Posted by Lisa Hochgraf
Return on investment has always been important to credit unions. But in this tough economy, making sure investments pay off is perhaps an even greater focus than before.
Last week during CUES School of Sales & Service in Vancouver, British Columbia, presenter Mike Neill talked about how credit unions can best measure whether their sales and service efforts are delivering as they should. Neill said CUs should use multiple measures, plus make sure they are serving as members' trusted advocates.
First, the measures:
- Loan balance per member
- Share balance per member
- Product penetration for members within the first 90 days of membership
- Product penetration
- Checking penetration
Being a member advocate is also key to sales and service culture success, according to Neill. And being such an advocate doesn't mean helping with transactions. It means helping members do such things as:
- Buy a house.
- Send a child to college.
- Pay for a daughter's wedding.
- Drive the car he or she wants to drive.
- Reduce the time it takes to pay bills.
Also read "Try out Being a Sales & Service Coach."
