Payment Industry Insider

In the midst of a hugely competitive industry, where everywhere you turn there is a competitor shouting out their message to the world, how do credit unions get consumers to know who they are? To know what a credit union is and what it can do for them. To know that they are a preferred alternative to the others - and why? To know how to find them?

These are questions that tax credit unions more today than ever. And, it’s not going to get any easier to answer.

But I have noticed lately that credit unions are marketing a lot more, they’re trying, even though there still seems to be some reservations. I think the reservations are primarily because they would like it to be as easy as it once was. You know, the “build a credit union and they will come” mentality.

But alas, we all really know those days of an almost guaranteed business plan are pretty much gone. So credit unions are slowly trudging into this thing called “marketing”, budgeting dollars to “advertise” and struggling to figure out how to get the most out of the dollars expended.

However, now that isn’t even enough. Everybody is advertising! All are competing for the consumer’s attention. So what do you do?

It’s really a pretty simple concept. We all do it all the time. We always have, ever since we learned how to talk. It’s called communication. We’ve always told people about ourselves and what we like and why. We’ve always been selling. We just didn’t think of it like that.

This might be a little help to get you going, to help you be a little more focused with your efforts. I read an interesting article recently by syndicated columnist Rhonda Abrams. In it she stated that most businesses are so busy producing their products and services and running the day to day operations that they gradually lose touch with the real needs of their customers. Sound familiar?

She proceeded to very succinctly identify four needs/desires that drive customers to buy.

1. Actual immediate need
2. Actual long-term need
3. Perceived need
4. Unrecognized need

If you’re serious about your credit union’s future, you might check out what she has to say. It’s definitely worth the read.