Collared-shirt vs. Polo. Tissues vs. Kleenex. Sunglasses vs. Ray-Bans. Be it a bottle of sunscreen or a luxury car, we are attracted to the strongest brands versus “all the others.”
Now it’s time for complete, potentially heartbreaking honesty: Which is your credit union? Powerful or powerless?
Consumer behavior is largely (if not exclusively, in some cases) dictated by savvy product branding. Yet this glaring fact is absent from virtually all financial service marketing strategies. Instead, they’re saddled with humdrum and generic product archetypes rather than exuding a compelling brand personality of their own.
Case in point: Would your members flock to buy a same-old-same-old rewards checking account, even if it’s perk-filled and fantastic?
Based on the average credit union’s checking account penetration, the answer is a resounding “not in a million years.” It doesn’t matter how good the checking account is if it doesn’t break through the noise and position itself in the consumer’s mind as invaluable.
What if you offered that same member: “Ignite, the hottest checking account around”?
And let’s not forget that increasingly important potential member: small businesses. Most small business owners are amazing at what they do, but are strapped for time and stressed out by financial planning. Would they rather buy deposit and loan products piecemeal, or be presented with a thoughtful, comprehensive suite of business solutions that will help them build a stronger business?
Your members are consumers first and foremost. They respond to financial services branding just as they do to Ralph Lauren or Ray-Ban.
With our 22+ years of experience in credit union marketing, we get it. Consumer buying behaviors are our second language, and we can teach you how to speak it so your products emblazon themselves as “how did I ever live without this?” in your audience’s minds.
We’d love to show you how the power of product branding can boost your credit union’s bottom line. Give us a call.