Research reveals that the average member household has 5 to 7 accounts at various financial institutions. Yet, on average, that household maintains 2 accounts at their credit union. The real key to member loyalty is becoming each member’s primary financial institution by capturing at least 4 member accounts per household. Once you’ve reached that level, members are much less likely to defect.
However, the problem for credit unions has been that we often don’t know which products or services the member–especially a new member–is really looking for. That’s where one of the most powerful features of MemberView comes in.
The instant email alert and response tracking system built into the MXProdigy reporting portal lets your team know instantly that a member is interested in a product or service. You can then use the Opportunities report to track your sales efforts. Learn how to access the Opportunities report here.
A Tour of the Opportunities Report
The Opportunities Tab on the MemberView Saves and Opportunities provides a robust data set for managing upsell contacts with members.
- Select the Opportunities Tab to view a list of members who have requested more information about a credit union produce or service.
- The gauges at the top of the screen show you the status of each response. You’ll also see the average number of business days it takes your team to respond. You can set a custom goal for the average number of days you’d like to take to respond.
- You can filter the report by
- Status—New Lead, Fulfilled, or Won
- Aging
- Coaches (Users with Executive level access will see all coaches. Users with Coach level access will only see members assigned to them.)
- Survey Number. Click on this link to view the entire survey.
- Flag Column. A flag in this column indicates that even though the member has requested more information on a product or service, they have also given a low score on their survey.
- Date of Survey. This is the date the member completed the survey, not the date the member interaction took place. To find out the date of the interaction, click on the survey number in the first column and look at the survey header.
- Member Name. This is the name provided by the member within the survey. If it is not populated, the meber has not provided their name within the survey. You can still discover the member’s name by clicking on the number in the first column and looking at the survey header. This will show the name of the member to whom the survey was sent.
- Member Email. This is the email address provided by the member. If it is not populated, the member has not provided an email address within the survey. You can still discover the email address by clicking on the survey number in the first column and looking at the survey header. This will show the email address to which the survey was sent.
- Member Phone. This is the phone number provided by the member. If it is not populated, the member has not provided a phone number within the survey.
- Coach and Branch or Department. This column indicates where the member interaction occurred. Coaches will see all interactions that occurred in their branch or department.
- Products. This column shows the specific product(s) or service(s) for which the member requested more information. You can populate this column by creating your own custom upsell question.
- Status. This column indicates whether your team’s response to the member is open, fulfilled or won. By clicking on the change status link in this column, a user can track progress toward winning.
- Aging Alert. This column indicates how many days the alert has been open.
- Notes. A pencil icon appears in this column if a user has left a note about the follow-up. To view the complete survey with the notes or to add a note, click on the survey number in the first column.
Establishing a Member Upsell Process at Your Credit Union
The main thing to consider when establishing a follow-up protocol for members who request information is who will do the follow up. MemberView is designed to allow individual branch and department coaches to follow up with members who’ve interacted with their branch. By setting up the MemberView email alert system so that each branch or department coach gets an email alert triggered by a member follow-up request, your credit union can ensure that the entire team is involved in building member relationships. Anyone with executive access can then monitor follow-up activity.
Some credit unions prefer all email alerts go only to a point person responsible for the member experience. This person either follows up with the member or forwards the alert to the appropriate branch or department for follow up. Branch and department coaches can still communicate their actions via the Opportunities report.
Once your member upsell process is established, you may want to set a custom goal for the number of days your team takes to respond. Let us know what you’d like for your custom goal and we’ll set it up in your reporting portal. If you’d like recommendations for this goal or for any other aspect of setting up your member upsell practice, please let us know. We’re happy to help!
