Comments on: Do strippers strip at home?

By: Robbie Wright

Robbie Wright — Tue, 27 Nov 2007 18:28:32 +0000

@matt – I guess you won’t need a marriage counselor, then. I married a school teacher…

By: Credit Union Warrior

Credit Union Warrior — Tue, 27 Nov 2007 14:26:05 +0000

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…

By: Elaine

Elaine — Wed, 07 Nov 2007 19:56:58 +0000

@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].”

By: Kirk

Kirk — Wed, 07 Nov 2007 16:52:31 +0000

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.

By: Robbie Wright

Robbie Wright — Wed, 07 Nov 2007 16:32:23 +0000

@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.

By: Loren

Loren — Wed, 07 Nov 2007 08:14:46 +0000

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?

By: Tony mannor

Tony mannor — Wed, 07 Nov 2007 05:12:49 +0000

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.

By: Eryk

Eryk — Wed, 07 Nov 2007 00:57:55 +0000

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…