Standing out isn’t always easy. But in the competitive world of banking services, it’s rarely enough for people to know your credit union’s name. People need to know who you are and why you’re there before they’ll truly trust you with their finances. But achieving that level of awareness can be challenging. And all too often, it’s simply ignored.
What is a brand actually?
The brand is the cornerstone of differentiation. It is your distinctive story. A well-developed brand enables credit unions to communicate their unique value proposition to members and non-members alike. It tells consumers not only who you are, but what they can expect from you. A brand is not just a look or a description. It is not a perception. A brand is a promise– a promise that you are who you say you are and that every experience with you will be consistent and satisfying across all touchpoints.
People often consider their logo – and possibly a slogan – to be their brand. However, a strong brand is built on five fundamental elements: Whythe message, the voice, the visual identity, and the experience. Without examining each of these elements, it can be difficult for a credit union to understand its own brand. And if you don’t really know your own brand, trying to make others understand it will be an extremely difficult challenge.
The Why
At the heart of every successful brand is a convincing WhyAs Simon Sinek put it so aptly: “People don’t buy what you do. They buy why you do it.” In other words, you can’t just Beyou have to for a Reasonand your reason must resonate with the people you want to reach.
Within our industry, we believe that credit unions are a Why that revolves around member-centered service, community focus, commitment to financial independence and caring. You may have your own unique touch for your Whybut this People helping people Principles are at the heart of our collective Why.
In other words, credit unions have an inherent Whywho act on the basis of a common set of values and beliefs. Understanding and articulating these Why– however you built it – is the first step to creating a brand that resonates with your members and others in your community.
News
Effective messaging is more than just saying what you do. Messaging communicates your Whyyour Valuesand you engagement. The way you talk about yourself must be meaningful and relevant to your target audience and speak in a language they understand. When you formulate your message – and it is important to think of it as Craft instead of Write— you need to make sure your words reflect what your brand stands for. And you need to make sure that message is consistent across all platforms (print, social media, email communications, your website, etc.) as well as in face-to-face interactions.
Storytelling can play a key role in your message. The best stories are not told by you, but by your members and reinforce Why you are doing What you do. Stories told by people like them can connect with your members on an emotional level and serve as an endorsement of your brand. Well-told stories express values that consumers care about and communicate who you are. Turning members into advocates also creates a strong sense of loyalty.
Never underestimate the opportunity that every communication offers and the power of your words.
Agree
Your brand voice expresses the personality of your credit union. Your voice can be friendly and approachable, professional and authoritative, or fun and whimsical. It embodies your credit union—in a sense, your voice and personality are what humanize your credit union, or at least give it recognizable and relatable human characteristics.
Social psychologist Jennifer Aker said in an oft-cited 1977 article that brand personality is divided into five characteristics:
- excitement – imaginative, inspiring, spirited, edgy
- robustness – close to nature, resilient, adventurous
- sincerity – down-to-earth, honest, trustworthy, cheerful
- competence – reliable, intelligent, responsible
- Sophistication – first-class, glamorous, charming
Identifying with two personalities is fine – most of us do that in our personal lives. But one must be your primary personality, and whatever personality and voice you choose must be your WhyBe consistent with your values and be consistent in all your messages. It is also crucial that your message is authentic.
Visual identity
Your visual identity is the most easily recognizable aspect of your brand. It includes your logo, color palette, typography, and overall design aesthetic. Although people often don’t associate visual identity and voice, your visual presentation is an excellent opportunity to express and reinforce your brand’s personality. It has the power not only to represent your brand, but to differentiate it and help you stand out.
As with messaging and voice, your visual identity must be consistent across all face-to-face interactions with your credit union. When you visit your website, use your digital banking app, watch an ad or commercial, or walk into your branch, the visual component of your branding must be clear and consistent. A consistent visual identity contributes to brand recognition. It builds credibility, trust, and an understanding of who you are.
A strong visual identity is not just pretty or clever graphic design. It evokes emotions in your target audience. It supports your values and contributes to the story you want to tell. Developing a visual identity is not the beginning. It comes after you have WhyFormulated your messages and established a voice.
Member experience
The member experience is where your brand promise meets reality. It describes how customers interact with your brand and experience it both physically and emotionally. How members and other consumers feel and react when they interact with your credit union—whether online, on the phone, via email, or in person—will shape their perception of your brand.
Because a consistent member experience reinforces the promise of your brand, it’s critical that every member of your staff understands your brand and their contribution to maintaining it. Every teller, loan officer, member support specialist and marketer needs to be aware that the experience they provide when interacting with members conveys the brand you’ve created. To build and maintain trust and loyalty, you need to make sure every interaction reflects your brand’s values. For this to happen, your brand should be at the heart of your internal culture.
Key findings
The importance of solid and consistent brand awareness cannot be underestimated. Your graphic design and the way you write emails to your members should never be considered independent of each other. The five components of your brand must be viewed as fully integrated.
- The WhyThe reasons for your actions must not only be known to each of your employees, but also clearly communicated to your target group.
- News. Every message you write provides an opportunity to communicate your values and your commitment to those values.
- Agree. The personality you convey through the voice you use embodies you and helps consumers understand who you are and identify with you better.
- Visual identity. Your visual appearance is often a person’s first interaction with your credit union. It must underscore your values, your message and your voice.
- Member experience. Your brand needs to be something that everyone in your credit union understands, believes in, and supports at all times.
The underlying sixth component – and one of the most important – is consistency. Your visual identity, your messaging, your voice and your member experience should always be consistent, independently and with each other. This applies not only to external marketing, but to everything you do. Your brand guidelines must be clear and ensure that every interaction with members – with your staff, your website, your advertising, etc. – maintains and reinforces the promise of your brand.
Your brand’s values and mission should be at the heart of everything you do. They should guide your decision-making, shape your marketing strategy, and influence how you interact with members. By staying true to your values and mission, you can build a brand that is memorable, authentic, and trustworthy.
Remember: People shouldn’t know your brand because they see it; they should know your brand because they know it. They should know your brand because it resonates with them and they feel a connection to it. That connection comes not only from the visual identity, but also from the story behind your credit union’s raison d’être and consistency in delivering experiences that support your brand.
