Benefits of customer relationship software:

If you researched the untapped business potential of the people you already do business with, you would be astounded.   It is more important than ever to build upon the relationships of your current member base.  With customer relationship software you can have a screenshot of every loan, deposit, and sticky service your member has with you by clicking a button.  You can utilize that screenshot to find out what products and services you offer that this member could use.  Instead of wasting money and resources on bulk marketing campaigns, minimize your costs, and increase your return using your member information and offer the services they need.   

Most credit unions struggle turning their member service representatives into sales people.   The marketing team starts with sales training, then chooses a blanket product, and sets some goals.  There are a few problems with this strategy.  First, your tellers do not believe what they are selling is going to help the member.  Most tellers, especially long term ones, have established some sort of relationship with the members.  If the teller does not understand how the service will help the member, they are not going to offer it in fear of hurting the relationship.  Secondly, if everyone is offering the same product all it will take is one member to say, “I was just offered that last week and I said I was not interested then” for your teller to get sales shy and not offer anything else.  Tellers do not have the hard hats and weight bearing shoulders true sales people have.  A true sales person can take rejection without losing a beat.  Lastly, your members do not want to be offered things that they would not benefit from, now you are risking the potential of upsetting your members.  If you had customer relationship software and a member came into your branch or called on the phone you have all the information you need right there.  Train your team to read and judge the information.  Now you are empowering your team to make decisions.  Your teller can glance at a screen, notice the member does not have internet or telephone banking and offer those services. The member is talking about their new car and the teller notices the loan is not at your institution, what better time to cross sell an auto refinance?

Customer relationship software will also reduce your marketing costs.  You can get very specific when searching criteria.  You could have numerous, small, buyer specific campaigns going on at one time that will yield a higher return because you are addressing a need your member has.  For example, you run a query of all members who do not currently have a checking account with you.  They have to have one somewhere so build a campaign directed to them.  Look for all of your members who have a home equity but not a mortgage with you, now you have a real estate campaign.  Who in your membership has an auto loan that is due to be paid off or that has been paid off, there you have an auto loan campaign.  You are reaching members who already do business with you who have a potential need for these services instead of numerous drops of oversized postcards that are probably getting thrown out because it does not pertain to their needs. 

Having all of your membership information at the tips of your fingers is an invaluable tool every credit union should have.  There are numerous different companies out there that offer this technology.  Make sure before purchase you do your homework.  You do not want to have to input all the information yourself; make sure it pulls information for you from all of your current platforms.  When the software is installed you want to make sure ahead of time that you are getting all of the information you need on one user friendly screen and you do not have to look at other pages to get the full snapshot.  Going to other pages is going to deter the sales efforts.  Make sure you can run detailed queries to maximize your marketing campaign potential.  For those of you out there who already have the software I hope this blog gave you some extra insight on other ways to utilize it.

This entry was posted in Blog. Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>