Hi, my name is Amanda and I am a credit union junkie. “Hi, Amanda!”
I believe that credit unions have the best brand story and the best value proposition of any industry. According to this article by the Harvard Business Review, 64% of consumers have relationships with a particular brand because of shared values with that brand.
What are the shared values of credit unions you may ask? Here are the main points:
- Not-for-profit financial cooperatives
- Democratically-controlled by volunteer boards
- Community focused
- Collaboration with other credit unions
Did you know that you have brand values even if you don’t know you do? How your credit union makes organizational decisions, how it hires, how it fires, how it chooses to put (or not put) members first…those are all directed by a core set of beliefs that certain things are more important above all else.
We help people. In all walks of life. We help them stand taller by giving them access to credit when they don’t even want to face a financial institution for the embarrassment of being rejected for a loan or checking account.
We help people feel relief and happiness when they can more quickly go about their day because they know their local credit union has their back. If we save them time on their banking errands (because that’s what we are – an errand), we have won. And, more importantly, we have helped our members win.
The second part of this important equation is brand experience. If you are good at living your credit union’s personal values, your brand experience will be an extension of that. An awesome brand experience doesn’t necessarily require a hefty budget. What it does require is human resources, and that is the best resource available to credit unions. Our employees are what makes our credit unions so great.
Rates are a benefit of membership, not the reason to do business with you. Want your marketing to stand out and help your credit union shine? Focus on your why. Focus on your story. Your brand values and brand experience will help you tell it. Because, at the center is your “why.”