By: Robert O'Hara, VP Strategic Alliances, GrooveCar & CU Xpress Lease
When we look at success, don’t overlook what your data is telling you. Are members satisfied? Is your credit union growing in all areas? Look at the complete picture.
How do you measure success? Is it looking at a combination of growth indicators? At GrooveCar we have witnessed tremendous growth and that is due to many factors. For us, one growth indicator is measuring how many new partners are signing up. That’s an easy one for all of us. We just issued a press release on new partners joining the program in Q1 2017. I have shared the link below. There are other less obvious indicators that GrooveCar watches and ones that credit unions should as well.
In addition to membership growth at your credit union, what else should you be looking for? We live in a data driven world that allows us to identify target customers more readily. Look at your website; where are members going when they visit? A great way to find this out is through data. When you realize where they are going, focus more attention there to drive them to other parts of your website. It’s great if your successful in mobile banking and members are using it, but let’s stop giving shade to the other programs your credit union provides that increase membership and growth opportunities.
Another credit union function that drives growth is member satisfaction. Ways to improve satisfaction is by providing resources and information that meet members’ needs. What are some of the current needs of members at various life stages? Is your credit union messaging to them about how you can help them reach those milestones? Tailor your services to improve their satisfaction. If you want members to spend the time with you, give them what they want. You will see proof this strategy is working, through your data.
At GrooveCar, we spend countless hours looking at trigger points for credit union members when they’re shopping for a vehicle. It’s an online world when 97 percent of car buyers begin their search on the internet, grab your share! For us, it is not enough to have a car resource, we strive to provide new features to increase member satisfaction. These same features we create to satisfy members while they shop and make decisions, are also used to benefit the credit union. We take a full circle approach. We want your members to build-out vehicles, calculate costs, see what others are paying for vehicles, understand their trade-in values, this is what they want and need in an auto resource. However, if you don’t know about it, how are you benefiting? You do know about it with GrooveCar.
Being relevant at every touch point during the decision-making process is accomplished by alerts. Understanding online member activity is important, it’s another data checkpoint that provides your credit union with the opportunity to interact with members. It’s a tool to provide follow-up and increase customer satisfaction. Every time a member performs a function on your resource, your credit union gets an alert. Why miss an opportunity to be of value to your members? Today’s credit unions face tremendous competition from online sources and traditional financial institutions, credit unions are competing, and competing well. Keep the momentum going, address what the data is telling you and use the tools that are out there.