By Georgann Smith
Every credit union already has a brand, yet it may not have a brand promise. A strong brand promise connects to an organization’s purpose, positioning, strategy, people and consumer experience. It is what helps organizations connect emotionally with consumers – something Forrester says has a big impact on consumer loyalty.
In the English language, the word “promise” can act as either a noun or a verb. In the context of a brand promise, it is most definitely a word used to describe action. That’s because the brand promise builds a framework for how the representatives of an organization will interact with customers, vendors and each other. The end goal? Consistently deliver an incredible consumer experience by empowering employees to live out the brand promise each day.
For many organizations both in and outside the financial services arena, employee engagement is becoming more of a priority. Setting team members up for successful conversations – and eventually, relationships – with consumers creates a motivating environment in which employees can see the impact of over-and-above work. The brand promise is the architecture for exactly this type of empowerment.
Like any successful strategy, a brand promise will not work without buy-in and support from the highest levels of the organization. The commitment starts with senior management who sets the example for others. When these leaders are seen as brand promise champions, it establishes immediate support for internal stakeholders.
A Second Driver
A second driver of brand-promise success is consistency – consistency in the way all team members – from the janitorial staff to the CEO – talk about the organization. So how do you achieve this consistency? One way is by building the brand promise on a foundation of simple, clear and concise messaging.
There are many methods for fleshing out that messaging. One of the most effective ways is to establish the following four statements:
Positioning: This statement describes the experience your credit union provides to members and how you do that better than any of your competitors.
Value Proposition: This goes beyond the experience to describe in more detail the products, services, support and other valuable offerings your credit union brings to the marketplace.
Reasons to Believe: These are the features that prove the above statements; think of them as the experiences members actually have as they interact with your credit union.
Key Message: This is your summary statement, pared into a concise, simple-to-communicate and easy-to-believe promise your credit union has made to its stakeholders.
As you work to craft your statements, it can be helpful to bring a completed SWOT analysis, as well as your mission and vision statements, to the table. Because you are ultimately working to express what differentiates your credit union in the marketplace, you will want each of the team members working on the brand promise to have a solid understanding of your strengths and weaknesses, opportunities and threats. As well, you’ll want the credit union’s foundation (your mission and vision) front and center, as the brand promise should align with your core values and beliefs. However, the SWOT, mission and vision are only starting points; they alone should not define the future. Being aware of the competition is important; yet understanding the wants, needs and expectations of your target member is ultimately what drives the brand experience.
An Important Point to Consider
An important point to consider in establishing your brand promise: It is not a one-and-done activity. A truly great promise evolves over time, as does a foundational brand. While you add new products and services, innovate for a new generation of consumers, acquire new competencies or confront a shifting marketplace, you will also want to monitor your promise to be sure its tenants are being successfully executed. Over time, those tenants may need to evolve if they no longer have a positive impact on the perception of a brand.
In the end, a credit union’s brand promise is all about the member. Your core value and the tenants that support it will ultimately allow your teams to consistently go above and beyond what is expected. Yet, that can only happen when the people behind it truly believe in it and live it every day.
For more, watch for the soon-to-be-released TMG white paper “Promises, Promises: How to Ensure Your Financial Institution Lives Up to Its Brand” available at themembersgroup.com.
Georgann Smith is Vice President of Marketing for TMG (The Members Group) and the executive sponsor of the company’s ongoing brand promise initiative. Georgann can be reached at georganns@themembersgroup.com.