We constantly struggle with the concept of sales verses service. Most credit unions claim service as their primary role, while offering products to members, a la carte. We discuss terms such as PFI, ROA, ROI and wallet share in our Staff meetings, Board meetings and Strategic planning, constantly trying to foster our operational growth. When we offer these products and they are declined what have we achieved for the member? Have we done the member an injustice, unintentionally costing them money, or have we provided them their desired service? In the remainder of this post, I will attempt to expound on, and provide insight to that which will help you rethink both the sales environment and the service culture.
First, let's do away with the old adage "never the twain shall meet" because not only do they, but they should. We do both, sales and service every day, in one form or another. Some recognize these actions for what they are; some as separate components of the same effort; and lease we forget 'that's someone else's job'. Conversely, others have the "sales" down to a science; unfortunately, this group often forgets the service part of the of the process. While this is an issue, it's seldom looked at with caution because of the return. We are presented with a conundrum; to sell or to service.
The answer lies in the question. sales should be a product of the service. When we properly provide the service that our members desire, with their needs first, we will achieve the sales. Let me explain. Typically, a member comes to apply for a loan and that is what we do. We approve the loan and send them on their way, when there were two high interest bank cards sitting on the credit report. What part of service is that? Moreover, what sale did we miss out on by not providing this service. Likewise, a new member comes in to open an account and we go through the process to open the account and not bother to ask if they are satisfied with their current checking. Nor do we explain that we can help in converting them to ours, which most likely has better features and costs less. When we look at service through sales eyes, we will let the member down every time. However, if we start looking at sales through service eyes, we will not only have contributed to the bottom line, but have provided the member with the best service, while saving them money.
I think it prudent that we train product benefits and advantages instead of sales training. They say that a good salesperson can sell anything; I do not disagree. However, the difference is the sale of products usually is based on quotas, instead of product benefits. When done correctly, this effort makes the member's life easier and saves them time and money. Likewise, the correct effort contributes to a more sustained bottom line result. In doing so, our operation becomes a sales environment in a service culture.
Until next time...
~Tim
Saturday, November 13, 2010
Sunday, August 29, 2010
katrina remembered
I sit here this afternoon, clearly remembering this day, five years ago. The wind had calmed to a low, steady gust and the sky was a patch work of clouds on what was an overcast, late summer afternoon. After finally getting to the coast, I recall turning onto our road and seeing the debris on the road and in the yards. My first thought was "there are not a lot of trees down" while there were some, it just was not what I expected. My next thought was to get to my back yard where I hoped to see my dogs; praying they were both still alive.
My sons and I beat through the trash and debris, through what was left of our wind battered fences, and finally into our back yard. No dogs! We called out their names and still no sound from them. As we ventured deeper into the yard and around the back of the house, we could see the path where the water had escaped as it receded. Up to that point, I did not realize the impact the flood waters had on our life. We followed the path of strewn objects that once decorated our pool area, reviewed the remnants of our patio and our swimming pool that had been transformed into a trash filled, black water, pond.
As we continued around the house to the opposite side where we started, I heard a commotion. The receding waters clearly left our yard on this side of the house. As it did, the rushing water push objects that were in the yard into the corner of the fence. To our delightful surprise, we found both Taz and Buddy, atop the debris, awaiting rescue. We didn't know if they were happier to see us, or we them. Needless to say, that was the highlight of the day; it went downhill from there.
Once we finished the celebration with our pets and propped the fences so they could not get out, we ventured inside. This is where the realization of what Katrina had done to our world became obvious. Every room had the same look; as though everything was trying to escape but couldn't. Mud soaked carpet, furniture--everything was gone. Granted while we had it bad, there were some that had it worse. Some had no more than a slab of concrete where their house once stood and many others with all levels of damage. However, the worst was yet to come; I had to return to where my wife was and tell her what I had seen. I would have rather told her almost anything else. I knew she would be sad. And she was.
That was the first day, five years ago. While it took us almost two years to rebuild, we did get to remodel our house. A blessing or curse; it is in the eye of the beholder. We do feel very blessed looking back, but does one have to loose everything to gain some things; a thought to ponder. Did we learn some things along the way, yes we did.
As I sit here, an ire gust blows across my porch and the sky is a patch work of clouds on what is an overcast, late summer afternoon.
My thoughts and prayers are with all those that were affected by Hurricane Katrina. I hope that you are beyond that part of your life, or at least close to it. But we all know if you met her, you will never forget her.
Until next time,
~Tim
My sons and I beat through the trash and debris, through what was left of our wind battered fences, and finally into our back yard. No dogs! We called out their names and still no sound from them. As we ventured deeper into the yard and around the back of the house, we could see the path where the water had escaped as it receded. Up to that point, I did not realize the impact the flood waters had on our life. We followed the path of strewn objects that once decorated our pool area, reviewed the remnants of our patio and our swimming pool that had been transformed into a trash filled, black water, pond.
As we continued around the house to the opposite side where we started, I heard a commotion. The receding waters clearly left our yard on this side of the house. As it did, the rushing water push objects that were in the yard into the corner of the fence. To our delightful surprise, we found both Taz and Buddy, atop the debris, awaiting rescue. We didn't know if they were happier to see us, or we them. Needless to say, that was the highlight of the day; it went downhill from there.
Once we finished the celebration with our pets and propped the fences so they could not get out, we ventured inside. This is where the realization of what Katrina had done to our world became obvious. Every room had the same look; as though everything was trying to escape but couldn't. Mud soaked carpet, furniture--everything was gone. Granted while we had it bad, there were some that had it worse. Some had no more than a slab of concrete where their house once stood and many others with all levels of damage. However, the worst was yet to come; I had to return to where my wife was and tell her what I had seen. I would have rather told her almost anything else. I knew she would be sad. And she was.
That was the first day, five years ago. While it took us almost two years to rebuild, we did get to remodel our house. A blessing or curse; it is in the eye of the beholder. We do feel very blessed looking back, but does one have to loose everything to gain some things; a thought to ponder. Did we learn some things along the way, yes we did.
As I sit here, an ire gust blows across my porch and the sky is a patch work of clouds on what is an overcast, late summer afternoon.
My thoughts and prayers are with all those that were affected by Hurricane Katrina. I hope that you are beyond that part of your life, or at least close to it. But we all know if you met her, you will never forget her.
Until next time,
~Tim
Wednesday, July 28, 2010
The Rubber Band Ball an Operational Effect
I know we all have had a rubber band ball on our desk, at one time or another. I have one, and I have been building it for some years now. I must say, it is getting big! All of the rubber bands that come across my desk immediately gets commandeered; enlisted to become part of the next layer. However, rarely do I ever go back to the ball when I need a rubber band. I never want to use the rubber bands because it seems as though I am undoing part of a process that I have started; going toward some finality, or completion regardless of the need or reason. Yet the ball just gets larger and larger!
Let's take a look at the rubber band ball's construction: typically, it is a series of rubber bands, collected over time, that form the shell. Each rubber band contributing its part to a particular layer; layer after layer the ball gets bigger! At the center of the ball there usually is some form of solid mass. When I started my ball, I used a small solid rubber ball, the size of a good aggie (shooter marble). I think it was retrieved from a child that wanted to make it part of unauthorized snack. So, we have the solid core and the layers of independent rubber bands--a simple concept. Now the layers of the ball, unlike the layers of an onion, are thin and singular--requiring several rubber bands to complete one layer. Whereas the onion forms a single, solid layer at a time, completely encompassing its core. Now, this is not the "onion effect" so I will get back on task here. We will save the onion effect for a potential follow-on blog post.
What makes all of this relevant? Let's start by comparing the rubber band ball effect to businesses. This can be almost any business, just fill in the blank. However, I am going to use the credit union industry, as this is where my focus is and will remain. We started out simply to provide thrift for the employees of a given company, or industry. Our beginning was modest, under managed and mostly with only the basic of industry knowledge, our operation was simple. We provided the basic financial services to members that only desired the basic financial services. Our members wanted a safe place to save their money at a fair rate and get the basic services at little, or no charge.
This was the core of our beginning, our aggie; the solid mass that all would be built upon. Over time we would add more products, more services and we would move with caution when the industry recommended fees and charges for those product and services. We added band after band, creating a layer at a time. We run our credit union conservatively, payed special attention to our members and refused to go with the latest fad, or phase in the industry. Moreover, some of us were quite content across the street from our, single, small employee group; some of us even operated on the property of our employee group so that we would be convenient to our members and avoid building expenses. Layer after layer, we progressed; we served tirelessly and with a passion that was known by no other. This solidified the core, and we effectively added layers around that core, our members appreciated our effort, but would need more.
This was the beginning of the end for many; those that either could not, or would not attempt to change with the times found there was little hope for the future. They had not reacted when they should have, they failed to see what was coming. They tried to add additional layers whereas they should have removed some of the old layers and developed some new ones. Those of us that survived, did just that, by properly reacting and changing our operations to match that of the competition. New, bigger and better facilities, additional employee groups; some even sought to become community credit unions. We were on the way! We added the latest technology, cutting edge products and services. We built branches, both physical and virtual; we added remote account setup, remote deposits and the like. We set standards that would endure future attacks from our competition; we had our place in the financial industry, our roots were deep and strong. Layer after layer, we added to the aggie. However, we failed miserably at one key thing; we didn't see that our member base was aging. Furthermore, we failed in not seeing the younger members joining as they once did.
Just as the industry met with reality before, so are we now. We have built massive operations, we have scattered into all of the land, but we have failed in member growth, market share and enlisting young members. For the past several years the industry began to embrace the youth, first by "just" saying that we needed to do something about it. When reality said that talking about it was not enough, we pursued other measures. From our beginning until now I said we were adding rubber bands, forming layer upon layer and it appears that we are trying to alleviate this problem by adding more. Conversely, we need to remove some of the past layers, effectively removing some of the cluttered operational thinking; processes that were developed long ago in a bygone era. Without removing, at least, some of the layers we are not removing the mindset that was developed in another time for another purpose. Likewise, we will be adding to a process that is entwined with past habits, skill sets and knowledge base. This is the time that we need to adjust our thinking at the ball's core, instead of trying to add new rubber bands to an old rubber band ball.
Until next time,
~Tim
Let's take a look at the rubber band ball's construction: typically, it is a series of rubber bands, collected over time, that form the shell. Each rubber band contributing its part to a particular layer; layer after layer the ball gets bigger! At the center of the ball there usually is some form of solid mass. When I started my ball, I used a small solid rubber ball, the size of a good aggie (shooter marble). I think it was retrieved from a child that wanted to make it part of unauthorized snack. So, we have the solid core and the layers of independent rubber bands--a simple concept. Now the layers of the ball, unlike the layers of an onion, are thin and singular--requiring several rubber bands to complete one layer. Whereas the onion forms a single, solid layer at a time, completely encompassing its core. Now, this is not the "onion effect" so I will get back on task here. We will save the onion effect for a potential follow-on blog post.
What makes all of this relevant? Let's start by comparing the rubber band ball effect to businesses. This can be almost any business, just fill in the blank. However, I am going to use the credit union industry, as this is where my focus is and will remain. We started out simply to provide thrift for the employees of a given company, or industry. Our beginning was modest, under managed and mostly with only the basic of industry knowledge, our operation was simple. We provided the basic financial services to members that only desired the basic financial services. Our members wanted a safe place to save their money at a fair rate and get the basic services at little, or no charge.
This was the core of our beginning, our aggie; the solid mass that all would be built upon. Over time we would add more products, more services and we would move with caution when the industry recommended fees and charges for those product and services. We added band after band, creating a layer at a time. We run our credit union conservatively, payed special attention to our members and refused to go with the latest fad, or phase in the industry. Moreover, some of us were quite content across the street from our, single, small employee group; some of us even operated on the property of our employee group so that we would be convenient to our members and avoid building expenses. Layer after layer, we progressed; we served tirelessly and with a passion that was known by no other. This solidified the core, and we effectively added layers around that core, our members appreciated our effort, but would need more.
This was the beginning of the end for many; those that either could not, or would not attempt to change with the times found there was little hope for the future. They had not reacted when they should have, they failed to see what was coming. They tried to add additional layers whereas they should have removed some of the old layers and developed some new ones. Those of us that survived, did just that, by properly reacting and changing our operations to match that of the competition. New, bigger and better facilities, additional employee groups; some even sought to become community credit unions. We were on the way! We added the latest technology, cutting edge products and services. We built branches, both physical and virtual; we added remote account setup, remote deposits and the like. We set standards that would endure future attacks from our competition; we had our place in the financial industry, our roots were deep and strong. Layer after layer, we added to the aggie. However, we failed miserably at one key thing; we didn't see that our member base was aging. Furthermore, we failed in not seeing the younger members joining as they once did.
Just as the industry met with reality before, so are we now. We have built massive operations, we have scattered into all of the land, but we have failed in member growth, market share and enlisting young members. For the past several years the industry began to embrace the youth, first by "just" saying that we needed to do something about it. When reality said that talking about it was not enough, we pursued other measures. From our beginning until now I said we were adding rubber bands, forming layer upon layer and it appears that we are trying to alleviate this problem by adding more. Conversely, we need to remove some of the past layers, effectively removing some of the cluttered operational thinking; processes that were developed long ago in a bygone era. Without removing, at least, some of the layers we are not removing the mindset that was developed in another time for another purpose. Likewise, we will be adding to a process that is entwined with past habits, skill sets and knowledge base. This is the time that we need to adjust our thinking at the ball's core, instead of trying to add new rubber bands to an old rubber band ball.
Until next time,
~Tim
Monday, July 19, 2010
first blog_meet and greet
Ok...gang! This will be my first (of many, I hope) blog. Like I need one more thing to do...
Well, I read blog after blog and really enjoy the content and insight provided by others. I to, would like to offer some content and insight that, hopefully, others can find useful. Those of you that know me, know that I spend a lot of my time trying to figure out how to make credit union operations, better and proactively efficient; providing ways to better serve our members and to make their experience wonderful. Those of you that do not know me, well suffice it to say, know that I can be somewhat opinionated and direct while in the pursuit of the aforementioned things that are very near and dear to me.
A little about me...
I am the Chief Operations Officer at Singing River Federal Credit Union. As the title implies, I spend most days managing the ones that manage operations. However, as we all know, it is not that simple, nuf said! Over my past ten years at SRFCU, I have held several positions to include VP operations, VP, Collections and Compliance. And we all know what those jobs involve. Over the past ten years, like others, we have been in a rebuilding mode--getting the credit union into this century, adding products and honing services. Also, on occasion I venture out on speaking engagements for the industry, and other credit unions. In addition to that I try to help credit unions that have a need, that can't be filled. Now, before my tenure at SRFCU I did work for the NCUA, albeit a short lived experience. It did not take me long to figure out that I was on the wrong side of the fence, nuf said!
Beyond all of that I spent the better part of ten years in the US Army Finance and Accounting corps as an Army Finance Specialist and Budget Analyst, oh, and least we forget everything else that they told me to do. By the way, my oldest son Chris is doing us proud in the US Air Force. Unfortunately he will be deploying to Iraq in September :(. Mom is none to happy about it either.
Well, I hope my first little rant was what I intended it to be: get to know Tim. Oh, and by the way, I do have a life other than work: I enjoy my family; we enjoy camping, fishing and hiking--basically anything in the woods (I do have an extreme prejudice against SAND). We also enjoy rebuilding hotrods and restoring old cars. And we (my wife) are the proud owners of a 2010 Camaro SS, which we affectionately refer to as TNZ's Inferno and truly enjoy cruising with others.
Until next time!
Ps. Please be kind when evaluating my first blog!
Well, I read blog after blog and really enjoy the content and insight provided by others. I to, would like to offer some content and insight that, hopefully, others can find useful. Those of you that know me, know that I spend a lot of my time trying to figure out how to make credit union operations, better and proactively efficient; providing ways to better serve our members and to make their experience wonderful. Those of you that do not know me, well suffice it to say, know that I can be somewhat opinionated and direct while in the pursuit of the aforementioned things that are very near and dear to me.
A little about me...
I am the Chief Operations Officer at Singing River Federal Credit Union. As the title implies, I spend most days managing the ones that manage operations. However, as we all know, it is not that simple, nuf said! Over my past ten years at SRFCU, I have held several positions to include VP operations, VP, Collections and Compliance. And we all know what those jobs involve. Over the past ten years, like others, we have been in a rebuilding mode--getting the credit union into this century, adding products and honing services. Also, on occasion I venture out on speaking engagements for the industry, and other credit unions. In addition to that I try to help credit unions that have a need, that can't be filled. Now, before my tenure at SRFCU I did work for the NCUA, albeit a short lived experience. It did not take me long to figure out that I was on the wrong side of the fence, nuf said!
Beyond all of that I spent the better part of ten years in the US Army Finance and Accounting corps as an Army Finance Specialist and Budget Analyst, oh, and least we forget everything else that they told me to do. By the way, my oldest son Chris is doing us proud in the US Air Force. Unfortunately he will be deploying to Iraq in September :(. Mom is none to happy about it either.
Well, I hope my first little rant was what I intended it to be: get to know Tim. Oh, and by the way, I do have a life other than work: I enjoy my family; we enjoy camping, fishing and hiking--basically anything in the woods (I do have an extreme prejudice against SAND). We also enjoy rebuilding hotrods and restoring old cars. And we (my wife) are the proud owners of a 2010 Camaro SS, which we affectionately refer to as TNZ's Inferno and truly enjoy cruising with others.
Until next time!
Ps. Please be kind when evaluating my first blog!
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