Increase Brand Image and Business Without Expense

• Mar 11, 2023
• By Murray Halperin

By Murray Halperin

Building your credit union?s brand is an ongoing and very expensive proposition. Every market is different with demographic changes, new businesses coming and going, and various advertising sources rising to prominence. Just a few years ago newspapers were one of the most effective methods to develop brand awareness and interest. Now most newspapers are fighting for their survival while the Internet is loaded with click-through banners dominated by the large national banks (Citi, Chase, Wells, B of A, etc.) One thing is for sure, most credit unions are not going to commit more capital to marketing and advertising than the major bank competitors are in their market. Even the local radio markets are dominated by the banks. In May of 2011, only Navy Federal Credit Union made the top 10 of banks or credit unions with ad plays on the radio. The amount of money that these major players are spending in major markets has actually helped raise the advertising cost to a point that most credit unions are not in the position to continually compete in live air media. Max Lakin in his article published March 12, 2009 indicates that ?Banks That Spent the Most on TV Ads Performed the Best.? I am sure that does not surprise you. Bio RSS feed Increase Your CU Brand Awareness and Interest Without Spending a Dime Credit unions have always been innovative in their approach to retaining and obtaining members. In general the industry image is far greater than any of its bank or brokerage firm competitors. But times have never been more challenging for the industry than it is now. So here is an old idea for your consideration that just might provide the extra lift for each MSR, branch manager, business relationship manager, and potentially the CU?s bottom line. With this strong image that the industry has fostered throughout the last 50 years it makes sense to reach out to other nationally known firms that have a need for your credit union?s services. The credit union industry did exactly this to attract car loans in the early 1990s with indirect lending. I can remember when working with a dealer?s finance department was considered ?sleeping with the enemy.? While many credit union CEOs took the approach: ?If you can?t beat them, join them.? Well the opportunity is again at the credit union?s doorstep to make this radical change in philosophy and partner with firms that will increase the CU brand and awareness while helping re-introduce your SEGs, introduce new SEGs with business and consumer accounts. I know, this sounds too good to be true. But having dealers send credit union?s loan opportunities in the early ?90s also sounded too good to be true. As an example, one of our nation?s most recognized Fortune 500 firms with experienced state-registered salespeople in every major market around the country is in need of targeted credit unions products and services to enhance their sales and client retention. Here might be an opportunity to get your credit union?s message delivered directly to local businesses, municipalities, associations, etc. while all they are asking for is your support of their sales teams and opening up new SEG and business relationships. You can look at it like the old welcome wagon approach. Remember when someone moved into a neighborhood and they would get a basket hand delivered with all sorts of goodies from the local businesses, associations? All that was needed was the central group putting it together delivering the message and each business took it from there. Many credit unions have already embraced this idea on a limited basis with CUNA salespeople or other representatives from different companies setting up shop in your branches or through the phone network. What we are suggesting here is to partner up with companies that will empower their sales force with credit union ammunition in the CU?s market at local businesses. In addition, these salespeople can leave information about the credit unions business loan/commercial real estate program, deposit accounts, and maybe return a lead form to the credit unions relationship manager. Going head to head with the large banks for advertising and marketing space is a losing proposition. So our message is simply, partner up with an assortment of quality firms that do not step on each other with similar messages. Make sure the partner(s) are well-known, heavily financed, and have an ample management and support structure in place to secure the credit unions interest and reputation. This is vital, you want a company that absolutely will not stand for a tarnished image. Finally, develop a consistent follow up approach for each and every lead that your new outsourced lead gathering team provides. An effective follow up effort on behalf of the credit union will create additional energy. Offer a gift card or dinner certificate for new SEGs or business accounts that they help secure. This small gesture will go a long way to ?Increasing the Credit Unions Brand Image.? Murray Halperin is the president of Biz Lending Center, Inc., which works with CUSOs and credit unions across the country originating commercial real estate loans and consulting to credit unions about business services. He can be reached via email at Murrayh@bizlendingcenter.com.

---