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Implementing a Data Analytics/Member Relationship Management Strategy, Part 1
Thursday, January 28, 2016 6:30 AM

By Floyd Salamino, Vice President, Consulting, Marquis

Perhaps your credit union does not have the tools or the analytical competencies you need to begin a CRM (customer relationship management) initiative, but you see the value in using data analytics to improve product penetration and profitability. Where do you start?

Any technology is only as good as an organization’s plan to create, execute, and measure performance of a plan. Introducing CRM technology is not different. CRM is no magic pill; it is a tool that supports the organization’s long-range plan.

  1. Develop a relationship management plan that aligns with your organization’s long-range strategic plan. Your relationship management plan will define what you want to do.
  • Identify the tactics for achieving your relationship management plan.
    • Will you need to bolster your marketing capabilities to take advantage of data analytics intelligence?
    • Are you going to develop or refine your new member onboarding process?
    • How do you expect data analytics to support your marketing and cross-selling efforts?
    • What features must the data analytics system have to accomplish your plan?
  • Prioritize. Changing the culture of any organization is more like steering a cargo ship than it is driving a Ferrari.
    • Prioritize the types of activities and outcomes you hope to accomplish. Trying to do too much too soon can increase employee resistance and slow adoption of CRM.
    • Set realistic expectations for the organization and your employees. Adoption of CRM technology is strongest when focusing on a few priorities at a time.
  • Choose an industry-specific system
  • Choose a vendor that understands your business
  • Choose a vendor that offers consulting services
  • The right vendor should help you quantify and prove success before, during, and after implementation.
  • Get buy-in; consensus and engagement among leaders is essential
  • Anticipate and manage change resistance from employees; communicate benefit for members
  • Clearly articulate desired outcomes; establish baseline measures, track results, and provide feedback to employees on a regular basis
  • Celebrate success publicly and often
  • Be patient but resolved
  • Think big, start small. Design a plan for using only those features that support your immediate goals and objectives
  • Create a timeline for adding features to keep pace with your expanding capabilities/culture. At any given time, maximum value is not necessarily maximum utilization, but optimal utilization to achieve your specific outcomes.
  • Recognize that data analytics/member relationship management is a journey, not a destination. The more you utilize data analytics, the more you will get out of it.
  • Implementing a data analytics/member relationship management initiative is a process involving staff, IT, marketing, training, and a variety of other elements, just like any other major initiative the credit union might undertake. If you have not implemented data analytics technology before, plan and implement wisely. Planned execution before, during, and after can assure successful implementation.

In the next segment, we will explore part 2 of Implementing a CRM Strategy, how to execute a new data analytics/member relationship management initiative.

Floyd Salamino is vice president, consulting with Marquis. Since 1987, Marquis has been a leading provider of marketing and compliance software and services, with hundreds of clients across the U.S. Floyd can be reached at 800-365-4274 or