Branding is important. It builds recognition and trust in consumers. It’s the reason people use words like Coke, Xerox, and Post-It instead of cola, photocopier, and sticky note. Branding is why the skate fashion company Supreme made a brick with their logo on it, instantly sold out of it at $30 a pop, and then saw those bricks go for $1,000 on the secondary market.
Many in the financial industry don’t quite realize the importance of branding. Or maybe, in a world of percentages, terms, and numbers, branding seems complicated and superfluous.
Why Branding Is Important for Credit Unions
Generally speaking, credit unions have better terms and rates than their competitors. Nevertheless, growth is slow and younger generations don’t even know what credit unions are.
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