We want to feel like a high-performing athlete, so maybe we buy Adidas. We yearn for adventure, so we stay in an Airbnb. We feel nostalgic and seek comfort during stressful times, so we scarf down a pint of Ben & Jerry's.
A "cool" credit union is one that emotionally resonates with their members, creating a strong, positive association. Over time, many have lost this appeal, becoming just another option among many. Perhaps your relationships with your Select Employer Groups (SEGs) or your communities aren't what they used to be.
Why is that?
As humans, we're irrational. We make almost all decisions emotionally, and then justify them logically. Adidas, Airbnb, and Ben & Jerry's understand this. They don't just offer apparel, lodging, a sugar rush, but something more substantial. And they also understand, "out of sight, out of mind." Our memory and focus are heavily influenced by what's physically present in our environment. So, despite being well-known national brands, they understand that people tend to forget about brands they don't regularly encounter.
This is why so many credit unions struggle with their audiences, be it SEGs or their communities. The key to reviving your credit union's coolness lies in understanding what makes it unique, leveraging that to forge a deeper connection, and staying visible to your members.
Start by identifying what sets your credit union apart. What unique services or values do you offer that competitors don't? Craft a compelling brand narrative to highlight these unique aspects.
Emotional engagement is a cornerstone of effective branding, even in finance. Connect with your members on a personal level through social media interactions, personalized marketing, and content that resonates on an emotional level. How are you solving a problem or improving your members’ situation?
Consistency in branding fosters trust and loyalty. Ensure that every member touchpoint reflects your credit union's identity and values. This includes your website, mobile app, branch experience, and overall member service.
Listening to member feedback is essential to staying relevant and improving your credit union's offerings. Use surveys, social media, and direct interactions to gather feedback. Analyze this feedback to identify areas for improvement and adapt your strategies accordingly; however, always remain true to your core values while making these changes.
To remain cool, credit unions must keep up with market trends. This doesn't mean chasing every fad, but rather integrating relevant trends that align with your credit union's identity.
Reviving your credit union's coolness is a journey. Reflect on your current status and take actionable steps to stand out again. Believe in your credit union's potential and strive for continuous improvement – never settling for being just another financial commodity.
If you’re curious to learn more, play our brand association match game. See if you can pair iconic brands with the emotions they aim to evoke. Brand Word Association Game: Match Brands with Their Emotion