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featurestory Becoming a brand advocate for your credit union By Mark Arnold, CCUE, Guest Contributor, President of On the Mark Strategies FORMER DISNEY CEO MICHAEL EISNER ONCE SAID, “A brand is a living entity—and it is enriched or undermined cumulatively over time, the product of a thousand small gestures.” Branding continues to be a hot-button topic in marketing circles. It’s still a vitally important element for the credit union industry to consider as it moves forward. However, in order for branding to succeed, we have to understand what branding is and does. We must also commit to serving our credit unions as brand advocates. What is branding? That’s really the $64,000 question. You’re going to get a lot of different answers from a lot of credible sources. Entrepreneur Magazine says branding is “the marketing practice of creating a name, symbol or design that identifies and differentiates a product from other products.” Business Dictionary says branding is “the process involved in creating a unique name and image for a product in the consumer’s mind, mainly through advertising campaigns with a consistent theme.” Wendy Meola, director of marketing with Community Resource FCU, says branding “is essential to credit unions. Credit union marketers need to figure out what their niche is in the marketplace so they can effectively market themselves and attract new members for future growth. If they do not, they are surely wasting marketing dollars by advertising blindly.” Branding is a strategic process. It is not a one-time deal, or even a three- or six-month campaign. Branding is an ongoing and never-perfected evolutionary process for your credit union. It is also not simply slapping a new logo or tagline on your brochures and website. Ultimately, branding is who you are. Who you are as credit union leaders. Who you are as credit union employees. Who you are as credit union members. Your credit union cannot be all things to all people. Strong brands also pass the Three Cs of Branding litmus test. The Three Cs include: • Clarity: Are you clear about what you are and are not? • Consistency: Are you always what you say you are? • Constancy: Are you always visible? Becoming a brand advocate Now that we know a little more about what branding is, we can look at ways to become a brand advocate for your credit union. In order for any brand initiative to work, all credit union staff—from the board of directors to frontline tellers—must wholly buy into it. Just as any chain is only as strong as its weakest link, your credit union’s brand is only as strong as its least enthusiastic employee. To do this, you must invest every employee in your brand’s success. This includes fully immersing them in your branding plan and conducting regular brand training. Your brand needs a vision, mission and message, which must be consistent. Elizabeth Park, marketing director with GPO FCU, says, “I think that being a brand advocate starts with the credit union adopting a brand. Know who you are and where your credit union excels compared to the competition. What makes you different and what makes you better? Then talk it up!” You must also remember that your credit union cannot be all things to all people. You must focus your brand on what you do best or on a particular audience you wish to serve. You must refine your focus and limit it to three or four manageable groups. For example, will you serve the local African-American community? College students? All families living within a certain radius of each branch? Pick a constituency and excel at serving them. Your brand should also be consistent. Any time an employee, member or potential member sees your credit 20 SEPTEMBER 2012 Connection
union, it should look the same. This includes all printed materials (stationery, business cards, brochures, lobby posters), your website and your social media platforms. Non-member materials should also have the same look while clearly conveying membership eligibility. Your branches should also exhibit this same look and retail consistency. Meola notes, “It is crucial that the marketing team is represented on the senior management team to ensure that the brand is being upheld in all facets of the organization, including training, operational procedures, locations, fees, new products and services, etc. These issues come up every week, and the marketing person needs to make sure that these changes are in line with the brand.” Being a credit union brand advocate also means maintaining brisk brand momentum. Don’t let the excitement and message fade from the minds of your staff, members or community. Remember that great brands take steady guidance, a long-term viewpoint and uncompromising values. Reinforce your brand with staff every day. What you can do with this information Now that you have some practical information about branding and the importance of being a credit union brand advocate, consider the following simple steps you can take to help make it happen. 1. Develop a credit union brand plan. 2. Answer the question, “What makes our credit union different?” without using the words “people,” “service” or “community.” 3. Answer the question, “Who are we trying to reach?” 4. Answer the question, “Does our credit union pass the Three Cs of Branding test?” Conclusion Branding isn’t just the marketing word of the day. Its relevance and importance will only continue to grow. As credit unions grapple with an increasingly competitive marketplace, many will find that energetic and enthusiastic branding is their best option to remain a relevant and dynamic financial institution. As Park notes, “If credit unions continue to live by the ‘people helping people’ philosophy, and if credit union staff continue to be brand advocates, the future will always remain bright for the credit union industry.” ■ Mark Arnold, CCUE, is an acclaimed speaker, brand expert and strategic planner. He is also president of On the Mark Strategies, a consulting firm specializing in branding and strategic planning. He can be contacted at (214) 538-4147 or mark@markarnold.com. For more information, visit www.markarnold.com or blog.markarnold.com. www.cuany.org 21
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