Don't Undervalue Your Brand Promise
Is your credit union taking advantage of its brand promise? A brand promise is a dialogue between the company and its consumers — quite simply put, it’s a promise that companies make to their customers. Examples of this can be seen anywhere from Geico’s “15 minutes or less can save you 15 percent or more on car insurance” to Apple’s ingeniously simple “Think different.”
A brand promise is more than a statement. It’s an indicator of positive reputation, brand equity and consumer loyalty. Most importantly, a brand promise impacts the bottom line because it connects with the consumer, making it easier to acquire and keep customers.
For credit unions especially, the brand promise lies at the heart of what they are: helping their members to reach financial success, serving their communities and offering fair products and services. This promise has long been a differentiator for credit unions, allowing them to overshadow banks in consumer loyalty and expectations.
However, credit unions need to remember that consistency above all else is key when it comes to developing and delivering on a brand promise. Goodwill doesn’t happen overnight and neither do the benefits of an effective brand promise. It must be earned.
The brand promise for most credit unions is simple — to help members achieve their financial goals. This by itself is a reasonable and even noble purpose, but does it get the message through to members? Is the statement authentic, identifiable and engaging?
As with many other things, defining or redefining a brand promise tasks one to start with why. This is because, despite sounding rather paradoxical, consumers don’t buy what you do, they buy why you do it. Nowhere does this ring truer than with the credit union mission.
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