Credit Unions: Mint Gum is Mint Gum

Last month I was flying back from speaking at a Pennsylvania credit union conference. Beside me on the plane was a girl in her late twenties. She reached into her purse, grabbed a green tube and popped a piece of mint gum into her mouth, offering me a piece as well.

The green tube was kind of unique, so I asked her what kind of gum it was. “Tree gum”, she said. “Tree gum, what’s tree gum?” I asked.

Pointing to the side of the tube, she shared that for every tube of gum you buy, they plant a fruit tree as well.

“Oh”, I said. “Is that why you bought it?”

“Of course”, she said, emphatically. “Mint gum is just mint gum…so why not buy the one that actually makes a difference.”

Wow. What a powerful statement that speaks to an ever-emerging consumer mindset. Three things are revealed in her comment:

1. She deduced that most of the mint gum tastes pretty much the same.
2. She is keenly aware of the commoditization of global consumer products and services.
3. Knowing she had a myriad of choices to choose from, so she opted for the one that made a difference.

This has three parallel lessons for credit unions:

1. Consumers have deduced that most financial products and services are pretty much the same. Your checking account, free bill pay and auto loan APR are not unique.
2. Consumers are also keenly aware of the commoditization of global consumer products and services, which explains the lack of credit union awareness by young consumers who don’t need the services of a credit union in the same way their grandparents did.
3. Consumers, knowing they have a myriad of choices to choose from, are opting for products and services that actually make a difference.

We now live in a commoditized world, where products and services are expected to be of equal quality and price. If you don’t believe me, list one product or service you offer that I can’t get somewhere else, at the same price, instantly.

Consumers, realizing the countless choices in front of them are continuing to prefer brands and value propositions that are self reflecting. This explains the emergence of for-profit companies that are also for- people companies too. Think Tom’s Shoes and Warby Parker glasses.

Not surprising, in their 2010 global consumer survey (Citizens Engage: Good Purpose Study), Edelman  found that:

That said, as you look to differentiate your brand and value proposition in the 21st century, move beyond just marketing your “mint”. Remember to proclaim your purpose and your “cause” alongside it. After all, mint gum is just mint gum.

Josh Allison is the founder and Chief Ideator for Think Café, a CU consulting company committed to authenticity and relevance. He is a passionate public speaker and has been invited to present on a number of topics related to youth outreach, relationship management and cu philosophy. His youth and business development programs have garnered national awards and recognitions, and he has been cited in the CU Times and multiple cu blogs for his innovation and ideas. www.joshaallison.blogspot.com