3 minutes
Replace a focus on price with emphasizing your unique competitive advantage.
The presenter of a recent Wisconsin Society of Association Executives webinar, “Rock Your Association Brand” once lived in a house that had previously been a church. When Michael Difrisco, CAE, needed to sell that home six years ago during the Great Recession, every third house in his neighborhood was also for sale. Sellers were slashing prices and had their homes on the market for over a year. But Difrisco’s house broke the trend, selling in two weeks at full asking price. Why? According to Difrisco, chief marketing officer at the American Association of Cosmetic Dentistry, his house sold because it was so clearly different from the others that price wasn’t the key issue.
The message from this story can be translated to help effectively market your credit union. “Everyone has a choice,” Difrisco said. “Tell your members how to choose with your one unique competitive advantage. Without you telling them how to choose, they will do so based on what they know, price or not at all.”
To help members and potential members choose your credit union over other financial institutions, apply Difrisco’s R-A-D-I-C-A-L branding:
Be Relevant. This means identifying the intersection of what members want and what your credit union offers, knowing the emotional and social benefit of doing business with your credit union, and recognizing that members are buying results. Use your brand to communicate your “investable opportunities,” not just your products and services. For example, you might want members to choose your credit union because of the freedom and joy your offerings provide, not because of your rate.
Be Authentic. When an organization is really being itself, it is unique and has no competition. When crafting a message, ask yourself two questions: 1) Is it plausible? and 2) Is it plausible from you?
Differentiate yourself. Fill in the blanks: Our CU is the only __________________ that ______________. Find your one unique advantage and own it! For example, Jimmy John’s Gourment Sandwiches focuses on speed. The company trains its staff to prepare its product "freaky fast," and places less emphasis on competing to have the freshest ingredients or the very best price.
Be Iconic. Visuals hold emotional power and help make a brand memorable. An example is the green jacket that is such a sign of the Masters golf tournament.
Align Character, Conduct and Conversation. A key overall brand of Las Vegas is “What happens in Vegas stays in Vegas.” But this wasn’t fully delivered on a business trip Difrisco took. When he got to his hotel room, he opened the minibar and was surprised by an item he removed—and put right back. When he got his bill, the item was named on his bill. Difrisco says the hotel readily gave him a credit. But the item was now named twice on his receipt—as a debit and a credit—which he would have to submit with his expense report. This did not live up to the "privacy" brand message of the city! Defrisco emphasized that marketing is most effective when the entire organization is in sync.
Focus on your Audience. Don’t focus on the biggest group of potential customers, but rather the best group. Also, don’t focus on the competition; doing so stifles innovation. Focusing on the wants and needs of your target audience will help you innovate and grow.
Live it! Ultimately, your team is your brand. Live your brand by committing to clear communication, managing expectations and striving to reach an internal “aha,” where everyone knows your work is differentiating your credit union and best serving the needs of members.
Kristina Mattson-Grimm, CAE, is CUES’ VP/membership.
