Our goal is to be our member’s primary financial institution. To do that we will need to cross-sell products that meet our member’s needs. And if we manage to get a bigger share of their wallet (say 3.67 services per household) we’ll have a profitable relationship and meet our goals.
Sound familiar? Yuk. Also sounds, sterile, sales-y, and a little sleazy, in my opinion. What if we were to look at the new member experience as a first date.
How do you get that first date?
a) A friend recommends: “Hey, you should join my credit union and date my cousin.”
b) They respond to your advertising: “When you open a new account with us, you’ll get a free iPod and can I buy you a drink?”
Or
c) They’ve done some research (on match.com or Yourwebsite.com): “I like free checking, bill pay and long walks on the beach….”
You’re on this first date now (the member is sitting across from you) and it’s a little awkward so the best thing to do is strike up a conversation. You know, find some common bond.
Good Ice-Breakers:
a) How did you hear about us?
b) What brings you in today?
c) Have you been a member of a credit union before?
Bad Ice-Breakers:
a) “Um, we’re gonna need to see your driver’s license and it’s $25.00 to join.”
b) “We have to make sure you are who you say you are (aka NOT a terrorist) before we can go any further.”
This would be like asking a first date to see their medical records and dating history before the cocktails come! Now, don’t get me wrong, all of these things are important, just NOT in the first five minutes.
I am considering dating. That is to say, moving my checking account. The thought of it makes me sick. I don’t want to have to “chat ’em up and be charming” so the MSR won’t put 20 day Nazi holds on my checks for the first 30 days. I’m gonna have to get to know them and trust them. What if I don’t like them?
It’s a big deal. My entire financial life – my mortgage payments, Netflix subscription, wine club, cell phone bill – everything is going to have to physically be moved over. Then I have to wait for my new VISA debit card. Give up the one with the photo of Portland, Oregon (that I love so much) and getting what? Stock art! A picture of a share draft with a fountain pen poised to write? Arrrggghhhh….
It’s a scary world out there. Clearly the press is not great when it comes to banking. Maybe I should just stay in the relationship I have. It’s been a long distance one for years now. Maybe I can hang in there a little longer…..
The 2020 Vision of Marketing 
7 comments
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June 5, 2009 at 6:17 am
Brandi Hawkins
Spot On, Denise…as usual! I love the comparison. I think this is totally something that is going to be a topic in an upcoming staff meeting. What better way to compare it? We’ve all been on those uncomfortable first dates and and some not so uncomfortable ones and can easily say which was better. Thanks for always being so real! LOVE IT!
June 5, 2009 at 1:07 pm
Glenn Coble
Denise,
I’ve read your first date analogy before. I like the idea, BUT… I don’t know if I’ve ever told you that I sold cars for 2 years while trying to find my way out of athletics. Our sales manager was fond of telling us “sell the car as if it was your first date and you were trying to get ____.”
It makes me nervous when you us that analogy. The difference is sincerity but the intensity is the same.
Glenn
June 5, 2009 at 1:20 pm
Denise Wymore
@Brandi – glad to hear you’re taking it to the staff – should be an interesting conversation.
@Glenn – Okay, that is kind of creepy BUT if you think about it – you want me (the new member) to MOVE all of my financial business to you – complete stranger – on the first date. Right? That’s the goal……..so you gotta at least buy me dinner and bring me flowers….that’s all I’m sayin…..
June 7, 2009 at 6:58 am
shari storm
Love the analogy. We sometimes joke about “promiscuous” members. Those members who play the field and won’t settle down with one FI. They hang with us if the rate is good, but leave us the minute they find a better deal.
You could do a whole other post on the rules of engagement for both sides of a mutually monogamous relationship.
June 7, 2009 at 7:07 am
Denise Wymore
@Shari
Great comment – I think I will continue to write about the rules of engagement for a mutually monogamous relationship (and give you title credit of course)
Two weeks ago I heard a CEO say “We wanna go four deep with a brand new member.” Woah! Hold on buddy. You may “wanna” go all the way – but there will definitely be some “icky” feelings the morning after.
I’m all for cultivating a “sales” culture so long as it doesn’t feel pushy. I mean, No, means No…after all…
June 16, 2009 at 6:14 am
Mike Bartoo
Denise – I can see this analogy extending even further. Referencing the CEO about “4-deep”, of course you do, if possible and IF THEY’RE A GOOD FIT. You don’t go 4-deep with everyone – well, most people don’t – there’s a term for those that do. If it’s not a good fit, be happy with a decent dinner and a learning experience.
A lot of institutions are talking about onboarding programs – should we or shouldn’t we, how much time should go by, etc. Much like, “when is it too early to call”? “Should I send flowers?”
I was joking with someone about “eCUHarmony” – matching up CUs and members on 29 points of compatibility….maybe we’re not that far away!
June 16, 2009 at 1:03 pm
Mark Nofi
Denise, as usual you make some great points. We talk about people joining our Credit Union family, but we made the adoption process painful! We plan on making some changes, so your comments are very timely.