There’s a classic sales test that’s been used for years: “Can you sell this pencil?” It’s a deceptively simple question that reveals a lot about how people approach persuasion. (And some approach it very poorly if this video is any indication.) But while it’s a sales tool, the principles behind it apply directly to your credit union member experience program.
Most people fail the pencil test. They describe the pencil – its hexagonal shape, its yellow color, its graphite core. Features, features, features. But members don’t get excited about features. They get excited about benefits.
And if you’re focused on the wrong thing, you never sell the pencil. Or the account. Or the loan.
You’re Focused on the Wrong Thing
Credit union member experience training traditionally emphasized features and benefits, features and benefits, features and benefits. But here’s the problem: that sequence is backwards. It should be benefits and features, benefits and features, benefits and features.
Why? Because members don’t care about your product specifications as much as they care about what those products do for them.
A checking account with no minimum balance requirement sounds nice (feature), but what members really want to know is: “Will this save me money?” (benefit). A competitive loan rate matters less than knowing “How much will I save each month?” (benefit).
If you train your team to lead with features, you’re starting on the wrong foot. You’re boring members before you’ve given them a reason to care.
The “WIIFM” Principle in Credit Union Member Experience
“WIIFM” stands for “What’s in it for me?” It’s the fundamental principle behind all member decision-making. Members want to know how you can save them time, money and hassle. That’s it. That’s what they care about.
Think about the pencil again. If you tell someone “This pencil is hexagonal,” they yawn. But if you say “This shape prevents hand cramping during long writing sessions and enhances your creativity,” suddenly you’ve given them a reason to listen. You answered the “WIIFM” question.
Apply this to your credit union member experience. Instead of describing your loan’s interest rate (feature), explain how much money members will save each month (benefit). Instead of listing your savings account’s features, show members how quickly they reach their financial goals (benefit). Lead with why members should care, and they’ll listen to the details.
The Right Way to Sell the Pencil
Here’s what a benefits-focused approach looks like:
- The pencil’s shape prevents hand cramping and empowers you to do more, learn more and create more.
- The yellow color makes it easy to find when your desk is cluttered, saving you time and frustration.
- The graphite core is responsibly mined, which means your purchase benefits you and supports hard-working people in your community.
Notice the difference? Each benefit speaks directly to what the member cares about. You’re not just describing the pencil. You’re showing how it improves their life.
Your credit union member experience should work the same way. When presenting products and services, always translate features into benefits. Don’t just tell members what you offer…show them how it helps them achieve their goals.
Keep Benefits at the Forefront
Features tell. Benefits sell. Features bore. Benefits soar. It’s not a catchy phrase; it’s the truth about how members make decisions.
When you train your team to lead with benefits, member engagement increases. Conversions improve. Relationships deepen. Why? Because members feel understood. They feel like you solve problems, not just push products.
The best credit union member experience training emphasizes benefits in every interaction, from loan consultations to account openings to cross-sell conversations. Your team should be able to answer the “WIIFM” question clearly and compellingly for every product and service you offer.
Because in the end, you don’t sell checking accounts or loans or savings products. You sell solutions to member problems. And the moment you start thinking that way, everything changes.
Let’s teach your team to sell the benefits rather than the features. Book a free consultation today to start elevating your staff.
FAQ
Q: Why do features alone fail to sell credit union products?
A: Features alone fail because members don’t get excited about product specifications. A checking account with no minimum balance requirement sounds nice as a feature, but members are more interested in knowing “Will this save me money?” A competitive loan rate matters less than knowing “How much will I save each month?” Features bore members because they don’t speak to their actual needs and desires. Members want to know what’s in it for them, not the technical details of what you’re offering.
Q: What is the WIIFM principle?
A: WIIFM stands for “What’s In It For Me?” It’s the fundamental principle that drives all member decision-making. Members automatically ask themselves this question when evaluating any product or service. They want to know how your offerings will save them time, money, and hassle. Understanding and answering the WIIFM question is essential to effective credit union member experience because it directly addresses what members actually care about.
Q: How does WIIFM apply to credit union member experience training?
A: Credit union member experience training should teach staff to lead by answering the WIIFM question first. Instead of describing loan interest rates (feature), staff should explain monthly savings (benefit). Instead of listing savings account features, staff should show how quickly members will reach their financial goals (benefit). When staff answer “What’s in it for me?” upfront, members feel understood and are more receptive to learning additional details about products and services.
Q: How should credit union staff translate loan features into benefits?
A: Instead of leading with the loan’s interest rate (feature), staff should focus on how much money the member will save each month (benefit). For example, rather than saying “We offer a 5.5% APR,” say “This loan structure will save you $200 per month compared to your current lender.” This translation directly answers the member’s WIIFM question and gives them a concrete reason to choose your credit union. The feature (the rate) is still important, but it should come after you’ve established why the member should care.
Q: How should credit union staff translate savings account features into benefits?
A: Instead of listing savings account features like “no minimum balance” or “automatic transfers,” focus on the benefits. For example, “This account structure will help you save $5,000 for your emergency fund in just 12 months” or “Automatic transfers mean you never have to remember to save—it happens automatically, giving you peace of mind.” These benefit-focused messages address what members actually care about: achieving their financial goals and reducing financial stress.
Q: How does a benefits-first approach improve credit union member experience?
A: When staff lead with benefits in every interaction – from loan consultations to account openings to cross-sell conversations – member engagement increases significantly. Members feel understood because you’re addressing their real needs, not just pushing products. Conversions improve because you’ve given members compelling reasons to act. Relationships deepen because members perceive your credit union as a partner solving their problems rather than a vendor selling products. This shift transforms the entire member experience.
