Payment Industry Insider

You may not view your credit union as a sales organization…yet. At some point in the near future it will become more clear that all of us, credit unions included, are sales organizations and our success will be determined on how well we sell our services.

Financial services companies, not just banks, are all looking for a piece of your members financial pie. If you think about it, your credit union is in direct competition with the insurance agent down the street for a share of your members wallet.

Whether it’s credit cards, aut loans, CDs, direct deposit, savings accounts or debit cards, your members are continually being sold to by well trained and well funded organizations. Unless your field of membership consists of loyal lottery winners, your members have a limited amount of income and are being courted by many other financial services companies.

What do I mean by well trained and well funded? A typical insurance company spends half of the first two years premiums on sales, marketing and commissions!

How many dollars are you spending on training your sales team and training them to be effective marketers of your credit union’s services?

Sales and marketing dollars are typically the first things to get cut when margins shrink, but they are essential to long-term growth.

How can you create a powerful sales team in your credit union without a huge investment?

The answer starts with training, setting goals, tracking progress towards the goals and finally, effective incentives. Last month I wrote about your staff using your credit union’s services because it’s much easier to sell something you use and are passionate about!

What is your credit union doing to create a sales organization?