Rock & Roll for Credit Unions 11: The Golden Girls Rockin’ Message for your Credit Union

November’s here and Thanksgiving is right around the corner.  You know…that day we set aside each year to gorge ourselves on turkey and the trimmings. Somehow the whole “giving thanks” thing seems to slip our mind until the turkey has been carved and it’s time to say grace or have a brief toast before the meal. We seem to gloss over the “thanks” part even though it’s part of the word Thanksgiving. Worse yet, it’s the only day some people really take a moment to recognize and give thanks for the many blessings in their lives.

Unfortunately, our attitude toward members in many cases is the same. The day after they open an account or get a loan they may get a thank you call or note. Maybe. If the loan officer had time. Often times that member never hears from us again until we send out a generic postcard for another product, or we want to cross sell something to them. When we treat members like a commodity, don’t act so surprised when they treat your brand like a commodity in return. “How can we get more loans?” It’s a question we hear often from credit unions. Don’t count on being wildly successful until you start saying a true “thank you” to your members for choosing your credit union, and offering to walk through life with them as a trusted financial partner

The 1978 Andrew Gold hit song Thank You for Being a Friend is best known as the opening theme song for the television sitcom “The Golden Girls,” but it holds a great message for your credit union. The song opens with these words:

Thank you for being a friend
Traveled down the road and back again
your heart is true you’re a pal and a confidant

Several brands successfully show their genuine concern for their clients, customers, and members and turn receive a great deal of loyalty. If you’re wondering why your members are rate shopping and not loyal to your credit union, it’s probably because you’re not willing to travel down the road of life with them. There will always be rate shoppers; however it’s important to note that according to a CEI Survey, 86% of buyers will pay more for a better customer experience.

Another study done by Adam M. Grant and Francesca Gino published in The Journal of Personality and Social Psychology examines the side effects of saying “thank you.”  As part of the study, 69 participants were asked to provide feedback to a fictitious student called on his cover letter for a job application. After the participants sent their feedback, they got a reply from the fictitious student asking for more help with another cover letter.

The difference is that half of the participants in the study received a thankful reply from the fictitious student, while the other half an indifferent reply. The researchers wanted to see what effect this might have on the participant’s motivation to give the student any additional help.

The results? Those who received a thank you from the fictitious student were more willing to provide further assistance. Actually, the effect of “thank you” was quite substantial: while only 32% of participants receiving the neutral email helped with the second letter.  When the student expressed his gratitude, this went up to 66%.

Overall, the study revealed that gratitude is more than just a social pleasantry. Saying “thank you” is a way of making the helper feel good. It reassures others that they are appreciated and it encourages further pro-social behavior.

If you want to turn passive rate shopping members into a long term mutually beneficial relationship, perhaps it’s time to change the culture of your organization. It’s not easy, and it’s not a quick process. But you could start today by listening to the Andrew Gold tune made famous by the Golden Girls and say “thank you for being a (member.)”

“One customer well taken care of could be more valuable than $10,000 in advertising.” – Jim Rohn