There has been a lot of discussion about the Bank Transfer Day that is scheduled for this Saturday November 5. Many credit unions are taking advantage of the buzz and are extending their hours to accommodate new members on this day. Some credit unions that are not usually open on Saturdays have decided to open their doors for the event. So many credit unions are gearing up for what could be a monumental day for the industry by organizing special events, celebrations, and the like.
But then came the news over the weekend that Bank of America may be backing down on the debit card and other fees that have angered so many customers. An article from CNN Money indicated that B of A has heard the backlash and may be reconsidering their position. The article also states that both Wells Fargo and Chase are rethinking their strategies as well.
Does this mean that credit unions should also “back down” from their efforts to get new members and gain more of the market share? HELL NO! Listen, the banks are now backing down because of the backlash that has been created by angry consumers….many of whom have already switched to credit unions! The banks see credit unions getting more media coverage, CUNA CEO Bill Cheney has appeared on cable business news discussing the value of credit unions, and I am sure that they are reading the comments posted on various blogs and articles that indicate that customers who are fed-up have already opened new accounts at credit unions.
Credit unions cannot let this opportunity slip away! Here are 3 steps your credit union should take to ensure a successful recruitment campaign:
1. Be Prepared – the last thing you want is for consumers to come into your credit unions looking for information and your staff members seem unprepared, unknowledgeable, or unimpressive.
2. Get Excited – First impressions are important. People act as their emotions dictate. Excitement is a powerful emotion that can lead to significant things. So get excited yourselves and create excitement for your guests!
3. Deliver, Deliver, Deliver! – You must WOW your new members! Deliver on your promises! Provide OUTSTANDING service at every turn. This is non-negotiable.
Finally, this excitement around new member attraction SHOULD NOT end on November 5. Rather, this should be the start of a new movement. My good friend James Robert Lay and his team at CU Swag have embraced this and have launched a website to capture the spirit and momentum of the movement – www.thecurevolution.com.
So let’s get going and remember the old saying – “be careful what you wish for…..you just might get it!”