New Member Onboarding The Best Practice Michael Neill

New Member Onboarding — The Best Practice Michael Neill & Assoc. Inc. 888 -440 -0552 mike@michaelneill. com www. michaelneill. com

Why the New Process? êBecause the road to ______ is paved with good intentions. – Because this is what I hear about even the best programs I have seen or implemented. êSo are the MSR’s doing that? – We hope they are – They are certainly supposed to – Not as consistently as we’d like but the process is there.

Why the New Process? êThe process looks great (on paper) – When I review the actual results they are ok, but not great. êMSRs rarely have/find the time for consistent new member follow up êMSRs rarely have the attributes for new member follow up êNo urgency/no accountability create no action

First Things First êThe most ignored step is closing business at the initial point of sale. êNew Member Follow Up Selling is trying to fix a partial “fail. ” êGet better at selling and closing at the initial point of sale!

Develop an Initial New Member Pattern Match êEach Credit Union must make that determination. – Example ¶“Mighty Mikey Checking, ” with Debit Card ¶Loan with a balance

Develop a 90 Day New Member Pattern Match êExample ¶“Mighty Mikey Checking” ¶Debit Card ¶Loan with a balance ¶Estatement ¶Bill Pay ¶Mobile Banking ¶Direct Deposit

MSR Has Initial Point of Sale Responsibility êDay 1 – “I look forward to helping you become a valued member. While we are working together I hope to find some ways to save you money. I’ll be sharing those with you. ” – “What service fees are you paying on your current checking account? ” – “I think I can save you money. ”

How Do I Offer it? ê Checking includes all services and the goal is relationship not account – “Our best account, “Mighty Mikey Checking, ” will save you money and make life very convenient for you. You’ll save the monthly service charge you pay at XXX plus you automatically receive free Bill Pay, Mobile Banking, Direct Deposit and Debit Card and e-statements. All this adds up to saving you money and makes everything more convenient for no more money. I’ll set that up for you so you can start saving money now. ” – “I think I’ve found another way to save you money. If your interest rate on your auto loan isn’t as low as 1. 99% we can probably save you lots of money. What is your approximate current rate and how many months do you think you have left? ” ¶ Calculate Savings on your system.

How Do I Offer it? êAssume the Sale – “We can save you about $1, 200. I can take car of that now so you can start saving money today. ” – Anything which is not opened at Point of Sale now goes to a New Member Onboarding Specialist. ¶Most likely working in the call center

New Member Follow Up Selling Process ê The MSR has onboarding responsibility at the initial point of sale. ê A New Member Onboarding Specialist has responsibility day 2 to day 45 -90.

New Member Follow Up Selling Process êNew Member Onboarding Specialist Operation – Welcome email ¶Use CRM for documentation and ID of next product to offer. – Welcome call ¶Check on Member Experience ¶Offer Products – Follow up on voice mails – Follow up on requests to speak later

Notes êHire based on PXT – Outbound Call Sales Match êTrain Outbound Skills êThe process – Developed – Documented – Tracked in CRM

Notes êSet Goals and Track – Initial point of sale – 45 -90 Days êIncentives – MSR ¶Day 1 – New Member Onboarding Specialist ¶Day 2 - 45

Benefits êSense of urgency for cross selling by MSR êNew Member On boarding gets done! êThe person with the time and attributes to do it well does the job. êLimits the time at the initial point of sale for both MSR and Member