Aug. 24, 2009 at 11:38am

National CU brand? Good luck!: If not a national CU brand, how about national promotions?

Part 2

Posted by Kurt Jacobson in Strategic Communications
Comments (2)

I recently said that a national CU branding campaign probably won’t work. See last post here. Those who left comments made some great points.

If a national branding campaign won’t work because a powerful differentiator will be hard to find, maybe an ongoing series of national promotional campaigns will work.

An example may be that credit unions pay dividends. To work nationally, credit unions representing 60 percent of the CU branches would have to agree to that promise.

Another promotion based on differentiation would be that CUs stay open two nights a week until 8 p.m. Again, this requires buy-in from something like 60 percent of the national branching system to work. That is a meaningful difference—at least until individual banks match it.

But anything requiring so many credit unions to do something different and difficult in concert to support the CU movement is unlikely. Each credit union is bound to serve its individual memberships rather than the movement.

I mentioned the challenge credit unions have of growing share to a friend at lunch. He said they first have to change the name "credit union." Past credit union focus groups that we've conducted show that the name is a problem for many.

Jeffry, your point about a national campaign just creating awareness about credit unions is sound. But making the point that people can join one cuts both ways. Focus group research has also found  that people don't like the idea that they have to join something. It's an inconvenience or they have a feeling they had to do something special if they are a member. I like your idea of making the national campaign explain what a credit union is.

The suggestion that Denise makes about CUNA taking the charge in generating news coverage of credit unions' good deeds will definitely help for now when the financial industry struggles are still in the spotlight.

Maybe the ideas you expressed are starting to build toward a motivating message.

So, if not a national CU brand, how about a national promotion?

Comments (2)

Yes, there are challenges with words like "joining" and "membership." In my original comment, I wasn't writing finished copy. I was outlining a basic communications strategy, which I will rephrase here: (1) People don't know what credit unions are, and (2) that they can use them. If saying "you can join," is a stumbling point, find an alternative that doesn't use the word "join." Rhetoric aside, the takeaway message from such a campaign should be "credit unions are a viable alternative for YOUR banking needs."

The CU movement can call it whatever it wants -- brand campaign, national campaign, awareness campaign, national promotion -- whatever... If PR does the trick, as Denise beckons for, great. Just get a coordinated message with the basics out there. Until that happens, the movement will continue grumbling about its lesser-known, second-class status, while individual credit unions continue wasting time+money+energy marketing the basics of credit unions.

Wordsmithing seems like the easy part. If we can get past all the other hurdles involved with getting something like this going, I'm sure an issue like semantics is something we can overcome as well.

This discussion is another example of what seems to be a never-ending debate that goes nowhere -- just round and round. Issues are raised. Challenges are identified. Everyone agrees that something could be done -- should be done -- but no one agrees on what "that something" is... starting with what it's called. If that doesn't kill the discussion, just ask who will lead the effort and how will it be paid for.

Then wait six months. Someone else will raise the subject again.
1 | Left by Jeffry Pilcher | Aug. 31, 2009 at 2:21pm

I wonder how this might change my local Credit union http://soopercu.org and how it might change us down the road?
2 | Left by Wendy | Sep. 15, 2009 at 9:34am