SPOKANE, WA (October 8, 2014) -- A business that knows its customers and continually strives to build its brand will achieve success regardless of what it sells, CUNA Mutual Group’s Susan Sachatello told a general session audience Wednesday, at the Northwest Credit Union Association Amplify Convention.
Sachatello, senior vice president of TruStageTM and a former executive for Victoria’s Secret and Lands’ End, said it’s imperative to apply a retail-focused approach to financial services. “We’re all in consumer retailing. If you keep a clear focus on the customer and the brand, everything else you do is the same whether you’re selling lingerie or financial services.”
A clear brand establishes a company’s reason for existence and should communicate a unique and compelling set of attributes. It’s a story well-told and helps a business perform three key disciplines: product, price and experience, she said.
“To compete, you must perform in all three disciplines, and to become a market leader, you must outperform competitors in one of those disciplines. It is extremely difficult, if not impossible, to lead in all three areas. We need to choose where we want to lead.”
Equally important is knowing your customers and adjusting your brand to meet their changing preferences. Sachatello discussed the rise of mobile media and the emergence of new payment options.
“Mobile is no longer viewed as a growing medium; it’s the preferred method of communication.”
Sachatello advised the audience to know what matters to members. Watch what they’re doing and notice changing patterns with their buying habits and lifestyle. “One of the things I learned being a retailer is that you really have to see the world through the customer’s eyes. No matter how well known your brand is, you’re never done building it. As customer preferences change, you have to change with it.
In building the TruStage brand, Sachatello said her team examines consumer buying behaviors for all consumer goods, not just insurance products, to ensure the delivery of coverage through the members’ preferred channels. Consumers are encouraged to obtain even a little coverage, giving them peace of mind and raising their awareness. TruStage often invests up to seven years in the customer relationship before it becomes profitable, but it strengthens the relationship with the consumer and the consumer’s relationship with their credit union, she added.
To help recognize TruStage’s recent milestone of reaching 15 million members protected, Sachatello closed her presentation by recognizing Caroll Hope from Red Canoe Credit Union. A member of Red Canoe purchased a protection product the week the milestone was reached. “We want to thank the credit union for teaming with us to help members protect and build financial security for their families.”
TruStage insurance empowers credit union members to protect the achievements and aspirations of the people who matter most in their lives. TruStage insurance products include life, auto, homeowners, health and accidental death and dismemberment insurance, which are made available to credit union members through CUNA Mutual Group’s MemberCONNECT Program.
TruStage Insurance products and programs are made available through TruStage Insurance Agency, LLC and issued by CMFG Life Insurance Company, a member company of CUNA Mutual Group and other leading insurance companies. The insurance offered is not a deposit, and is not federally insured, sold or guaranteed by credit unions.
CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. CUNA Mutual Group provides financial security and protection to credit unions and their members worldwide. With more than 75 years of true market commitment, CUNA Mutual Group’s vision is unwavering: To be a trusted business partner that delivers service excellence through customer-focused products and market-driven insight. More information about TruStage is available at www.TruStage.com.
Photo caption: Susan Sachatello (right) presented Caroll Hope of Red Canoe Credit Union with a “15 Million Members Protected” award Wednesday, during her Opening General Session presentation at NWCUA’s Amplify Convention and Annual Business Meeting.