Do strippers strip at home?

I’ve always wondered that.  If I married a stripper, do I get free lap dances at home for the rest of my life or is it the trusty standby, "I’m too tired."?  You’ve all heard the old adage that mechanics have cars that never work quite right and plumbers always have leaky pipes and faucets that drip.  Most people who do something every day don’t always enjoy doing it when the get home. 

What about us in the financial industry?  It is our job to know how credit works for our members, understanding why weekly interest makes more than quarterly compounding, and be able to know why the Fed dropping rates affects us.  But in reality, how many of us have perfect credit or save all that we can or budget properly?  Just because we know how to do these things, doesn’t always mean that someone will apply their knowledge to their personal life. 

I’m a huge advocate of encouraging (making) your employees use the products your company offers.  If employees don’t like what you have to offer, chances are your members or customers won’t either.  So if your employees don’t use your CU as their PFI, how good will they be able to sell your products?  The employees that have the highest insurance sales numbers tend to be employees who have had to use the product themselves.  Why?  Because they have actually experienced the benefits and don’t just have to sell the features. 

Get your employees using your products.  Help them create budgets for themselves, fix those leaky faucets, and invest properly.  If you can make that happen, your employees will automatically take care the members/customers, not with their knowledge, but with their experience.

0 thoughts on “Do strippers strip at home?”

  1. But shouldn’t a business also be asking themselves why an employee would choose a product from another company after having experienced their own company’s products? I opened a Bank of America account because I liked their online services better than our own, I have a loan with another FI because they offered a significantly better interest rate, and I’m planning to open an Oregon Community “Remarkable Checking” account because I believe it has features that are better than anything else we offer.

    I’m not being disloyal, I’m being realistic. All things being equal, why shouldn’t I pick the company that offers a better interest rate, even if it’s not my own? If you believe your company is offering an inferior product, why should you be forced to use it? Just because a salesman works for a Kia dealership doesn’t mean he wouldn’t rather own a BMW…

  2. We have a couple of coffee shops (I feel like I keep saying that. Ugh!) but when my wife was commuting she would go to Starbucks. When she would get back into town and drive through the drive through at our main shop, she would have a Starbucks cup in the cup-holder. The employees would honestly feel hurt and betrayed. They couldnt understand why she would go there if she could get a better product and better service at her own shop.

    They approached me about it. I explained that no, we should not feel bad. If sh were to come to our shop each morning, it would add half an hour to her hour long commute. That is an unreasonable expectation. The best we can do is, like with any customer, treat her so well that it is worth the half hour to visit us.

    The moral of the story is, just because you have the best product and service doesn’t mean you will get ALL of the business. Sometimes it is just more convenient to go someplace else.

  3. I agree with Eryk, and further ask: what if you are not in your own CU’s target market?

    Clearly it is better for a CU to focus on a particular group of potential members, but it takes a diverse array of individuals to staff one. You can’t expect the CU to cater to all of their needs without spreading itself too thin, right?

  4. @Eryk- Yes, any business should ask themselves why people are leaving to competitors products, and employees make the perfect group to do that. If we had every employee get a checking account and actually use it, we would immediately know, because our employees would tell us (hopefully), that our neighbor down the street has better rates, more free ATM’s or more coffee and donuts. And if you believe your company isn’t offering a good product, by all means vote with your feet and walk down to the competitioning and hopefully the management of the CU would realize what’s happening. Love the KIA-BMW analogy by the way!

    @Tony- Back in my days at Blockbuster Video, I encouraged my staff to refer people to Hollywood Video, a large, local, and fierce competitor. We wouldn’t have a movie and we’d call Hollywood Video ourselves and ask if they had a movie in stock for the customer. Half of our customers felt embarrassed to even let us call them, but they came to the video store and ultimately got what they wanted, even if it wasn’t from us. But now they knew, anytime I need something, go to Blockbuster because they will always help you find whatever you are looking for. You can’t always have the best product and the best service for every member, but take care of them, and they’ll come back.

    @Loren- Yup, you’re right. CU’s shouldn’t try to be everything to everyone, but they should always have their best interests in mind and if that is referring them to a competitor for a better rate on a CD, then so be it.

  5. Robbie,
    Now you know how to get my attention…with interesting post titles. In large part, I agree with you. But, I also understand how some employees don’t want their own employer knowing everything about their financial lives and so they don’t chose to use their CU as their own PFI. I think we should make it more attractive to our employees but giving them better incentives to use our products and services. At our CU, employees are largely treated as just a regular member…no special treatment. I wonder how that is with other CU’s? Is that standard practice?

    I have a sense that most of the retail industry provides employee discounts to their staff. Hmmmmm.

  6. @Robbie, re Blockbuster: like that old Christmas movie, Miracle on 34th St. I think it’s one of the best customer service tips, because you’re being honest about who you are.

    re using another FI’s services: I was a member at another CU before I started my current job, and I can’t imagine leaving them. Aside from my actual attachments, I like having a view into how other folks do things. It never hurts in a meeting to be able to say, “other CU does X and I think it’s [awesome/lame].”

  7. I agree, Elaine – it’s all about perspective. It’s easy to lose sight of the competition when you are fully absorbed into your own firm. I would certainly require that my employees know, use, and understand my credit union’s products/services…but I wouldn’t be opposed to making sure they use, or at least are very familiar with, competitor products/services. Members look to us as financial service experts. How can we deliver on that if we don’t see the whole “universe”?

    Great post, Robbie! For the record, I married a counselor…

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