How To Be Successful At Your Job

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1 Is Onboarding the Beginning or the End? What s Next in the Member Relationship Barbara Sanfilippo CSP, CPAE Relationship Management and Sales Performance Consultant High Definition Banking Transforming Relationships Into Revenue

2 Current Challenges Some members are disengaged Some don t view your credit union as a partner genuinely interested in their future well-being Some view your credit union as a transaction destination To them you re just another errand They go elsewhere for help

3 Misconception: Multiple accounts build loyal relationships I do my banking there, but I don t know anyone. We don t know our members personal aspirations, goals and dreams How will I achieve my dreams when financially it s hard to see how I will ever get there from where I am now?

4 Onboarding follow up calls are marginally effective courtesy calls. Is everything O.K.? Follow up calls are hard sell or annoying product dumping calls that repel members. Staff view onboarding calls as just another task completed and done after 90 days. Now What?

5 Courting Your Member Think of onboarding as dating and getting acquainted with a member. It s not about selling as much as you can in the first 90 days. It s about establishing trust, learning as much as possible and laying the foundation for future sales over the lifetime of the account.

6 2014 HIGH DEFINITION BANKING, All Rights Reserved Three emotive drivers advocates respond to most highly: 1. The credit union has an understanding of my financial GOALS.. 2. Employees provide advice to improve my financial. WELL-BEING. 3. The credit union values my business.

7 Which Sales Model Fits Your CU? Transaction-Oriented Culture Serve walk-in and call-in members Fill immediate product needs Short-term focus on cross-sell goal Capture minimal data Less ownership and follow-up in managing member relationships. Less conducive to creating member advocates

8 Which Sales Model Fits Your CU? Relationship-Oriented Culture Proactive outreach to existing members Delve deeper into financial goals, dreams Long-term view for future sales Member profile updated (life events) Structured follow-up to build trusted member relationships More conducive to creating member advocates

9 For a Relationship Culture, Redefine the Way You Generate Sales Transactional Selling: Limited focus on immediate needs Relationship Building: Holistic view of future needs

10 Three Questions To Determine Your Readiness for Member Relationship Management (MRM) 1. Is transitioning from a transactional, short-term focus to a long-term relationship approach a priority for our credit union?

11 Three Questions To Determine Your Readiness for Member Relationship Management (MRM) 2. With so much uncertainty about their financial future, are we truly committed to financial wellness and learning about our member's future goals, pain and dreams?

12 Three Questions To Determine Your Readiness for Member Relationship Management (MRM) 3. Are we neglecting organic growth and retention with our existing members who no longer visit our branches and prefer online services?

13 Embrace the Power of MRM How successful is your credit union at building deeper relationships with existing members? Rate each statement on a scale of 1 to 4 with 4 being most true and 1 being least true. Enter your rating on the line next to each statement (see handout). Least True Most True

14 Roadmap to Develop a Structured Member Relationship Process Step 1 Identify the Team Select a team of motivated employees dedicated to reaching out to existing members and building relationships.

15 Roadmap to Develop a Structured Member Relationship Process Step 2 Create a Profile Create a member profile in your CRM, Outlook or other contact management system to capture key conversations and discover: - Pain, goals, dreams, life events - Current services and other business information - Children and pet names - Birthday/wedding anniversary

16 Roadmap to Develop a Structured Member Relationship Process Step 3 Provide MRM Training Offer member relationship management training to build staff skills and confidence in engaging members in deeper conversation, profiling and pre-call planning.

17 Roadmap to Develop a Structured Member Relationship Process Step 4 Create an Outreach List Identify members who may be disengaged, don t visit branches, are high-potential, don t have a loan, or other criteria and assign a list to each FSR or relationship manager.

18 Roadmap to Develop a Structured Member Relationship Process Step 5 Prepare Leaders Your sales leaders need to ensure: Profiles are completed Pre-call planning is consistent Observations are done Note: The right activities lead to results.

19 Roadmap to Develop a Structured Member Relationship Process Step 6 Introductory Calls Begin with introductory outreach calls, voic s and s to engage the member and build trust no product pitching. Most members want you to engage with them, but only if you get to know them first Maritz Research

20 Roadmap to Develop a Structured Member Relationship Process Step 7 Financial Education Offer free credit score reviews, teleseminars, webinars and coaching on budgeting, lifestyle planning, social security, reducing debt, etc. Offer products with an educational approach. We must be in the financial education and dream fulfillment business.

21 Roadmap to Develop a Structured Member Relationship Process Step 8 Recommend Services Once introductory calls are made, anticipate, pre-call plan, and recommend key services according to a member s profile and needs.

22 Collaborate When Possible Partner With Marketing Create automatic touch points and offers relevant to your members. Partner With the Call Center Consider outbound calls to welcome new members and engage existing members who don t visit a branch and begin building trust.

23 Discuss What s next for your credit union to advance a member relationship culture?

24 Conclusions, Results, and Impact of MRM Products are not a sustainable advantage or retention strategy; relationships are. Increase retention, organic growth and staff buy-in. Turn relationships into revenue without product pushing. Create a high definition member experience

25 Barbara Sanfilippo , ext 101