Standing in Your Members’ Shoes (Credit Union Conference Presentation)
 

Standing in Your Members’ Shoes (Credit Union Conference Presentation)

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In order to deliver an exceptional member experience, one that truly drives loyalty, credit unions must understand the experiences they are delivering today. Experiences are made up of big and small ...

In order to deliver an exceptional member experience, one that truly drives loyalty, credit unions must understand the experiences they are delivering today. Experiences are made up of big and small moments. They happen before the member even walks into the branch and continue long after the member leaves. In this 2011 NAFCU Annual Conference session you will understand what member experience is and how it drives loyalty. Plus, learn ways to immediately improve the member experience at your credit union.

Presented by Martie Woods, Chief Experience Officer, Deluxe Corporation

More info at http://www.nafcu.org/deluxe

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    Standing in Your Members’ Shoes (Credit Union Conference Presentation) Standing in Your Members’ Shoes (Credit Union Conference Presentation) Presentation Transcript

    • Standing in Your Customers’ ShoesPresented by: Martie Woods, Vice President and Chief Experience Officer June 30, 2011 1
    •  How the loyalty conversation has changed  A case for change  Why trust still matters  Shifting to value 2©2011 Deluxe Enterprise Operations. All rights reserved.
    • Loyalty: The progression of the birthday party Transformations Experiences Services Goods Commodities Joe Pine & James Gilmore Welcome to the Experience Economy 3©2011 Deluxe Enterprise Operations. All rights reserved.
    • The Case for Change… 1. Demographics Digitally-savvy kids are changing everything. Including, their boomer parents. Women are taking over. She-conomy. Nationally, minorities will comprise 40% of the population. In CA, they will be the majority. 4©2011 Deluxe Enterprise Operations. All rights reserved.
    • The Case for Change… 2. New Demands Stop thinking fast and convenient. Think time well spent. Consumers are increasingly picky, yet patient. Not because they think we deserve time to serve them. Because they have iPhones. 5©2011 Deluxe Enterprise Operations. All rights reserved.
    • The Case for Change…. 3. Savings Consumers are increasing savings at a rate double what it was in the ‘80s. At the same time, they are spending and borrowing less. Our industry is no longer making its money on deposits and loans. Savings and investment products will prevail. Consumers still expect free. 6©2011 Deluxe Enterprise Operations. All rights reserved.
    • The Case for Change…. 4. Small Business Niche products and services will prevail. Health, wellness and local foods. Supports movement away from traditional employment. Mid-sized business will be acquired into large corporations, paving the way for more small businesses. 7©2011 Deluxe Enterprise Operations. All rights reserved.
    • The Case for Change… 5. Regulations Consumers do not see a relationship between regulations and product. Nor do they necessarily know whether a constraint they are experiencing is due to a regulation or a bank policy. People don’t want to know how sausage is made. 8©2011 Deluxe Enterprise Operations. All rights reserved.
    • A New Look at Trust 9©2011 Deluxe Enterprise Operations. All rights reserved.
    • Why trust still matters  State of trust  Two kinds of trust  Impact on your brand 10©2011 Deluxe Enterprise Operations. All rights reserved.
    • Trust – 2 Kinds Macro Trust Micro Trust 11©2011 Deluxe Enterprise Operations. All rights reserved.
    • Trust MACRO When the world is good, consumers trust further and further out from their ―inn er circle‖. MICRO When the world is bad, consumer‘s trust is held ―closer to home‖. 12©2011 Deluxe Enterprise Operations. All rights reserved.
    • Guiding Principles to Trust  Each consumer weighs decisions against their levels of Micro Trust and Macro Trust.  When distrust is high in either sphere, it compels them to action.  Consumers are looking for ―c to home.‖ lose Consumers want to trust people and organizations who are close to home. 13©2011 Deluxe Enterprise Operations. All rights reserved.
    • Trust/Selling Paradox Sell Trust 14©2011 Deluxe Enterprise Operations. All rights reserved.
    • Simplicity  Take time to explain policies and terms in clear, simple language, and it feels like added value.  Trust erodes when the deal is too complex, the language is too legal, or conditions change without straightforward explanations. 15©2011 Deluxe Enterprise Operations. All rights reserved.
    • Transparency Transparency is created when the sales conversation includes: - The up and down sides of choice - The benefits and sacrifices attached to their choice - Information about the inner workings of the credit union - Disclosure of potential penalties if the member doesn‘t comply with the terms of their choice 16©2011 Deluxe Enterprise Operations. All rights reserved.
    • Presenting Options  Members respond positively to sales situations where they feel they have options.  Options provide them with a sense of shared and feeling that the credit union is ―h onoring my thought process.‖  Give the member a sense of control by providing clearly delineated options in sales situations. 17©2011 Deluxe Enterprise Operations. All rights reserved.
    • Factual Credibility  Feature-based statements are a better way to build trust than benefits-based statements.  Benefits statements alone are even less effective for members because they‘ve learned that life isn‘t all ‗blu sky‘ and that the e benefits statements are meant to persuade. 18©2011 Deluxe Enterprise Operations. All rights reserved.
    • Authenticity  Trust is built when the conversation feels genuine and real.  Even scripted sales situations and typical sales language can shift from trust-killer to trust-builder with the addition of authenticity.  Statements peppered with a little bit of relevant fact feel genuine, real, and authentic – and build trust. 19©2011 Deluxe Enterprise Operations. All rights reserved.
    • Back It Up  Back up your offers with printed literature, comparison charts, or (even better) hand-written offers. Product A Product B 2% int. 3% int. Term: 3mos Term: 6 mos Jennifer’s Car Loan – $500 min $900 min $120/mo 24 mos. 20©2011 Deluxe Enterprise Operations. All rights reserved.
    • It‘s All About Trust  Watch for the elements of your conversations that erode trust.  Incorporate language, techniques and tools that build trust. 21©2011 Deluxe Enterprise Operations. All rights reserved.
    • The Brand Promise Branding – Make a Promise Brand Make a promise Execution – Keep a Promise 22©2011 Deluxe Enterprise Operations. All rights reserved.
    • Shifting to Value 23©2011 Deluxe Enterprise Operations. All rights reserved.
    • Make Money in a New Way  See the opportunities.  Stop charging for what costs you money.  Start charging for what members value. 24©2011 Deluxe Enterprise Operations. All rights reserved.
    • The New Division Deeper relationships focused on achieving positive financial goals Plus, an interest in smart spending Transactional relationships 25©2011 Deluxe Enterprise Operations. All rights reserved.
    • This is bigger than a product, a service, a program….. this requires a paradigm shift. 26©2011 Deluxe Enterprise Operations. All rights reserved.
    • Think About It… ― When you change the way you look at things, the things you look at change.” - Wayne Dyer 27©2011 Deluxe Enterprise Operations. All rights reserved.
    • Why are our members obsessed with FREE? Because we trained them to be. 28©2011 Deluxe Enterprise Operations. All rights reserved.
    • This is what we have promised our customers and members: ― We‘ll hold your money for free.‖ These two words are undermining our ability to create value in the minds of consumers: We‘ll hold your money for free.‖ ― 29©2011 Deluxe Enterprise Operations. All rights reserved.
    • What consumers hear hold free ―It yours and we ‘s ―There no charge‖ ‘s are borrowing it‖ All of the industry efforts have been focused on eliminating free—not on changing the assumption that the credit union holds their money. 30©2011 Deluxe Enterprise Operations. All rights reserved.
    • To change consumer perceptions of credit unions, it will require more than an individual marketing campaign associated with a product change. The industry will need to think bigger and join forces. 31©2011 Deluxe Enterprise Operations. All rights reserved.
    • Thank you. 32