Your credit union has grown with the passage of time. Under your current branding, you’ve added countless new products, incentives, and account types for every type of member that you serve. As your credit union evolves, so should your brand. Sometimes a simple update will suffice, but other times, you have to consider a complete rebranding that matches the experience you’re offering your members.
The exact reason you rebrand will vary from credit union to credit union, and the exact path you take can take many different forms. With that said, however, there are some general rules you should keep in mind when considering a rebrand, and we’ve compiled 4 important ideas for you!
1 – Have a Good Reason for Rebranding Your Credit Union
As a decision-maker, you may have a number of reasons as to why you want to switch things up. With that said, however, it’s vital that you map out the exact path you would like to take before you begin the process officially. Going into a rebrand without a concrete strategy can impede your progress.
The best way to do this is to make a list of all of your strategic objectives and/or goals. Some objectives may include:
- Replace outdated brand imagery and/or logo.
- Boost the value and appeal of a new product, account or loan.
- Recover from negative press or member experiences.
- Highlight the benefits of belonging to your credit union.
2 – Consider Internal Changes First
As the saying goes, “If you add lipstick to a pig… it’s a still a pig.” This is harsh, but it’s very true when it comes to rebranding. As you continue your rebrand prep, make sure you take the time to investigate and rebrand internally as well. If your main issues are internal, it’s extremely important that you put a major focus on your culture before all else.
One of the best ways to improve internally is to get valuable feedback from your employees on what they would like to see change for the benefit of the company and their employment. Be transparent and involve your employees in the process from the beginning until the end.
3 – Test! Test! Test!
As you go through the rebranding process, it’s very important that you test everything before it’s officially launched. Testing and soft rollouts will allow for easier adjustments during the design-phase before it’s revealed to your entire membership.
Some credit unions also choose to conduct brand market research before launching or even considering a rebrand. By conducting brand research studies before embarking on a refresh, this allows credit unions to gauge brand awareness and advocacy, helping to determine if a rebrand is truly necessary in the first place.
4 – Don’t Rush the Change
Effective change takes time. Nothing will be fixed overnight successfully when it comes to a credit union rebrand. Allow yourself enough time to plan everything out, time adjustments, and time for execution. Rushing a rebrand could prove to be catastrophic.
On the same note, don’t expect positive change to happen overnight. As with any kind of change, consumers need time to warm up to the idea. Be sure to allot a minimum of 24-months before you can expect to see a positive return on your brand investment.
To Sum It Up:
These are just a few things to keep in mind when rebranding your credit union. A new brand is not for everyone, and it’s certainly not always necessary. But if you decide to move in this direction, begin the process with plenty of research, reasonable expectations, and be creatively-open as possible, and you’re credit union has an excellent chance at success.