Today I realized that credit unions may be taking a fast food approach toward their brand and marketing. Do you:
- Market low cost
Not everybody orders off of the dollar menu, and rate shoppers have very little loyalty. Make sure you are attracting the type of member that will use multiple services.
- Focus on volume
If your annual new member goal causes you to concentrate on adding single service new members mainly through indirect auto loans, you may be churning more than gaining.
- Buy cheaper ingredients
When you start making your media and creative selections based only on cost, it may not be as healthy for you in the long run.
- Add a product because the competition has
Too many credit unions want to provide everything to the larger mass market, and subsequently lose their uniqueness. Consider taking the time to prepare something that will delight a select niche market instead.
- Promote the same old thing as something new
Everybody expects cheeseburgers and fries at a fast food place, so no one understands why you tout attributes such as “our great service” and “how much we care” as if it is something new and different.
If any of this sounds familiar, then ask yourself: why would anyone go out of their way for something that was thrown together, with no taste or substance, when they can get the same thing just down the street?
Why not offer something fresh, and good for you instead?
- You deserve a promotion, not more work. - November 14, 2022
- What good is a marketing budget that never changes? - October 4, 2022
- Is it time for Credit Unions to go Virtual? - September 6, 2022