Special Note: if you want more strategies to help your CU create exponential growth by harnessing member feedback? Check out our webinar on November 16th.
We Had an Opening…
I was lying in bed awake the other night, when I suddenly remembered how the financial services industry nearly destroyed the U.S. economy through a combination of terrible decision making, naked greed, and outright deception. I lay there stunned, horrified at what had occurred while simultaneously proud to be working in the credit union industry. I made a mental note to look up how much market share our industry has taken away from banks since “Bank Transfer Day” back in 2011. The result was shocking.
“Bank Transfer Day” Didn’t Work
The answer: none. In 2009, seven percent of total U.S. banking assets was held by the CU industry. The number in 2015? Seven percent. Banks nearly destroyed the world financial markets and Credit Unions didn’t gain a single point of market share. Is it because we don’t “tell our story” enough? Our message clearly didn’t get through.
What Will Work
So, what do we learn from this? We have a “better story” but that’s not enough. Telling it more loudly and in more places, isn’t the answer either. We can’t be louder than the banks. The answer lies in more effectively telling our story. Different parts of Our Story will resonate better with different segments of our audience. It isn’t one story—it’s many.
Why Ask “Why”? Find Effective Stories
Where did you hear about us?”
A very common question posed on new member surveys, typically to help measure marketing effectiveness. But there is a difference between knowing where your message was heard and knowing why your message worked.
Finding out the why a new member chose you (along with further segmentation by demographics and product type) will spotlight the highly resonant portions of your message, thereby creating new targeting insights for your advertising efforts.
If a response shows the member is a Promoter, you should immediately follow up with a thank you, and instructions on how to do what they said they would—recommend you to others.
The Power of Reviews
Another immediate benefit to asking “why” is that the open text answers (side note: always use an open-text response, not multiple choice) provide you with ready-made online content. Highly effective content, at that. Studies show that for 88% of shoppers, testimonials from fellow consumers (even complete strangers) are just as effective as personal recommendations.
Lastly, if you’re using NPS®, make sure you implement a follow-up system as well. If a response shows the member is a Promoter, you should immediately follow up with a thank you, and instructions on how to do what they said they would—recommend you to others. This usually involves a pre-written tweet or a link they can share on Facebook.
Listen, and Find Your Stories
For Credit Unions, growing beyond the 7% market share we currently have means getting better at helping consumers understand the difference between CU’s and banks. But to do this, we must first find out why different types of members are attracted to the CU message in the first place. As Stephen R. Covey said: “Seek first to understand, then to be understood.”
Want more strategies to help your CU create exponential growth by harnessing member feedback? Check out our webinar on November 16th.