MOUNT OLYMPUS–It’s Valentine’s Day, and while love may be in the air, true love isn’t a concept often associated with work and careers, even in credit unions. But it should be, according to a number of experts.
Those experts say romance—not the kind that HR has to sign off on or that may violate the employee handbook—can be a real key to the locket that unlocks success.
In keeping with the spirit of this day CUToday.info has compiled some of the observations about dating, love, engagement and more that have been made to credit unions recently, including:
The Foundation
“We’re not accustomed to using this word,” acknowledged author and consultant Steve Farber, who told one CU group that what the “extreme leader” does is four things: cultivate love, generate energy, inspire audacity and provide proof.
“It can make HR people squirm from time to time. But this idea that love and work are different experiences and should never cross is on one level a tragedy and on another level completely insane. It’s at the foundation of any successful business.”
Overdressing for the Date
Speaking to a credit union audience in San Antonio, Bryn Conway, principal with BC Consulting in Myersville, Md., offered some insights into why so few members turn into the BFFs they were envisioned to be.
“Let’s think of it like this: We work at this every day and we’re so excited when a member joins and we think about all the products and services we can sell them and think we are going to be their financial soulmate for life,” Conway said. “But it doesn’t work out that way, does it? They sign up and then we never see them again. Even when they go through our onboarding program, they still have just that one product they signed up for.”
Where so many credit unions fail, suggested Conway, is in “overdressing” for that first date with the new customer. “Is your perception of the first date their perception of the first date? I would argue that…we assume when a member joins they love us, they are ready to commit, and are in it for the long haul. Our member’s perception is this is the first date—this is a trial run. They want to see if there is any chemistry and aren’t ready to fully commit. That’s why they open just that one account. So, it’s the experience that you create that sets the tone.”
Conway said the reason so many first dates never turn into second dates between members and their credit unions is the credit union doesn’t talk about its values, instead the MSR often sticks to a checklist.
“What I don’t think we do is communicate (values) during the onboarding process. Instead, we talk products and services,” Conway said.
“We have a checklist of four or five products to sell. Do we talk about our mission and values? Chemistry in relationships comes from shared beliefs, shared values. Stop shoving a (product or service) in their face and instead talk about your values and how they can help write the next chapter in your story.”
Forget the Bright Shiny Objects
Shopping for the right kind of gift this Valentine’s Day (or any time) for your members? You’re wasting your money, said Nicholas J. Webb, the author of “What Customers Crave,” “The Innovation Playbook” and other titles.
“It turns out the best innovations are the way in which we deliver experiences to customers,” said Webb. “It used to be about bright shiny objects.
“When you think about this disruption, it’s really about understanding your customers and understanding them in different ways,” he continued. “You can’t look at them from the perspective of demography, such as Millennials or Baby Boomers. It’s about where they are on the journey. It’s about what people hate and love. When you understand your member from perspectives of hate and love you will gain the ability to deliver amazing experiences.”
It Begins With Engagement
There will be countless proposals announced today, and for credit unions engagement has long been a focus. But if CUs expect the marriage to work out, they need to be thinking about some things, according to Sasha Strauss, who leads the Los Angeles-based brand management firm Innovation Protocol and who has taught at UC-Irvine, USC and UCLA.
Strauss told a group of marketers in Palm Desert, Calif., that all people “want to be engaged; they want to feel loved. This isn’t a new concept. Businesses have known this forever. It’s good business if people like you. Business didn’t figure this out first; they learned it from the political parties. If we want people to be activated to vote, we have to give them something that has an emotional trigger to get them engaged. And who did they learn from? The non-profits. They’ve been asking for funding from the very beginning. They figured out if you can get a human emotionally involved, they will donate and participate and volunteer.”
A Valentine’s Day Cupcake
Finally, Valentine’s Day is a day for sweethearts and boxes of candy, so we conclude with an observation made by Johnny Earle of Johnny Cupcakes, a popular store in Boston whose retail outlets look and even smell like a bakery even though Johnny Cupcakes doesn’t sell cupcakes. Instead, it sells clothing.
“We could be a lot bigger and put stores all over the world, but I’m very happy with a small hobby that packs a real punch,” he said. “When I was 24 years old, we made our first million. We realized that with hard work and creativity we could do some pretty cool things together. But it’s not about the money, it’s about being happy doing what you love. If you can go to work laughing and come home laughing, it effects every part of your life.”