A member’s relationship with their credit union can be a lot like a romantic connection. Members trust their credit union with the bulk of their assets— checking accounts, auto deposits, college savings, house titles, and car loans all in one place. So, like any good partner, you have to give back.
Building a strong relationship with your members lowers churn (break ups suck). It makes them more confident to rely on you for their financial needs in the future (everybody loves dependability). In turn, word of mouth advertising and your reputation in the community will rise (their families will love you).
We’ve done a little digging and come up with six great ways you can lock down those member relationships.
How to Make Members Feel Special!
Remember, relationships need to keep the magic alive. You can’t just woo someone, go “official,” and then ignore them completely. You have to stay present and remind them why they chose you in the first place! Here are a few suggestions about how to do that:
1. Birthday Cards or Offers
The one day a year that’s all about them? Tell your members you noticed! A member checks their email or opens their mailbox and sees a card from you. They know that you took time to acknowledge your relationship with them. You have a chance to let them know that each individual member counts.
And hey, a little coupon, local promotion, or treat might be just the right gesture.
Another opportunity to show your members that they are noticed! Celebrating another year of membership sends the message that their accounts are about more than numbers. You care about the experience they are having with you.
Don’t you love it when your partner remembers your anniversary? When they take the time to say, “Hey! We’ve reached another milestone! I so appreciate your unwavering commitment.”
3. Holiday Celebrations and Announcements
Will you have reduced hours the Friday before Easter? Are you going to be closed on Christmas Eve? Give your members a heads up! Will you have candy for trick-or-treaters on Halloween? Send out an announcement!
By letting them know ahead of time, you’re telling members in a subtle way that you want to make sure they are never inconvenienced. You’re telling them that you are a community centered establishment that encourages celebration!
We know that you value your employees as much as your members. Your branch might close to allow your employees to be with their families in observance of a holiday. Tell your members that you know employees value their families and traditions and deserve time for them.
4. Throw Events or Meet ‘n Greets!
Invite your members in like you’d invite a friend into your home. Open up the lobby or curbside for socializing and casual conversation! You’ll make your credit union more approachable as a whole.
It’ll provide an opportunity to draw the attention of other community members.
You can use that time to introduce (potential) members to the services they may not have known about.
5. Survey your membership!
One of the hallmarks of a great relationship is continued, open communication. If you consistently check in—especially with the goal of improving your relationship—your members will feel heard, understood, and valued.
There are a few things you can do with your surveys to maximize their value. First, organize and visualize your data to quickly spot trends. This will ensure that nobody needs to get lost in the weeds trying to make sense of the data.
Second, make sure you review the comments! Categorize comments by theme so you can review all the feedback about a specific issue at once (e.g. regarding the mobile app, branch redesign, loan application process, etc.)
Third, review and analyze the survey results. Drill down into the data here. Why did people respond a certain way? What should your credit union do next? How will you change?
Finally, celebrate your successes! What have your members liked? How have you helped them or made them feel taken care of? Going over this info will help you identify your strengths. You may even get a member testimonial for your marketing team!
6. Review Member Account Closing Surveys
This one might be bittersweet. You’ve lost a member, and it hurts your business. But understanding why they left can help you improve your next relationship. Always let them know you’re sorry to see them go and they’ll always have a place in your heart be welcome if they decide to come back.
Let Your Members Know They Have a Voice
Livesurvey provides a real-time feedback opportunity for your members. Surveying is your direct line to member opinions and like any loving partner, you want them to know that you care what they think. With our platform, you can ask the questions that count when they count.
See how surveys contribute to your member experience efforts. Book a demo of LiveSurvey today!