SAN DIEGO-As credit unions know, telling the CU story can be a challenge.
Maya Bourdeau, managing partner of Attune LLC, noted that some benefits of credit unions are difficult to explain to the uninitiated, including "not-for-profit" and "owned by members."
"These concepts bounce off people," she reported. "One credit union repainted its parking lot with signs saying 'Owner Parking Only.' The members parked down the street and then came it mad because they didn't realize they were the owners."
Jiao Zhang, also a managing partner at Tucson, Ariz.-based Attune, said the consultancy tested 10 brand concepts. The one that resonated best was "Credit unions are for people, not profit."
Among the concepts that did not resonate: "We have great service." Nor did the oft-cited $7.2 billion in total savings provided by CUs to Americans.
"People want personal numbers," said Bourdeau. "They want to know they can save $1,100 on an auto loan or earn 33% more on savings. Simple, clear messages work best, especially if emotion is added."
Word of mouth continues to be a big driver of new business for CUs, the two said. They suggested the next step should be a collaborative marketing campaign akin to the "Got Milk?" effort by America's dairy farmers. Prior to the launch, milk had been losing market share to soda and juices by 2% to 3% per year. After one year, those losses leveled off. Some 16 years later, milk consumption is up 65%.
"Because credit unions are a grassroots organization, they should work together to get one message out there," said Bourdeau.
