Aug. 14, 2008 at 10:42am

Brand strength can make a difference

Posted by Guest Blogger in Differentiation is Key, Strategic Communications
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What’s in a brand? Sometimes consumers immediately think of a company’s logo as being the brand. While the logo is certainly a big part of it, a brand consists of so much more.

Bancography, a financial institution consultation firm, recently ranked the strength of credit union brands by using a Brand Value Index. In calculating brand value, Bancography quantifies the proportion of each institution’s long-term value attributable to the intangible factors (reputation, service quality, image and market awareness) that constitute an institution’s brand.

Mountain America Credit Union was at the top of the list with the most powerful brand among $1 billion + asset credit unions in the United States.

The Brand Value Index identifies institutions that produce financial results beyond what their capital base, market conditions and competitive environments would predict.

“Basically, we performed better in our market places than conditions would suggest we could,” said Brent Lawrence, Mountain America senior vice president.

For the past eight years, Mountain America’s assets have grown by double digits each year. We attribute that growth, in part, to the strength of the brand.

At Mountain America, we train employees on five brand characteristics: attitude, character, consistency, image and performance. For some time now, we’ve been discussing with employees the importance of their role in delivering these brand characteristics at each member encounter. The Bancography recognition validates that when our experience with members translates into a positive experience for them, they’ll continue to use us.

It’s a combination of the above-mentioned intangibles that lead to a strong brand. Credit unions typically have a good reputation, due in large part to their superior customer service. But often credit unions lack the market awareness and image that help solidify the brand.

We’ve seen a lot more of credit unions in the news recently, as the public is seeking a safe harbor for their money. Are any credit unions planning or implementing a strategy to take advantage of the increased market awareness?

Jodi Jones is the Public Relations Officer for the Mountain America Credit Union and a board member of the Utah Jump$tart Coalition.

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