Originally Posted on NAFCU.org
After a year full of economic uncertainty with interest rate hikes andliquidity issues, your attention has probably been elsewhere and your branding isn’t the first thing on your mind. However, you’re not alone. With or without a liquidity crisis to distract you —credit unions historically have not paid enough attention to their brand. Do you need to refresh and change your name? Maybe, but that’s a topic for another day. Do you need to focus on the mission behind your name? Absolutely. Because whether you have the best name or the worst, it’s how you deliver that will be remembered.
William Shakespeare famously coined the adage “…a rose by any other name would smell as sweet” in his play Romeo & Juliet — meaning no matter the label, the inside is still the same. Or, for a more modern take — you can put lipstick on a pig, but it’s still a pig.
The banking industry’s image took a big hit this year (leaving 48% of adults worried about their money’s safety), which is a positive for credit unions. Credit unions play a crucial role in the financial industry, but when it comes to being competitive, they often face challenges in the market share category. Your brand and marketing strategy for 2024 should be a large part of your plan — even with those budget cuts you are already planning.
Marketing is your tool for growth.
Where should you start? (Continue reading at NAFCU.org)