Three ways to retain current members

The cost of obtaining a new member is rarely inexpensive. The price of direct mail, print or online advertisements, or a cold calling campaign can easily chip away thousands of dollars from your budget. It is much less expensive and more efficient to retain your current members and “re-sale” to them. Once you have earned the trust and loyalty of a member, they are more willing to become a repeat borrower since they already have an existing relationship with your credit union.

But retaining your current members does not happen by accident. You must make a concerted effort to keep your members happy and retain their business. Below are three easy ways to retain your current members and help build a lasting and fruitful relationship.

1. Provide excellent customer service.

The cliché mantra of “the customer is always right” holds true when it comes to providing stellar customer service and retaining your current members. Instill in your employees the importance and value of providing excellent customer service to each and every one of your members. If your members see that you go above and beyond to ensure that their needs are being met, they will continue to do business with you.

2. Settle issues or complaints promptly and sincerely.    

When it comes to conflict resolution, sooner is always better than later. When a member has a problem or complaint, don’t put the issue off, but rather deal with the problem directly, promptly, and sincerely. Your member will be able to tell if the apology they receive is insincere or forced, making you appear disingenuous and uncaring. Demonstrating to your members that you take their issues seriously enough to put other matters on hold to help them with their problem will build lasting loyalty and trust.

3. Greet your members by their name.

This may not seem like something that matters, but acknowledging your members by their name is one of the simplest ways to gain loyalty and retain their business. By greeting your members by their name and remembering personal details about their lives—their kids’ names, birthdays, important milestones, you prove to them that they are valued and important to you and your employees.

While it is important to earn new members and go after new business, don’t take your current repertoire of members for granted. By creating a customer service oriented culture within the fabric of your credit union, you can earn the trust and loyalty of your members, and keep them coming back time and time again for their lending and financial needs.