Instead of traditional marketing, today’s most successful brands rely on customer advocacy, says Brett King, founder/chairman of Movenbank and author of “Bank 2.0” and the new “Bank 3.0.”
He says 80% of Generation Y have bought a certain brand and 70% have visited a store or restaurant based solely on friends’ recommendations.
This is a point in credit unions’ favor, King says. “Advocacy is the great benefit credit unions have. Why aren’t we using that to attract the next generation of customers?”
He cites several ways credit unions can foster member advocacy:
“We have to change our behavior,” King says. “If not, we’ll be out of business. We’ve seen it in every industry.”