By: Frank Rinaudo, Senior Vice President, GrooveCar Inc. & CU Xpress Lease
What’s your objective to increase your auto portfolio? Is your credit union developing new opportunities from within existing partnerships or actively seeking out new companies to work with?
Nothing happens when you stand still. It’s time to get moving and reveal where opportunity exists within the organization. With that in mind, is your credit union reaching out enough to vendors and members? In my recent article, “Business Development Reminders for Auto Loan Growth,” in CU Times on July 19th, there are tips to follow to uncover areas of potential commerce.
A good approach involves a strategy with achievable objectives to meet your target. Start with reviewing your vendor accounts. Is there regular dialogue that provides an avenue to discuss business objectives? The Pareto Principle can be applied here, “80% of your sales come from 20% of your clients.” A thorough review will offer a glimpse into what areas you should concentrate on. Reaching out helps to demonstrate your value, especially with vendors and partners who may not understand how your credit union is helping them to grow their businesses, within your member ranks.
Business development is vital to the sales building cycle. I encourage you to look beyond pressure sales and work instead, to build trust. By focusing on getting connected and expanding the amount of business that is conducted together, your credit union will be the link to better relations and growth.
Learn strategies to business development here: http://www.cutimes.com/2017/07/14/business-development-reminders-for-auto-loan-growt