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By CU ink Staffwriter
Too often, when people hear the word “brand” or “branding” they immediately think logo, tagline or even advertising. The truth is: a brand is the collective perception of a company based on the consumers’ experience. Managed well, the brand can be your credit union’s most powerful marketing asset.
Your brand defines the unique point of differentiation for your products and services. It conveys a reputation or identity, and distinguishes your credit union from your competitors. It is the intentional declaration of who you are, what you believe and why your members should put their faith in your products and services. Most importantly, your corporate branding symbolizes the promise that your credit union keeps to your current and prospective members, business partners and employees.
For these reasons, investing in your brand is investing in your credit union’s future. Brand logic is simple: if your members are more familiar with your brand, they are more likely to feel more favorably toward your credit union to use your products and services, thus having an overall positive impact on your success!
In addition, a strong corporate brand generates and sustains momentum. If your staff, Board and other volunteers understand your brand promise and know that they will benefit and be rewarded according their own personal commitment to the promise, internal politics and personal agendas will begin to disappear. We often hear this referred to as the “buy in” to the promise.
The corporate branding process affects all forms of communications, from advertising to public relations to service packaging. To maximize its effectiveness, your corporate brand must be understood by all who will be exposed to it: members, prospective members, business partners, sponsor companies, regulators, vendors, the media, employees, volunteers and all other groups that determine the viability of your company to do business. All credit union communications should be coordinated to have a positive impact on familiarity and favorability.
By now, it’s clear that effective branding is essential to long-term success. Let’s take a look at how you can create a brand image for your credit union.
- Be uniquely valuable. Ask these questions: what do we do that benefits our members? What is the credit union’s ultimate goal? How is what we offer unique?
An effective branding strategy is based on how you state your unique value to your members, then communicating that benefit in an easy-to-remember and clearly understandable message.
- Stand out from the pack. How can you differentiate yourself from your competition?
Conduct a simple competitive analysis by gathering marketing materials (ads, brochures, direct mail pieces, inserts, etc.) from chief competitors Carefully review these materials for key selling points, paying particular attention to the basic “promises” they make.
- Drive your core message home. Whether your credit union uses a single idea which is the focus of your external communications or convey this as a slogan or tagline, all advertising, public relations, collateral tools and other networking should all revolve around this central theme.
- Live up to your promise. Branding doesn’t just happen when your audience encounters your marketing. It is truly about their experience with your credit union, and whether you have met the expectations you pledge.
Remember that branding doesn’t occur simply through printed media, it is established through all of your credit union communication, including interaction with employees, audio systems and, of course, your website. Each element should reveal your brand; from the design of your website to the extent of your products and services to the accessibility of a member’s account.
Your branding success lies in how well you express your credit union’s unique value to your members. The next step is living up to that promise!
There are literally thousands of resources available for additional information regarding corporate branding and branding strategies. With a strong commitment to establish your brand, CU ink can assist with developing your strategy for success. Call Sue at extension 103 to discuss how CU ink can help!
Sources:
Branding: A Way of Doing Business for Everyone by Paul Stewart – www.allaboutbranding.com
The Branding Revolution by James Gregory – www.valassis.com/MarketingSolutions/Fall2001
Branding Made Simple by Kim Gordon – www.entrepreneur.com
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