Making the Most of Your Virtual Connections

Digital Business Development is Here to Stay. Here Are 8 Ways to Make the Most of It.

By Scott Abrecht ServiStar Consulting

Remember the old days when credit unions could build new business by holding in-person seminars or hosting a booth at a local community event? Those opportunities aren’t completely gone, and they can still be powerful ways to connect with prospective credit union members. But the reality is that member prospects are increasingly likely to be on the other end of a webinar, email or social media post, rather than sitting beside you at the (literal) table, and you will have to adjust your strategies accordingly.

What can your credit union do to build connections in a world that’s largely gone digital? Here are eight ideas that can help you prosper and serve.

1. Put one person or department in charge of your business development efforts…

When no one’s accountable, it’s a lot less likely you’ll achieve the desired results. Assign a person or department to oversee your digital efforts. Choose someone who takes ownership and will go beyond the routine activities to hit your goals. Other key skillsets to look for include organizational skills, excellent communication, and a reputation for working well with others.

2. …but make sure business development is part of everything your credit union does.

Although it’s critical to put one person/department in charge, that doesn’t mean all business development efforts should fall on them. Instead, view every member-facing activity through a business development lens. Are you launching a new product or online banking feature? Sponsoring a local event? Writing an educational article for the business or consumer press? Partnering with another business on a project? How can you leverage each of these opportunities to get the digital word out to people outside your current membership base?

3. Build partnerships.

Your credit union is likely a whiz when it comes to in-person partnerships. Look for ways to create those in the virtual world, too. You can begin by co-sponsoring webinars, or holding virtual conferences, events and roundtables. Volunteer to be a guest on popular industry podcasts. Pose relevant questions on your LinkedIn page and invite others to weigh in.

4. Strive to create client advocates.

Your current clients can be the best way to build new business. Mindfully and intentionally live out your client promises — it’s the best way to earn referrals. And when your current clients send prospects your way, be sure to thank them both for their business and for their recommendation.

5. Ask for — and respond to — feedback.

Make it easy for people to offer feedback whenever you hold a virtual event or share content through a webinar, online educational tool or blog post. Be prepared to respond to feedback that warrants it (and develop a thick skin for negative comments!)

6. Turn presentations into conversations.

Amp up the power of your next online event by spending just 15% of your time talking and setting aside the rest of your time for Q&A. You’ll give attendees a chance to drive the flow of the discussion and increase the chance of converting prospects into clients.

7. Market before and after your event.

Whether the “event” is a Zoom call, an email, a webinar, or a social media hang-out, your advertising leading up to the event and your follow-up afterwards is as important — if not more important — than the event itself. Use that time and space wisely.

8. Give your business development team time and space to get the job done — and back them up.

Great digital business development won’t happen overnight. Set clear timelines, goals and expectations, measure results and give the person or team the time and resources they need to do the job right. And make sure they, and your entire credit union, know you’ve got their back.

Well, what are you waiting for? Let’s get going!

Prior to joining ServiStar as AVP of Learning and Development, Scott Albrecht spent 7 years as a branchmanager and mortgage loan origination expert at Baxter Credit Union, where he and his team collected 13 sales and service awards and other honors.