What Bacon Can Do For Your Credit Union

by Bo McDonald

Remember that scene from the movie Forrest Gump with Tom Hanks when his buddy Bubba (Mykelti Williamson) recited all the ways to serve shrimp?  It makes me think about the new rage right now…Bacon.

There’s Bacon deodorant, bacon ice cream, bacon candles, and yes even bacon vodka. You name the product, and there’s a version of it now that includes bacon, is bacon flavored, or bacon scented.  Many brands are utilizing bacon and other interesting food combinations to get their customers attention. Some recent examples:

–       The new breakfast sandwich from Dunkin Donuts featuring bacon, egg, and cheese between two donuts

–       The “Bacon Sundae” from Burger King

–       Taco Bell’s new taco shell made from Doritos

Brands use new product innovations as a way to vie for their customers’ attention. Think about the pace of innovation within the financial services industry. Now think about what Darren Tristano, an executive vice president at Technomic has to say about innovation:

“The pace of innovation has increased dramatically over the past five years. Consumer preferences are changing more rapidly, product life cycles are shortening and restaurants are on the constant prowl for new, innovative flavor profiles.”

Consumer preferences are changing more rapidly. Many brands understand this. What the consumer wanted twenty years ago, or even five years ago has shifted dramatically. Have the offerings of your financial institution or the way you’ve done business changed within even the past five years? Not every brand gets it. Olive Garden for example understood that without changes to its menu, they wouldn’t be around much longer.

– See more at: http://yourmarketingco.com/what-bacon-can-do-for-you/#sthash.y2kXo0qo.dpuf

continue reading »