For decades, executives have wrestled with creating an organizational identity to express their credit union’s unique nature. In The Credit Union Brand: What Is It Good For, Clarkson University Professor Larry Compeau examined this issue by conducting research at credit unions across the country.
His findings include:- Members hold a strong brand identity of their individual credit union. They describe their credit union as reliable, friendly, helpful, and informative.
- Employees hold weaker perceptions of their credit union’s brand identity than their members.
- Except for long- tenure members who may have helped build their credit union, credit union members tend not to differentiate credit unions from banks.
- One point of differentiation for members is that credit unions are “a little more personal” but “not as sophisticated” as banks
- Strategically position the individual brand with a focus on emotional rather than functional qualities.
- Don’t obsess over a brand name.
- Enact the brand. Make simple connections for members and non- members about what the brand means.
- Build a local credit union brand community.
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This data was confirmed for us in focus groups we conducted throughout Oregon in 2008. Further, we found that bank customers (non credit union members) have no idea what a credit union is and believe that they can not join a credit union. Even more disturbingly, credit union members often hold to the SEG past and believe that “others” can not join.
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