Are you still just selling product?!?!

I absolutely love my job!!!

Last week, I spent 4 day immersed in the culture of a credit union in desperate need of a defined brand. I mean the whole enchilada … name, logo, culture, experience … the works!

I absolutely love my job!!!

Last week, I spent 4 day immersed in the culture of a credit union in desperate need of a defined brand. I mean the whole enchilada … name, logo, culture, experience … the works!

They meet the 2-question criteria for a name change:
     1: Is your name a hurdle for growth?
     2: Does your name have a negative perception in the marketplace?

Many community banks and especially credit union run into problems with question #1. An example is The Education Credit Union, a client that began for local educators but evolved into a community CU.  Because of the name, the typical prospect didn’t know they could or should join.

Credit unions are often a victim of question #2 also – especially where they have the name of a core sponsor group. Delta Community Credit Union, for example, has no control over the Delta airline brand. If the airline started having planes fall from the sky or were keeping travelers stranded on tarmacs for hours on end, if would (by association) effect the DCCU brand too.

As usual, I digress … Back to my branding experience.

Most of the time, our first step in a branding project is to identify the strengths and weaknesses of the customer experience with our client and their key competition. Last week, I walked into 26 banks and credit unions to secret shop (See Tips from a Frustrated Bank Shopper for more).

My favorite part about this exercise is that I almost always learn something new. And this trip was no exception.

The institutions that made me feel best about choosing them didn’t sell me on the checking account that I walked in to inquire about. When I asked about their checking account, they told me about why I should bank with THEM.

Think about it.  Who among us has a checking account, or really ANY other product for that matter, that’s so damn groovy that it alone will differentiate us and make the world want to line up at our front door? 

But, when our front line staff is asked about a product, that is precisely where they focus – on JUST the product.

Take that opportunity to talk about YOU!!! What is your brand story? What makes your bank or credit union different? In a world where checking is checking and a loan is a loan and the only difference on paper is price – why should someone choose you? Lead with that!