Forging a New Trail

Two years ago, Kim Faucher was presented with what she calls “a marketer’s dream”: to reinvent the brand identity of a credit union from the ground up.

This opportunity for reinvention came with the unveiling of a new name, Trailhead Credit Union, which was introduced to appeal to young urbanites in the Portland, Ore., metro area. Formerly known as Northwest Resource Federal Credit Union, Trailhead CU redefined itself as a financial institution for those who prefer to forge their own trail rather than go along with the crowd.

As VP/marketing for this $95 million credit union, Faucher directed a comprehensive marketing effort that included rebranding, creation of new point-of-sale and merchandising materials, an updated website, a redefined corporate culture and the launch of a new branch office. The credit union was recognized in all of these areas with three first-place and two second-place wins in the annual CUES Golden Mirror Awards™ competition. In addition, Faucher won the competition’s top honor, the 2014 CUES GMA Marketer of the Year.

Winning the award “was a huge honor but also a complete shock,” Faucher says. “I was not expecting it at all.” As the GMA Marketer of the Year, Faucher also won a registration to CUES’ CEO/Executive Team Network, Nov. 2-5 in Amelia Island, Fla.

Trailhead CU President/CEO Jim McCarthy, a CUES member, says: “This was the biggest award our credit union has ever received, and it could not have gone to a more deserving person.”

Starting With a Name Change

The credit union’s reinvention began in June 2012, when the board of directors unanimously approved the name change as a proactive measure to halt a seven-year slide in membership and loan performance. This coincided with the credit union receiving a community charter for Multnomah County, where Portland is located.

“The board recognized that, in order to grow, we needed to be different,” explains Faucher, who joined the credit union in 2002. “There were nine credit unions in the Portland area with Northwest in their names, so it was hard to stand out. The board wanted to go with a name that would resonate with our target market and take our brand in a new direction.”

The rebranding strategy accomplished both of these goals. The new brand features a look that is less corporate and more casual than what you’ll see at a typical financial institution.

This casual aesthetic is especially evident in the new branch office, located in Portland’s vibrant Mississippi Avenue neighborhood. With its reclaimed wood décor and open storefront appearance, the branch has the atmosphere of a trendy coffee bar or microbrewery. Branch personnel are allowed to dress casually and can even show their tattoos or piercings, conveying the nonconformist image associated with the rebranding. The CU’s existing branch in downtown Portland was also updated in impactful ways that incorporate the new brand image.

The newly redesigned marketing materials feature messages directed at the young individualists who are Trailhead CU’s core market. In-branch signage and website copy tout the advantages of being “proudly different” and “small enough to know better” while also telling the CU’s members, “Lots of people like big banks; you’re not lots of people.”

“We’re also using our small size as a competitive advantage by tying into the ‘Buy Local’ theme that appeals to so many people in our area,” Faucher says.

Results

At a cost of less than $150,000, the rebranding has already produced positive results. “We achieved 12 percent net membership growth and 18 percent net loan growth in the first year after experiencing declining numbers for seven years,” she reports. “We’ve also seen the hits on our website rise by 28 percent.”

Next on Faucher’s agenda is leveraging the new brand by increasing the credit union’s involvement in community events. For example, Trailhead CU recently participated as a sponsor of the popular Mississippi Street Fair. “That’s the type of thing we’ll continue to do moving forward—building relationships and pushing community involvement,” she reports.

While Faucher received the GMA honor, she emphasizes that the rebranding was not a solo enterprise. “I see this as a group award, since none of it would have been possible without the vision of our board, the support of our management team and the excellent work of our vendors, CUES Supplier member Weber Marketing Group (based in Seattle) on the rebranding and PixelSpoke (Portland) on our website.”

McCarthy, likewise, commends the team effort that made the rebranding so successful. “Our board, management and staff couldn’t have been more supportive of our efforts to redefine our brand and find our niche,” he says.

However, McCarthy stresses that the ultimate planning and execution came down to Faucher. “Kim was just phenomenal. She took the project and ran with it. She truly embraces change. I can’t tell you how lucky we are as a credit union of our size to have a person of her caliber.”

Diane Franklin is a freelance writer in Florissant, Mo.