseburger from the speaker at the menu board and was asked the most amazing question. “Will you be eating that burger in the car?” Wow. I’m in a car. And I’ve just ordered food. Chances are pretty good I’ll eat it in here. “Yes,” I replied. And when I drove forward, they presented me my gorgeous, fresh delicious $1.80 cheeseburger in a cardboard tray with the wrapper already peeled back so I could easily eat it while I drove. Brilliant.
3. Amelia Island, Florida Ritz Carlton. To be fair, their culture has won awards, received numerous mentions in the greatest of books and probably already has shrines built to it. I mean Ritz Carlton’s are great. But I guess you have to appreciate that great doesn’t JUST HAPPEN!!! Someone has to say, “HEY, let’s be great.” And then the staff says, “OKAY!” and actually does it. I was a speaker there last week. It was a good sized hotel and as I was dragging my wheely briefcase to the conference section of the place a very pleasant looking woman in a hotel uniform was just standing there smiling. Right next to the list of meetings and room names. You guessed it, her sole purpose was to guide people to the proper rooms. Subtle. Service. Wow.
Please feel free to add your own.
I’ve added that phrase to all of my consulting contracts this year. Thanks to social media and some great new friends I’ve met, I am getting smarter every day. Way smarter.
Case in point.
When I first read about ZOPA (in Business 2.0 magazine)
Here’s a little excerpt if you don’t want to click on over:
“Scott Anthony, a managing director of Clayton Christensen’s consulting firm, Innosight, is intrigued by the disruptive potential of peer-to-peer lending. ‘Are there ways to loan amounts that banks won’t lend because they’re too small,’ he asks, ‘or to serve customers who would otherwise never be served?’”
I was shocked that there was no comparison between the ZOPA model and the original credit union model. So shocked that I asked Wade Lagrone, VP US Marketing ZOPA, if he’d have lunch with me. That’s when I first found out that Wade was looking to US credit unions as partners for their American launch.
I’ll admit, I was a bit concerned. I was afraid it would turn into another indirect lending/source-o-funds/can’t market to these folks cuz they don’t know who you are craze. I was wrong. Or at least I think I’m going to be wrong.
ZOPA announced this week their US launch with some amazing credit union partners. This is the next generation credit union! Now that it’s up and running it makes perfect sense! This morning on my google alerts I found this little nugget.
I hope you’ll all take time to read it, and respond in defense of credit union values and heritage. We’re back baby!!!!
Yesterday the US Treasury Secretary said he was confident that he could talk the big banks into freezing interest rates on high-risk sub-prime loans.
What would Lewis Black say about this? I think it would go something like this:
Let’s say that these “exotic” loans are pot. And the big banks are pot dealers. Oh, and pot is legal.
These dealers were practically giving away the pot. People who never thought they’d try it were lured in.
And now we have a bunch of people stoned out of their minds, not able to make their house payments to the tune of billions of dollars and we realize that we need to rehabilitate. We got these folks addicted it’s going to be darned hard to kick that habit.
Should we make pot illegal? We don’t want big government telling us what we can smoke.
Nope, let’s buy them a seven year supply of Doritos and see what happens…….
It’s 4:20am in General Mitchell Milwaukee Airport. I’m in the restroom. It’s November 29th, 2007. I’m alone.
The speakers crackle a barely recognizable tune. Enough that your mind picks it up and tosses it around. What IS that song?
Cut to recording studio in a garage somewhere in Kenosha……..
DAVE: Okay Barry, you ready to lay this down? I got my laptop ready to record.
BARRY: Sure thing dude. Picked up this plastic flute at the airport gift shop. Let’s mess this up.
DAVE: Cool.
DAVE (into a mic): “Barely recognizable God Rest Ye Merry Gentlemen. Take One”….(faint tap of a pencil on the table..one, two, three, four………..)
Only 26 days left of slaughtered Christmas classics.
Happy Holidays!
I heard the greatest phrase last week. “If you have time to lean, you have time to clean.” That’s one of the training mantras McDonald’s uses. A former employee told me that last week at a Marketing conference and I love it. I worked for ‘Enry Beazely’s Fish n Chips in high school. Mr. Beazely’s version was “The front counter is like the tide. Never turn your back on it.”
I learned that 31 years ago (okay, that seems impossible but it’s true). My point being, that corporations don’t have values, people do. Mr. Beazely valued service. He lived it. He loved it. He demanded it. He rewarded it. Consequently Beazely’s was known for it.
Many credit unions SAY they are in the service business. How many have clearly defined what that means? Does your frontline know what their role is? Do they have any “mantras” to guide them?
My fantasy Thanksgiving dinner guest list (people I would love to have at my table this year):
Rebecca Secor of Educators Credit Union who always has my back.
Trey Reeme, formerly Trabian, now (lucky) Texas Dow Employees CU. Trey’s good company, always inspiring, humble, genuine and “the one to watch” in the credit union movement. He will show us the way.
All my friends on Twitter. Being self-employed and an office of “one” you have all brightened my days. You are my water-cooler conversation. And you are the coolest people in the world. I’m honored to be followed.
Ron Shevlin. Yup. I’d like to drink wine with Ron. And tape the conversation.
John Abraham and Dale Weideman from Satmetrix. I have a feeling we will be sitting at a table together soon. Also drinking wine. Your professionalism is inspiring.
Shari Storm who I will follow willingly whether it’s blogging, twittering, Facebooking, LinkedIning, etc…..she’s my Social Media Yoda.
All my friends at CUES (and you know who you are). You continue to push the envelope in ways to learn, experience, discover.
The Canadians. Gene, William, Tim. Eh? and finally…..
Stacie Wyss-Schoenborn at BECU,cuz that girl can Wii bowl.
PS - If you can come, please RSVP so I can buy more wine! You have no idea how much my family can put away. Years of careful breeding……..
When I started this blog, it was to provide a space for dialog around marketing. Specifically as it pertains to the exciting and sexy world of financial services.
I guess I got tired of thinking that a 1% return rate on a direct mail piece was good. I couldn’t stomach looking at one more statement stuffer on fluorescent paper.. When I see a banner on a bank, exclaiming “FREE CHECKING” I have to laugh. it’s like seeing a sign outside a grocery store that says “We have food.” Makes me wanna cry.
You can’t beg for business anymore. Now you HAVE to earn it. There’s so much noise out there, you need to cut through it. So, here are my thoughts. Down and dirty. Please feel free to add the ones I’ve missed:
Old Marketing = product, price, promotion
Modern Marketing = people and passion
Old Marketing = mailing paper
Modern Marketing = being IN the newspaper
Old Marketing = electronic brochure rack (web page)
Modern Marketing = blog
Old Marketing = shiny happy people
Modern Marketing = real people
Old Marketing = what we received in the mail last week (see photo above*)
Modern Marketing = forgetting everything we know…before it destroys us
*There is no excuse for this! I don’t care how much money you save. This is just shameful.
The first time I ever went to a BAI Retail Delivery Conference I thought this. I was watching a demo of an ATM that basically took loan applications too. The dude doing the demo was so proud of the technology. I’m looking at it from a customer’s point of view.
When I go to an ATM for cash, I appreciate the Quick Cash button because it saves me time. If I have to wait for an ATM, I appreciate the Quick Cash button and pray the person in front of me selects that because, again, it saves me time. See the pattern? I don’t think I’m alone in my selfish thoughts. I HATE standing in line and waiting for anything.
Can you imagine needing some Quick Cash only to have the Bozo in front of you decide that yes, I WOULD like to apply for a loan…..yikes.
I’m registered (with about 95% of the United States) on the National Do Not Call list. My phone number is unlisted. I have voice response caller ID so I don’t even have to go look at the machine, a nice voice tells me of the impending intrusion. About half the time I can tell if it’s a call I don’t want.
Yesterday when I got home my message light was blinking. LIke it has been blinking every day this past week. You see, some idiot discovered that there was technology out there that would allow a politician to record a sassy little pleading message “VOTE FOR ME” next Tuesday and automatically dial numbers at random. Set it and forget it. Can you imagine the meeting when they decided to do that? High fives around the room. Seems the federal law that protects consumers from telephone intrusion excluded politicians. Of course.
Our household mails in the ballot each election. I have mine by the phone now. That’s how I’m going to vote. If you leave me your lame message on my purposefully-anonymous-restricted-leave-me-the-hell-alone home phone, I cross you off the ballot.
Have a nice day.
Your logo is just one element of your brand. A symbol that will mean something over time - good or bad - because brand is your reputation.
My logo is a little over a year-old. My brand is 27 years old (okay, 45 and a half, if you want to know how old I am, but I’ve been in the biz for 27…..).
Anyway, I was visiting a favorite client earlier this week. I’ve spoken to their staff a couple of times. As I was walking through their employee lunch room I heard this gal say, “Hey, that’s the flying pig lady!”
That was a great moment.
I heard an economist speak earlier this week. I had to follow him. (Note to self: Never follow kids, dogs, economists or lunch that includes pork).
He had a slide called, you guessed it - Economies of Scale. It is the MATH that is rooted in the industrial era. As your company grows, it’s cheaper to make your widgets. This is not new math. It is what it is.
Reminds me of the math we were doing in the early eighties. An ATM transaction costs 25 cents - a live teller transaction - $4.35 (roughly). Okay. That’s math. It’s probably true to some extent. So what? Did ATMs replace tellers? Nope. Did we insist that they do because of the “math.” Nope.
Someone out there (let’s call them Satan) has drawn this weird line in the sand. All credit unions must grow to achieve economies of scale. If you’re not (insert asset size, because I’ve heard everything from $200 million to $500 million) in the next five years you will likely merge. Really?
If you are reading this and you aren’t a member of the Filene Research Institute, you need to join. AND you need to get a copy of their white paper.
Here’s the argument against economies of scale being the silver bullet of survival:
Star credit unions in the $50M - $100M asset group generate higher yields than the national credit union average. Their net income ratio also is higher despite expenses above the national average. The are growing at a faster pace than their large-asset-size peers because:
They are highly effective lenders.
Their members use their credit union extensively.
They pay members higher rates for saving than similar-sized credit unions.
They emphasize high-payoff and service offerings.
They manage their expenses aggressively.
Their high deposit and loan balances per member cut their operating costs.
They do not rely solely on low loan rates to generate loans.
They usually generate more fee income than their peers.
They invest their capital in growth.
Rather than painting every credit union with the same brush (satan) and assuming that because the national stats show that if you are “this size” you’re merger meat (aka self-fulfilling prophecy), let’s look at the business model. We are, after all, in the service business.
It is true, as my good friend Gene Blishen says, “Growth can cover a multitude of sins.” Maybe that’s why people are merging. Managing a small credit unions in today’s environment IS hard work. It’s easier to merge - AND you may get a big check for doing so.
There, I said it.
This is speaker circuit season. Rock-tober. Time to knock down some castles.
Last week I was before an audience quoting Drucker, “It’s not necessary for a company to grow bigger. It IS necessary for a company to grow better. ”But what of “economies of scale?” asked a gentleman in the front row.
I keep hearing this more and more as the cause of whacky name changes, unnecessary mergers and the dreaded conversion to a mutual savings bank charter.
We need to get educated QUICK about what that phrase means. I started where all good bloggers do: wikipedia.
As I read that, if your goal is to be “full service” (or trying to be all things to all people) economies of scale will help. But that is but ONE business model. And, in my opinion, not a smart one for most credit unions.
At $100 million in assets you probably should NOT have 43 products and services that range from investments, to mortgages, to business lending.
At $7 billion in assets you still have the challenge with that menu of being competitive in all categories. There’s not a business school around that is going to advocate that model.
When you change your field of membership from a target to a territory you have to declare a target within that territory or you’re toast. Target audience is THE hardest thing for me to discuss with credit union boards. Somewhere along the way we replaced a common bond (employer) with lives, works, worships in eight counties and decided to just grow grow grow and it’ll work itself out. Well, that’s just stupid.
Consider this. If your credit union is pondering getting into business lending (and by that I mean loaning money TO a business model - not just putting a second mortgage on someone’s house) the “full service financial institution/trusted financial partner/community credit union” model would never qualify for a business loan.
Imagine sitting across the desk from a business lender. Telling them that you used to serve only employees of BIG EMPLOYER. Now you’ve decided to expand your business to every man, woman and child in a 100 mile radius. What is your product? Savings, CDs, Free Checking, Auto Loans, Home Equity, Courtesy Pay, VISA, PayDay Lending, Business Lending, Lifestyle loans, etc. etc.
How are you different than the 50 plus financial institution in that same market? Um……service? And what proof do you have that you will make your competition irrelevant with that differentiator?
We did a survey two years ago………..knocking down castles.
More on service tomorrow - I gotta get on a plane.
I’m bustin’ with pride. Why? Because my oldest sister (HA - sorry Daedre, truth is out there) climbed her first mountain. And she said, “Go big, or go home!” (a nod to my muse Susan E.). She and ten other hardy credit union folks reached the summit of the highest peak in Africa!
Why do people climb mountains? Some say because they are there. Others do it to test themselves, to reach goals, to gain confidence. These folks did it to raise money. They are building schools and giving kids their smiles back (to name a few).
If you would like to contribute to their effort - you may contact me@denisewymore.com and I’ll hook you up.
You don’t see it on the Today show. You’re lucky to hear about it on a local radio show but if you visit most credit unions today you will probably get a cookie.
I’m going to be speaking to the entire staff of Spokane Federal Credit Union tonight. I’m excited. I’m fired up to tell the story of how a wealthy Boston merchant (Ed Filene) traveled around the country forming financial cooperatives. BEFORE we had air conditioning, iPhones, airplanes, and TiVo.
I had lunch with an awesome credit union CEO recently who said how tough it is to run a credit union today. I reminded him that the Great Depression was tough too. Credit unions survived that!! Why? Because we were needed. People helping people isn’t just a catch phrase, it’s a way of life.
Today is the day to do something cooperative!
My great-nephew Jack is, of course, the sweetest kid in the world. He’s 3. He loves for Aunt Denise to play building blocks with him. Only, the way he likes to play is by having ME build a castle, fort, bridge, house, whatever and then as soon as it’s complete - he tears it down.
After about threerounds of this, Aunt Denise isn’t having as much fun. Jack’s just getting warmed up. This past week-end I facilitated a conversation at a strategic planning session. I didn’t realize it at the time, but I was Jack. They had built this great castle and I came in and knocked it down - wanting them to rebuild it better and bigger and prettier. Make something different (that’s what Jack wants each round).
Then it got me thinking about the culture at Apple. You KNOW they have already knocked down the iPhone castle and are building the next one to be even better and bigger and prettier. Personally, I can’t wait.
Thanks Jack for reminding us how to play. The game stops if we just build once.
Yesterday I debated Ron Shevlin. As some of you know, we do not agree on the topic of Net Promoter Score. I think it’s the greatest thing since sliced bread (which still amazes me) and he thinks it’s a load of poo. It was great fun, a little scary at times, and definitely a new skill for me. Live debate. As my dear friend Denise Gable said, “What were you thinking?”
It’s one thing to debate on a blog - where you have time to think and write and re-write and ponder. In front of 120 people, not so much.
The audience joined in at the end and one gentleman asked (and I’m paraphrasing here) if the credit union “model” is even viable today. Being called a Professional Consult-entainer (thanks for that Ron) seemed like a brush of a feather compared to this question. It really knocked me on my you-know-what.
I asked him how long he’d been a part of our movement. Seven years, was his answer and then quickly followed up with, before that I was with Wachovia Bank. He went on to say that we are basically money movers. There’s no emotion.
“Is this industry really about moving money from those who have it to those who don’t? If so, I’m out.” That’s what Matt Dean “twittered” during the debate.
I couldn’t agree more.
I didn’t sleep well last night. It was like a doctor telling you there’s no hope and you have to be prepared to say your last good-bye.
War’s over man. Wormer dropped the big one.
Over? Did you say “over”? Nothing is over until we decide it is! And it ain’t over now. ‘Cause when the going gets tough………….the tough get going.
Who’s with me?
Did you know that there is no market research out there that concluded that consumers were sick and tired of talking to real people and would rather be presented with a recorded menu of options that would ultimately lead them to being put on hold and in some cases dumped into a voicemail box where they could just leave a message and hope and pray that a live person will care enough to actually listen to it and call them back? Really. No market research anywhere that says that’s good service.
So why do most companies use an automated attendant now? Simple. Cuz they can. Or as Ken Blanchard said, “The only reason your customers are satisfied is because their expectations are so low, and because nobody else is doing any better.”
Well, my friends at Knoxville Post Office Credit Union have decided that enough is enough. They are answering the phone!!! It started as an experiment. You see, they don’t have a formal call center yet. They have their incoming calls routed to the staff (with front-line picking up many of them). This is AFTER the members listen to the usual litany of “press one for this” and “two for that…..”
They weren’t sure why members were even calling so for one week decided to turn off the recording, get the member live and log the nature of the calls.
On Monday (btw, they picked a theme song to start each day - played in the branches to get people revved up - “I just called to say I love you…..” was Monday’s song) anyway - members were blown away when they got a live person. Some thought they’d dialed the wrong number. The CEO and all VPs rotated time on the phone. Imagine a member’s surprise (and delight) when they called in with a question only to have the CEO answer them directly and immediately.
Linda Childs, CEO has decided that this is no longer an experiment but rather a great way to differentiate themselves from their competition.
By making it fun (and throwing in a little competition) they actually had employees fighting to answer phones. One employee even figured out a way to answer the phone first every time - she never put the receiver back in the cradle. Kept her finger on the phone….it’s good stuff.
The goal now is to reduce the number of calls that get transfered. They are embarking on a company-wide cross-training program to really serve the members as quickly and smoothly as possible.
Kudos to KPOCU for questioning everything, having fun and making their members day - week - month - and now relationship the best ever!
I live in Seattle. We don’t have good public transportation. Our monorail is really a Disney Ride through the shopping district. Our buses clog downtown streets, our traffic is among the worst in the nation.
But we are making progress. We’re getting the SLUT.
I’m excited because the SLUT’s going to go right by my office. I’ll be able to take the SLUT downtown and back. The SLUT should open soon (if they stay on schedule).
Hey, it’s a beginning. Albeit a SLUT-ty one.
Now before the execs at 3M get their panties in a wad over this blog post, I love scotch tape. But for the things it was intended to hold together. Like my birthday presents and the 100 dollar bill I won in poker last night that is slightly torn.
You must say NO to scotch tape in your lobby!
I declare today to be “National No Scotch Tape in the Lobby Day!”
As a Modern Marketer it is your duty to get up from your desk (get in your car if you have to) and visit each and every branch of your credit union. You must walk in the front door (not the employee entrance) and begin the search and destroy mission. If something is being held up by scotch tape, you must rip it down.
There. Doesn’t that feel good? Doesn’t it look great? So much less clutter.
If you’re worried that some of that information in your hand is actually valuable (like how will members KNOW they need to wait here for next available teller and have their deposit slip ready…) then you have to make the sign suitable for framing or building a monument to. Otherwise it goes.
PS - Tomorrow is Talk Like a Pirate Day!” Arrrrrrgghhhhhh……
That was the subject line of an email I was forwarded today from my friend Carlyn. Her husband, Chief Master Sergeant Jeffrey P. Roy is stationed in Kuwait for the next 4 months. He gets up at 0600 for his twelve hour, six day a week assignment in 115 degree weather.
Yesterday he drove into Arifjan AFB on the coast of Kuwaite. And found paradise. Here are his words:
On the base they have a Starbucks. It is a double wide trailer but when you walk in it looks and feels like any Starbucks USA. It felt like walking into a worm hole and being transported back home with the opening of a door. They did a great job to give us the feeling of home.
Jeff also ask us to …”pray with ARDENT and FERVENT prayer for those folks in the line. We need the Lord to hold those boys in the palm of his hand and bless them with a shield of armor..
Amen.
Franklin Mint Federal Credit Union(applause)
These folks popped up on my google alert this morning because they’ve posted a new 9 month CD rate of 5.40%. I clicked on over. I love this website.
It’s clean
No Shiny Happy People anywhere (in fact the only photos are of REAL members)
Easy to navigate (check out their branch locations page). Brilliant!
Has an RSS feed - so smart
They have Live Chat (if you’ve never experienced that you need to - so cool)
Click on the Member Support button (very creative with their categories, love it)
And c’mon - you gotta love that name…and the fact that Mr. Franklin peeks out at you everywhere.
This is a website to be proud of!