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Redefining Member Service A Member Focused Approach to Growth

Redefining Member Service A Member Focused Approach to Growth. Lori Hall, SVP Marketing & Operations American Airlines Federal Credit Union March 19, 2008. Redefining Member Service.

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Redefining Member Service A Member Focused Approach to Growth

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  1. Redefining Member ServiceA Member Focused Approach to Growth Lori Hall, SVP Marketing & Operations American Airlines Federal Credit Union March 19, 2008

  2. Redefining Member Service “If a man is called to be a street sweeper, he should sweep streets even as Michelangelo painted, or Beethoven composed music, or Shakespeare wrote poetry. He should sweep streets so well that all the hosts of heaven and earth will pause to say, here lived a great street sweeper who did his job well.”  - Dr. Martin Luther King

  3. Overview of Today’s Presentation • Achieving Growth: A Case Study • Catch the Wave of Volunteerism • Be Different • Panel Discussion

  4. Redefining Member Service Percent “very satisfied” Source: American Banker / Gallup Consumer Surveys. Survey was not conducted in 1998 and 2006.

  5. Redefining Member Service Why is it critical to really understand how we are serving our members? • Membership growth is barely staying ahead of US population growth • Average age of CU members is increasing • CUs are in the midst of a major decline in the number of peak borrowers

  6. Harvard MBA Study • Only 3% of students had written goals and plans • 13% had goals, but not in writing • 84% had no goals at all

  7. Harvard MBA Study Fast Forward 10 Years • 13% with unwritten goals earned twice as much as the 84% without goals • 3% with written goals earned ten times more than the 84% with out goals

  8. Achieving and Sustaining Successful Growth Case Study:

  9. Strategic Planning Meeting October 2004 • Serve the member first, good financial results will follow • Maintain premium dividends and loan rates • Grow in a prudent, controlled fashion • Improve the Credit Union’s cost advantage • Measure success as products per household

  10. Opportunity Knocks

  11. Products Per Household Goal • Between 2005 and 2007 • Increase from 1.93 to 2.32 • 60,000 net new products • Retain and strengthen existing relationships

  12. Go Tell It On The Mountain! • Created a Road Show • Held city/regional meetings to communicate goal • Included participation of CEO • Incorporated training • Made it fun!

  13. Train Like Your Hair Is On Fire! • Consultative selling skills • Diagnose financial needs • Member Advocacy • Tell members when not to buy • Help members avoid fees • Failure to offer products can be a disservice

  14. What Is Measured Is Improved • Established branch and employee product origination goals • Created tracking systems to monitor progress • Easy Access • Region • Branch • MSR

  15. Celebrate Success • Return more value to multi-product users • Bonus dividends • Better Pricing • Lower Fees • Reward programs

  16. Lesson Learned Proactively brand your internal campaign before it brands itself PPH P 3

  17. The Buck Stops Here! • Create accountability • Cross functional teams • Quarterly reports to Board of Directors • Include in Team Award

  18. Products Per Day

  19. Services Per Household

  20. When Service Really Doesn’t Work

  21. Credit Union Paradise

  22. Word of Mouth Marketing Word of Mouth Marketing By Andy Sernovitz • Happy members are your best advertising. Make people happy. • Earn the respect and recommendation of your members. They will do your marketing for you, for free.

  23. Word of Mouth Marketing Understand the 5 T’s • Talkers: find people who will talk about you • Topics: give people a reason to talk • Tools: help the message spread faster and farther • Taking part: join the conversation • Tracking: measure and understand what people respond to

  24. Word of Mouth Marketing What to tell your talkers • Detailed data • Progress reports • Company news Motivating talkers: • Always say yes to a volunteer • Make them feel important • Throw good parties • Thank them • Do something worth talking about

  25. Coordinator Program Coordinator Program Concept- Credit Union Philosophy • Members tell the story • Members sharing the passion • Members helping coworkers Concept- Business Case • Infiltrate target market • User’s selling the product • Friends giving testimonials

  26. Coordinator Program • Respect & Recommendation • Passionate users of the credit union • One per workgroup, per workspace • Trained in consultative needs-based recommendations

  27. Coordinator Program • Talkers: Experience, passion first; incentives next • Topics: Special access to promotions • Tools: Newsletters, training, conference • Taking Part: Rewarded-Participation in CU events • Tracking: Top 20%- Celebrate; Star Performers

  28. Coordinator Program Celebrate!! (Our Thank You)

  29. Be Different: cent$ Magazine • Launched in April • Primary focus on Financial Education • Quarterly Distribution to more than 120,000 member households • Articles focused on products and services AA Credit Union provides to our members • Branch distribution for new members • Branches are able to use the product section as a sales tool

  30. Be Different:Road To Success Sweepstakes Objectives • Increase product participation of current members • Increase awareness of AAFCU products among non-members • Acquire e-mail addresses for future campaigns

  31. Be Different:Solution Center Provide internal support for frontline • One point of contact for all questions • “On-the-spot” problem resolution • Improve overall member experience • Helps relieve back office operations Identify • Pin-point product knowledge gaps • Training opportunities

  32. Be Different: Destination DFW Intense Business Development Focused on: • DFW Airport • Strategically place Business Development employees at airport location • DFW Market Expansion Program • Business Development employees work directly with area branches focusing on family and youth membership opportunities • Set specific goals for new member growth and product penetration • Expanding the DFW Coordinator Program • Create Ambassador Program • Encourage participation

  33. Be Different:Self Service Kiosk Technology New delivery channel • Expanded hours of access • Automate mundane transactions • Increase MSR effectiveness • Competitive advantage Kiosk features • Deposit cash • Dispense check • Deposit check • Check 21 • Account access

  34. Be Different:Outbound Calling Service Deepen member relationship • New members • Inactive members - wake the dead Communicate with closed accounts • Why did you leave? • Can we win you back? Marketing • Notifying pre-approved members • Campaign follow up Communicate mass error resolution • i.e. TJX data breach

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