5 minutes
I recently returned from the 2015 Governmental Affairs Conference in Washington, D.C., where one of the biggest messages for the industry to convey was “credit union advocacy is the priority.” I love this message and hope it’s as infectious as mobile payments, cronuts, and binge watching Game of Thrones. But being the GAC, it is a necessary, political message for CUs to keep their name in front of their representatives. Again, this is a good thing.
From a consumer perspective, however, there’s always been a debate about the credit union message:
- Are we the underdog?
- The little guy?
- The best kept secret?
Fortunately, as of late, we have gotten away from those passive messages and matured to deliver more proactive and confident stories. I mean, really, how can you be taken seriously being a little guy or a secret?
As our industry continues to grow (yet, ironically, is consolidating), the more our message has matured as a prime financial resource for consumers. And, in my opinion, that should be our message: being a prime financial resource for consumers.
Being a resource means positioning yourself as providing all the products and services your membership needs, including state-of-the-art financial technology, investment services, transaction options, loans, convenient branches, etc. But you also need to provide much-needed financial guidance to consumers in multiple channels: social media, news media, community outreach efforts, advertising, etc. This comprehensive coverage positions you as a trusted leader, which leads to new members and, ultimately, new business
So how can we be the most effective in delivering this message — whatever it may be for you? I subscribe to a marketing blog called Spin Sucks, produced by Gini Deitrich of the top-rated public relations firm Arment Deitrich. In a recent post, “Three Approaches to Effective Brand Storytelling,” Laura Petrolino, director of operations at Arment Dietrich, explains that effective messaging falls into one of three categories:
- reinforce,
- supporter, and
- challenger.
Petrolino writes:
“Reinforcer. This message reinforces your audience’s world view. It works within the frames they use and therefore is trusted and more easily accepted. This messaging strategy works well for brands that are highly niche-focused and know the needs and wants of their consumer exceptionally well. They are directed, targeted, and resonate clearly.”
This is ideal for credit union marketers as they should know their members and prospective members’ needs and wants as well as the Starbucks app on their iPhones. Credit unions are highly niched and trusted by their audience. Credit unions are ideal reinforcers.
“Supporter. These messages help support change. This works well for brands that are bringing in a concept or innovation that is needed, maybe even asked for. But change is still change, and human nature will almost always push against it, even when it is asked for. These messages help support the behavior change, empower frame revision, and establish new habits. They must be persuasive, educational, and comforting.”
Remember “Bank Transfer Day”? It was all about change. Credit unions remain all about change as providers for better, fairer service for consumers. Credit unions have been renowned for their “change” messages since their inception — but especially since Bank Transfer Day, and they haven’t stopped. Yes, change is difficult, especially if you’ve been a bank customer all your adult life. But if your message is powerful enough (and credit unions’ messages are), then change is imminent. The last couple years’ membership growth has been quite evident of that.
“Challenger. These are the most difficult messages to push forward. They challenge your target’s view of the world, their preconceptions, and behaviors. They are most appropriate for organizations who can use the challenge as part of their point of differentiation, and who have a target market which challenging, contra-behavior is appealing to. They must be inspiring, persuasive, and edgy. However, they also must use exceptionally targeted language which resonates within the consumer’s frame (even though the message itself may contradict.)
By defining which type of message you are sending with your brand storytelling, you set up the relationship with which your message will approach and communicate with your consumer.”
Like change, credit unions were started to challenge the status quo. So being a Challenger is right up their alley — and it appears this message resonates well with many Millennials. So credit unions out there directly marketing to this crowd, tell the “challenger” story. Your future depends on it. As long as credit unions can remain true to their change and/or challenge roots, they will relate really well to those out there who don’t aspire to be lemmings but care to be a part of something that makes a difference.
So CU marketers, choose one of these categories and you’ll score high points with audience because, one thing Dietrich didn’t point out, these categories are emotional, too. They tug at your heartstrings, your core, your philosophy — and that’s personal. And when it’s personal, that means you are a trusted resource: goal achieved.
According to Petrolino, combine these categories with your market research and understanding of the frames through which your consumer views the world and you have the foundation for effective brand storytelling.
So which one are you — and why?
Mike Lawson, principal and founder of the PR/marketing firm DML Communications and the online CUbroadcast show, has two decades of journalism, public relations and marketing experience. His unique and robust knowledge allows him to meet the varied needs of editors, end-users and clients. Lawson's expertise enables him to enhance his clients' market exposure through media relations, social media tools, advertising efforts, target marketing strategies and more. He also speaks on PR, marketing and media issues to audiences nationwide.
