“We have all the technology the big banks have.”
That was the value proposition given to me by a credit union CEO once. “That’s why people should switch to us.”
- If you offer the same exact thing, there’s no reason to switch.
- McDonalds and Ruth’s Chris both sell beef as their primary product, but both are very different products and experiences.
No two apps or online experiences are created equal. No matter how great you think your value proposition is, and even if you’re right when the pain of a bad experience is greater than the value of the product or service, your member will either abandon their application or leave the relationship-seeking less friction. That’s where Your Marketing Co. comes in.
“Bo, we need to hire your team to help us grow.”
That’s where I pump the breaks on the conversation. I know there’s not a marketing problem, and it’s our job to roll up our sleeves and dig in to figure out what it really is that’s keeping your credit union from growing. Before we spend one dime and turn that marketing faucet on, we must make sure that the message we’re crafting will meet the experience your member or potential member is expecting. There is no amount of great marketing that can offset a bad experience. That’s why we’re the only credit union marketing firm focused on strategy first and gaining perspective before we ask you for a marketing budget to spend.
A functional experience is a commodity. A truly pleasurable or unique experience is not something many brands, especially credit unions, will take the time to invest in. I had to give an AMEN to a recent tweet from Brett King:
“Why do we need fintech? Because banks run on 1960s tech (mainframe core), to offer a 14th century-based product (bank account) protected by 1st century security mechanisms (a signature).”
In the not-so-distant future – like right now, the difference between 1) opening a new account or applying for a loan in a few short taps on your mobile device in less than two to three minutes or 2) a process that requires a physical presence only after taking more than 10 minutes, if it’s even possible, on a mobile device will be the difference between growth and a slow march toward irrelevancy.
The convenient, commoditized technology you’re promoting as your value proposition may be the very thing holding your credit union back from growth.