Disney for credit unions 4: Be different

Walt Disney understood that in order to capture the hearts and minds of Americans his brand had to stand out. Every part of Disney’s operation is unique. Employees are called “associates,” visitors are “guests,” the creative designers became “Imagineers.”

But it takes more than catchy titles and words to be different. The courage to step into bold new territory needs support. A great idea doesn’t come about without belief, drive, resilience, and a winning mindset. The current campaign for the Magic Kingdom urges guests to “Show Your Disney Side.” It’s backed up by slick TV commercials and websites showing kids of all ages having fun at a variety of Disney destinations.

So what’s your great idea? If your first answers are “great rates and great service”— try again. That’s the least that you and every one of your competitors should have to offer.

Market differentiation is not about being blindly optimistic; change for the sake of change is dangerous and indulgent. Set out to understand what you want to achieve and why. Your vision and strategy needs to include action.

The strategic planning season is in full force right now as 2015 looms. It’s a great time to revisit your mission statement. Make an effort to really describe what you want to accomplish and how you want to serve your members.

We offer a commodity. Each individual credit union needs to decide how to go beyond checking accounts and loan promotions. Provide a reason for members to do business with YOUR credit union. Then they’ll want to stay with YOU for a long relationship.

Revolutionary designer Coco Chanel once said “In order to be irreplaceable, one must always be different.” Think about this: Is your credit union different and irreplaceable? If you shut your doors today, would members mourn the loss of their credit union? Or would they grumble at the inconvenience and move their accounts to the financial institution next door?

We don’t have mouse ears…but we can certainly “show” the credit union side.

Bo McDonald

Bo McDonald

Bo McDonald is president of Your Marketing Co. A marketing firm that started serving credit unions nearly a decade ago, offering a wide range of services including web design, branding, ... Web: yourmarketing.co Details