4 ways to deepen member relationships
Simple ideas for increasing breadth, depth, and retention of existing banking relationships.
Increasing member share of wallet–the amount of business a member does with your credit union versus banks or other financial services companies–is a constant battle.
In the CUNA Councils webinar “The Alchemy of Increasing Member Share of Wallet,” Michael Shallanberger, executive vice president & director of consulting services, Schneider Sales Management, offers four simple ideas for increasing breadth, depth, and retention of existing member relationships.
1. Re-board single service or low service households.
First, ask your members in face-to-face conversations or focus groups, “Why don’t you do more of your business with us?”
From there, your initial focus should be to sell them more of what they already use. Then, sell “most like” products.
And when the relationship deepens, that is when you can explore more products beyond the member’s initial reason for doing business with you.
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