While attending a conference a former airline pilot related the following story to me. A man's lifelong dream was to board a cruise ship and sail the Mediterranean Sea. He dreamed of walking the streets of Rome, Athens, and Istanbul. The man worked diligently and saved every penny until he had enough for his passage. As his funds were limited, he brought an extra suitcase filled with cans of beans, boxes of crackers, and pouches of powdered drink mix, and that is what he lived on every day.
The man watched the others take part in the many activities offered on the ship—working out in the gym, playing miniature golf, and swimming in the pool. He envied those who went to movies, shows, and cultural presentations. He yearned for only a taste from the tables heavily laden with all the amazing food he saw on the ship. Every meal was by itself a feast! However, the man merely looked on and did not participate as he wanted to spend as little money as possible. He had used almost all his money on the ticket for the voyage. While he was able to see the cities he had longed to visit, for the most part of the journey, he stayed in his cabin and ate only his humble food.
On the last day of the cruise, a crew member asked him which of the farewell parties he would be attending. It was then that the man learned that not only the farewell party but almost everything on board the cruise ship—the food, the entertainment, all the activities—had been included in the price of his ticket. Too late the man realized that he had been living far beneath his privileges.
This story struck me when I heard it. I thought of so many of the people I come in contact with at credit union events who are so passionate about the world of credit unions and the value they add to their membership. Yet, we often spend our time on efforts that are driven by external forces like; free checking, lending volumes, or new legislation like the Durbin Amendment. We spend so much time saying the country needs credit unions but fail to really help our members understand just what their "ticket" for their cruise bought them. It was then I realized that membership had its own set of “privileges”. I could not help but wonder if many of us are like the person in the story.
The Man In The Story Sparked the Experiment
Many of us will conclude that I am speaking about the man who had not realized his privileges until the end of the voyage. I do think that part of the story is sad. However my focus is on the crew member who told the man of his privileges. If only he had spoken to the gentleman earlier. If only he had made it a point to greet each new passenger as they boarded the ship and had given them a flyer explaining the privileges that are part of being a passenger on the ship. If only somebody had cared enough to simply ask a question earlier in the voyage.
This sparked an idea that I wanted to try. So I pulled one of my best member service specialists and asked them to pilot a question for me. I wanted her to ask every member she interacted with what their favorite credit union membership privilege was. She was somewhat skeptical at first fearing that the members would not know what she meant by “privileges”. In fact on the 2nd day she emailed me the following as I was driving to a CUES chapter meeting, "My manager and I were discussing the verbiage. Could we change the word to benefits? Saying – Mr. Member, what benefits do you appreciate and utilize the most being a member/owner with the credit union? Or – What benefits do you find the most valuable to you being a member/owner with the credit union? PS. Don’t text me back while driving!”
I email her back (no, I wasn't driving – I was lost with four other credit union leaders in a minivan wondering if we would ever find a major road with a road sign again) and asked her to keep trying with the word privilege.
That word conveys something that people want to know about. What sounds more exciting to you, “Thanks, for joining our pool membership here are the features and benefits of your membership” or “Thanks, for joining our pool membership I want to make sure you are aware of the privileges you receive with your membership.” Now, maybe it is just me – but I want to know about my privileges!
The next day during lunch I check my mobile and get the following email from her, "Just wanted to let you know we have been getting fabulous feedback on all the conversations and we've been able to turn negative responses into positive ones by educating the member on whatever their dilemma is and have even been able to open some new accounts and insurance and investment referrals.”
What had happened was that most members when asked what their favorite privilege was could not answer the question. This then led the member service specialist to then explain other products or services associated with the credit union like investment advisors or credit union auto buying service. This is so much more powerful as a transition phrase from service to sales than the typical, “before I let you go” statement we all here all too often in from our staff.
Practical Application:
Send this link to a credit union employee you know. Strike up a conversation with them on what question could they ask that would help your membership grab hold of the potential to improve their financial well being by really participating with your credit union.
Many of us will conclude that I am speaking about the man who had not realized his privileges until the end of the voyage. I do think that part of the story is sad. However my focus is on the crew member who told the man of his privileges. If only he had spoken to the gentleman earlier. If only he had made it a point to greet each new passenger as they boarded the ship and had given them a flyer explaining the privileges that are part of being a passenger on the ship. If only somebody had cared enough to simply ask a question earlier in the voyage.
This sparked an idea that I wanted to try. So I pulled one of my best member service specialists and asked them to pilot a question for me. I wanted her to ask every member she interacted with what their favorite credit union membership privilege was. She was somewhat skeptical at first fearing that the members would not know what she meant by “privileges”. In fact on the 2nd day she emailed me the following as I was driving to a CUES chapter meeting, "My manager and I were discussing the verbiage. Could we change the word to benefits? Saying – Mr. Member, what benefits do you appreciate and utilize the most being a member/owner with the credit union? Or – What benefits do you find the most valuable to you being a member/owner with the credit union? PS. Don’t text me back while driving!”
I email her back (no, I wasn't driving – I was lost with four other credit union leaders in a minivan wondering if we would ever find a major road with a road sign again) and asked her to keep trying with the word privilege.
That word conveys something that people want to know about. What sounds more exciting to you, “Thanks, for joining our pool membership here are the features and benefits of your membership” or “Thanks, for joining our pool membership I want to make sure you are aware of the privileges you receive with your membership.” Now, maybe it is just me – but I want to know about my privileges!
The next day during lunch I check my mobile and get the following email from her, "Just wanted to let you know we have been getting fabulous feedback on all the conversations and we've been able to turn negative responses into positive ones by educating the member on whatever their dilemma is and have even been able to open some new accounts and insurance and investment referrals.”
What had happened was that most members when asked what their favorite privilege was could not answer the question. This then led the member service specialist to then explain other products or services associated with the credit union like investment advisors or credit union auto buying service. This is so much more powerful as a transition phrase from service to sales than the typical, “before I let you go” statement we all here all too often in from our staff.
Practical Application:
- So how are your passengers doing on your ship?
- Are they sitting on the sidelines wishing they could enjoy eating at the table?
- Does your staff find them in time for them to enjoy the voyage?
- As our members are trying to make it through the financial storms that are looming on the horizon what actions could your staff take this week to help your membership understand the privileges that are theirs?
Send this link to a credit union employee you know. Strike up a conversation with them on what question could they ask that would help your membership grab hold of the potential to improve their financial well being by really participating with your credit union.
Excellent story and I love the idea of having your MSRs discuss "privileges" with members. As one of your previous posts mentions, so many CUs are dead set against a sales mentality, even to the point of it being a detriment to their membership. This is a perfect example of turning that dirty word "sales" into a member benefit. There is nothing bad or "bank-like" about helping your member. If you have a better product, rate, etc....why wouldn't you?
ReplyDeleteRik,
ReplyDeleteGreat post! This is such a simple--yet brilliant--way to engage members that every credit union (and association) could and should be doing it.
Mary
www.cues.org/skybox