Tips for Rebranding Your Credit Union15 April, 2022
Think of your brand as the face of your company – it not only helps communicate your core values and mission but also shows what sets you apart from your competitors. Whether your credit union is new or has been in the business for over a decade, your brand is a key piece to the overall success of your financial institution. That’s why strategizing your company’s identity should not be taken lightly.
Your brand isn’t just a pretty logo or a clever name – it’s a collection of your whole business identity including your mission statement, core values, goals, and personality. As your credit union evolves, so should your brand. Here are some key considerations as you rebrand your credit union.
When is it time to rebrand your credit union?
Before you make any major decisions, you should ask yourself if rebranding is the right choice based on your goals. Determine if your marketing efforts could be improved to help align with those goals or if more needs to be done. If this involves more than just updating an advertising campaign, then rebranding may be the answer.
Here are some great reasons to consider rebranding your financial institution:
You don’t stand out from the crowd. If your differentiator isn’t clear or you’re getting lost among your competitors, rebranding is a must.
Your brand is outdated. If the last time you designed a logo for your company was in the 2000s, it’s likely out of touch, or your company has grown out of it.
You have new values. Has your mission grown over the years and your brand doesn’t represent that? Time to rebrand.
Identify your differentiator
Before you start your rebranding journey, it’s important you not only understand your company’s mission but also what sets you apart from other credit unions. With all the banking options out there, consumers are looking for a company that aligns with their values while offering something different. Is your company dedicated to supporting low-income communities? Are you focused on green banking or your impact on the environment? Do you offer products that other banks don’t?
What sets you apart from the rest should be the main driving force behind your brand. For this part of your journey, it’s important to tap into different departments of your organization to get a more holistic view of your offerings and company culture.
Understand how your brand is perceived
You may know how your employees view your organization, but do you know how your members and community see you? Without getting consistent feedback, you probably don’t. Starting with a member survey can be a good start to this process as long as you ask the right questions. And even better if you can conduct a virtual or in-person focus group to dive deeper into your community’s perception of you.
One important thing to remember throughout this process is that you need to offer respondents something in exchange for their time. Whether it’s a gift card or a cash amount for their contribution, offering something back to those who participate will help get more individuals involved.
Consider your position and tone
As we mentioned before, your company’s rebrand shouldn’t just be designing a pretty logo – it’s also about rethinking your overall positioning statement and tone. Your positioning statement should be a brief description of your products and services with an explanation of how they fulfill a particular need of your target market. The goal is to align your marketing efforts with your new brand and value proposition. Your brand voice and tone, on the other hand, are how you tell your story based on your brand’s personality.
Consistently using the right tone can set you apart from others. According to a study, 40% of consumers listed memorable content as a factor that helps brands stand out and 33% voted for distinct personality. Some brands, for example, may incorporate humor into their messaging because they have a relaxed company culture. Whereas, other brands may have more of a serious tone to show their authority as an expert in the field.
Tap into an agency
Whether you’re considering a brand facelift or a more complex upgrade, utilizing the expertise of a marketing agency can help you throughout the process. Our experienced team of designers, copywriters, and brand strategists can bring your credit union brand to the next level. Want to learn more? Contact us or give us a call at (855) 946-2773 today!