MARKETING

COULD THE RIGHT CRM REVITALIZE YOUR SALES STRATEGY? By OLGA ZAKHARENKAVA, Special to CenterPoint

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redit unions recognize that the industry is moving towards a relationship-based model, in which omnichannel delivery of highly personalized offers is becoming the norm. This approach aligns well with the underlying credit union philosophy of putting members first. But it does require new tools, and new strategies to make proper use of them.

The upside for credit unions who make the shift to relationship-based marketing is clear - better member retention rates, and a chance to extend wallet share as members’ needs change due to life events. These factors are the driving force behind the adoption of customer-relationship management (CRM) at many credit unions.

INCREASING

41%

of Credit Unions

WALLET SHARE IS A TOP PRIORITY 41% of credit unions adopt CRM to increase sales to existing customers

Source: CEB Retail Banking. Adoption and Investment: Customer Relationship Management, 2015

So, what’s holding other credit unions back from adopting this promising approach, and how can technology help them experience these benefits?

Barriers to a Relationship-First Sales Approach Converting your people, processes, and technology to a data-driven, relationship-first sales approach may seem daunting, but the rewards are substantial. Here are some of the reasons credit unions sometimes struggle to implement this approach, plus some proven ways to overcome these challenges. •

Lack of insight into member needs. Financial services firms, including credit unions, often amass terabytes of data. But just possessing member data isn’t enough. To revitalize their sales strategies, credit unions need to capture it all in one place, get a unified view of it, and then act. Legacy back offices and limited IT resources can

12 | CENTERPOINT | Spring 2019