Filene Gives CMBDC Members Access to Valuable Research - New Branding Report

CMBDC
February 11, 2009 | COMMENTS

The CUNA Marketing and Business Development Council want you to have the best information and research to do your job.  In that spirit, we have come to an agreement with the Filene Research Institute to provide our council members with their lastest branding report, “The Credit Union Brand: What Is it Good For?” at no charge. Filene is dedicated to scientific and thoughtful analysis about issues affecting the future of consumer finance and credit unions in our industry.

> Click here to download the report.

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

From these high-level findings, Compeau then provides recommendations for credit unions to consider as they build their brand:

• 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.

> Click here to download the report.

The Filene Research Institute is a 501(c)(3) non-profit organization. Their research and innovation programs are made possible by more than 1,500 members. If your credit union is not already supporting Filene, please consider doing so in the future.

Thank you for being a member of CUNA Marketing and Business Development Council. If you know a credit union marketing or business development professional that would benefit from this and other strategic, tactical and informational reports and studies, click here to invite them to join the CMBDC and get this study for FREE!

Thanks,

Anne Legg

Chair, CMBDC Executive Committee