Boost relationships and results by engaging members in credit union initiatives
by. Amber Scott
As credit union marketers and business development leaders, we are tasked with knowing our products, selling our services, and supporting our strategic initiatives. But how effectively are we engaging our members in planning, executing, and evaluating these goals?
Extensive membership surveys, focus groups, web polls, and other tools are effective in gathering member input. We use the results to drive our plans and support our projects. Another research technique in practice among many credit unions is member advisory groups. Working with members inside a target market segment can reflect a credit union’s commitment to that segment, build deeper relationships, and drive loyalty.
Consider how member input can impact decision making when working through credit union initiatives. As a strategic plan is developed, management teams deliberate many topics, for example: do we want to grow our investment services program, expand our youth initiatives, or build a larger commercial loan portfolio. In each scenario, a credit union could build a member advisory group tasked with engaging members in ongoing, meaningful conversations about their financial perspectives and needs. Credit union managers can gain insight and leverage relationships to drive growth.
If you think a member advisory group could enhance your strategies, here are a few quick tips to get you started:
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