Where Does Your Financial Institution Belong?

Where does your credit union or community bank belong? Hopefully the answer is not “in the toilet,” but if you answered, “in the bathroom,” then you would be correct. Let me explain.

When we market our community financial institutions, we often place too much of an emphasis on our own story. We are a place of extraordinary service, excellent convenience and the most up-to-date technology. This, however, is not the story of our customers or members.

This is the equivalent of Coca-Cola marketing the chemistry of fizz. Soda is fizzy because of carbon dioxide, but do you really care? You expect your Coke will deliver the sensation of bubbles popping on your tongue. It is an absolute for your purchase, just as consumers expect great rates and great service from your organization.

As brands and marketers, it is important to remember that instead of telling our own story, we need to tell the story of who we serve:

  • Give consumers hope in consolidating debt with a personal loan.
  • Deepen the understanding of how a recreational loan can enhance a person’s love of the outdoors.
  • Reinforce to credit card users how your rewards credit card represents their values.
  • Demonstrate how your free checking accounts connect people to their purpose and vision for their careers, business or personal lives.
  • Encourage others to create the kitchen or bathroom (now you see the connection) of their dreams with a Home Equity Line of Credit.

The essential lesson here is to create a sense of belonging – to tell the story of our members/customers. How we serve the consumer is boring and mundane. How we help them live their lives and act upon their dreams, now that’s exciting.

If you’ve watched Coca-Cola’s latest ad series, “Food Feuds,” you see diverse stories of how people like to cook and prepare food. In one of their 30-second spots, two-thirds of the commercial is devoted to how people like their burgers cooked, prepped and topped – even the type of beef used. What they all agree on in the last 10 seconds is they all want it served with a Coke.

How people feel about their new car, home or RV, or starting a business, getting out of personal debt or relaxing in their new tub thanks to a bathroom remodel you helped finance, now that’s a story worth telling.

If you are looking to inspire a passionate following or looking to rebrand, get this free download, “Rewriting the Rules of Financial Branding.” Inside you will find 5 lessons for financial branding in today’s marketplace. Plus, there are 15 tough conversations that will transform your organization to help it matter more to more people.

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