Credit unions need to work together to not only raise awareness, but to convince consumers to consider using credit unions to meet their financial needs.
That involves communicating the value of what it means to be a credit union member, says Jim Nussle, CUNA president/CEO.
Enter the Awareness Initiative, a research-based effort led by CUNA to raise consideration of credit unions as the best financial partner for American consumers.
“It’s not about your credit union’s individual brand,” says Nussle, who addressed more than 300 credit union leaders at the Wisconsin Credit Union League’s State Government Affairs Conference Thursday in Madison, Wis. “The words ‘credit union’ need better definition.
“Even though I’ve been calling this an awareness campaign, it’s more of a consideration campaign,” Nussle adds.
Working with the state credit union leagues, CUNA is launching a nationwide “Open Your Eyes to a Credit Union™” campaign to dispel certain myths about credit unions. These myths include the beliefs that people either can’t join a credit union, or that credit unions are too small or not sophisticated enough to meet their financial needs.
The campaign also aims to grow membership, particularly among millennials and women between the ages of 33 and 50 who have children. That’s because research shows the latter group makes the financial decisions in the family.
“We’ve got a great story to tell, and we speak their language,” Nussle says.
Built around digital advertising, the campaign will provide consumers with targeted information at the right moments, Nussle says. Yourmoneyfurther.com, the consumer-facing website launched earlier this month, allows Americans to learn more about credit unions and identify prospects for membership. It provides six different landing pages based on research-proven consumer messages.
Credit union system organizations have pledged more than $25 million,and Nussle says collaborative efforts need to continue.
“We should not be competing with one another,” Nussle says. “Collaboration—our super power—will get us around that corner.”
CUNA and the Minnesota Credit Union Network announced the launch of Open Your Eyes to a Credit Union™ campaign in Minnesota on Jan. 28. Learn more here.