|Wanted: Credit Union Global Brand Identity|
|Tuesday, 24 April 2012 18:14|
MADISON, Wis. — Credit unions have made great strides worldwide thanks to consumer disillusionment with for-profit banks during the recent financial recession, but generally speaking there is still a need to better articulate the credit union difference in a way that resonates with today's consumers.
That was among the findings of an international group gathered by World Council of Credit Unions to take the first step toward developing a global credit union brand.
The day-and-a-half Build a Brand Workshop, funded by a grant from Vancity Credit Union, brought together 12 credit union and trade association executives from Australia, Canada and the United States earlier this week. The workshop's goal was to identify best practices in current credit union messaging and work together to come up with a refreshed approach as part of the larger strategy to build the global credit union brand, according to Brian Branch, World Council's president and CEO.
"We have learned a lot about changes in consumer preferences, and our members around the world are adapting their messages to today's changing market," said Branch. "We are very grateful to the credit union experts who gave their time and traveled great distances to participate in this important exercise."
In addition to Branch and World Council staff members, workshop participants included Peter Challis, chief executive officer of WAW Credit Union, and Daniel McDougall, senior media advisor for Abacus-Australian Mutuals from Australia; Suzanne Gendron, vice president of executive services, and Nathalie Lachance, vice president of brand management and public relations, for the Desjardins Group in Canada; Paula Martin, advisor to the CEO for Vancity, Mary De Sousa, AVP of marketing for FirstOntario Credit Union, and Rich Harries, community development manager for Affinity Credit Union, all in Canada; Denise Gabel, CFO and strategy officer for the Filene Research Institute, and Sue Mitchell, CEO of Mitchell, Stankovic & Associates, in the U.S.; Trish Shermot, marketing manager for CTCE Federal Credit Union (Pa.), Lynda Savoit, SVP and COO for Orange County's Credit Union (Calif.), and Mark Wolff, SVP of communications at CUNA (D.C.) in the U.S.
The session, moderated by Maya Bourdeau and Jiao Zhang, partners of the consulting firm Attune LLC, offered a blend of expert advice, actual credit union cases studies presented by participants, and a messaging strategy exercise during which the multi-national teams addressed the messaging and brand issues raised during the previous sessions. Challenges facing credit unions included the following:
Changing consumer behavior is always a challenge, and one made even more complicated by the complex process of changing financial institutions, according to Bourdeau.
"People need a compelling reason to switch financial institutions," said Bourdeau. "There is a distinct difference between awareness and action. Action occurs when it can be easily accomplished."
Participants agreed, also citing the need for a clear, simple articulation of the credit union difference presented as a benefit to consumers.
"In a world where banks hold us for ransom, we need to have a voice and choice," said First Ontario's De Sousa, herself a former banker.
Participants experimented with turning credit union principles into benefits and distilling marketing messages into their simplest form. Results from the workshop and the next steps of the brand development process will take place during a session at World Council's World Credit Union Conference. July 15-18 in Gdansk, Poland, during which the panelists will present the workshop's results. For more information and to register for the conference, visit www.LetsGdansk2012.org.
In the meantime, Bourdeau advised participants to keep their marketing consumer-centric, pitch a solid benefit and choose an engaging emotional hook in their explanations of the credit union difference. If a messaging strategy can incorporate those attributes, then the credit union difference has a better chance of resonating with more consumers, including the Gen Ys.