It’s time to sexy-up your credit union

Let’s face it – for most members, your credit union is about as sexy as a faded powder blue muumuu with holes and an unraveling hem. The spark is gone, the romance dead. What was once red roses and chocolates is now prickly weeds and hard candy.

That “new relationship” phase is terrific. Both parties are a little nervous, apprehensive and excited to figure out exactly what the other can offer. Then, after a while, normal sets in and it’s time to figure out if the two of you can make a go over the long-haul. But you can’t forget the magic of those first few days together—the excitement, the romance, the allure and spark of fresh love.

Before you get too hot and bothered, think about it this way—the same is true of your credit union and its new members. You both start a new relationship with excitement. I wonder what kind of rate I can get on my car loan? I wonder if I can get them to open up a checking account and a line of credit? Will they open a branch closer to my office? Will they download and use our new app?

The great news is, there is a way to keep that excitement alive during the entire lifecycle of a membership. The secret? Sprinkling a dash of love into the mix with Lovemarks.

Lovemarks is a concept that says: love is the future beyond brands. They inspire loyalty beyond reason and deliver beyond your expectations of great performance. Simply put, they are products, people and places you love. The driving concept behind Lovemarks says that one thing makes truly great brands resonate. That one thing is love.

So, the question becomes – how can you get members to love your credit union and keep the spark alive for decades? Following are a few ideas.

1. Find your most passionate members and listen to what they say. They will tell you all you need to know about the level of love for your credit union. Many credit unions now use their own members and marketing messages (both photographs and testimonials) as opposed to stock photography. This is a much more powerful way to communicate your brand and nurture a culture of love.
2. Tell your stories. You’re going to bore people to death if all you talk about are your products. Products tell but benefits (in this case, the way they impact your members in a positive way) Show how your brand is part of an overall experience. For example, instead of selling the features of a home equity product, tell the story about how a specific member financed their childrens’ college educations with a home equity loan from your credit union. Use their pictures and direct quotes. This tugs at the heartstrings and helps establish love as an important part of your brand.
3. Make building relationships more important than making sales. Yes, I know this is going to cause a number of business development and branch managers to flip their wigs. But it’s critical. To keep the spark alive during a long-term relationship with your members, they need to know that the relationship they have with your credit union is more important than just selling them something. If your credit union, over time, positions itself as the go-to source for information and help when it comes to their financial lives, members will actually come to you for the sale. If they think all you care about is pumping their wallets dry, they will move on to another bank or credit union.

Think about the brands you love. Apple. ESPN. Starbucks. Now think about the reasons you love them. Is it the products they provide? Not so much. It’s the experience that doing business with them helps build in your heart. That’s branding. That’s a lovemark. And that’s what will help sexy-up your credit union and keep it deep in the hearts of your members for generations.