DES MOINES, Iowa (7/24/15)--A new white paper from The Members Group explores how credit unions can make a stronger emotional connection with consumers.
When organizations make a promise, they build an emotional framework for how they will interact with consumers, vendors and even their colleagues. This concept is known as a brand promise, according to the white paper, “Promises, Promises: How to Ensure Your Financial Institution Lives Up to Its Brand.”
Take a credit union with a brand built around the concept “We Say Yes,” for instance. The cooperative has built a reputation on lending to consumers other financial institutions have turned away. Given this brand, one of the tenets of the brand promise may be to go above and beyond to find a different solution for the consumer in times when a “yes” is not actually possible.
To work effectively, a brand strategy requires commitment at all levels of the organization, especially among senior executives and board members. The commitment starts with senior management who sets the example for others. When these leaders are viewed as brand promise champions, it establishes immediate support for internal stakeholders.
TMG offered four questions for a credit union to consider in crafting its brand promise:
Getting to the answers will likely require input directly from consumers. That first-person insight will be instrumental to defining what creates an exceptional experience for them. The paper recommended inviting both longtime and new members to come in and have conversations with staff. Keep in mind, a brand promise is all about the consumer, the paper said.