Dec 23 2008
The Credit Union Brand: What Is It Good For?
Larry D. Compeau, PhD, Associate Professor in Consumer/Organizational Studies, Clarkson University
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:
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Members hold a strong brand identity of their individual credit union. They describe their credit union as reliable, friendly, helpful, and informative.
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Employees hold weaker perceptions of their credit union’s brand identity than their members.
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Except for long- tenure members who may have helped build their credit union, credit union members tend not to differentiate credit unions from banks.
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One point of differentiation for members is that credit unions are “a little more personal” but “not as sophisticated” as banks
From these high-level findings, Compeau then provides recommendations for credit unions to consider as they build their brand:
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Strategically position the individual brand with a focus on emotional rather than functional qualities.
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Don’t obsess over a brand name.
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Enact the brand. Make simple connections for members and non- members about what the brand means.
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Build a local credit union brand community.
