Marketings Potential For Credit Unions

1
Marketings Potential For Credit Unions

• Todd Lewis
• Vice President, Marketing Creative Services
• North Carolina Credit Union League
• May 15, 2007

2
Why Are We Here?

• Marketings Effect on Business
• Need for Education of Marketings Potential
  Within CUs
• Industry Image Nationally Locally
• An Issue of Identity

3
Identity Perception

• What is Identity?
• What is Perception?
• Inherent
• Learned
• What Do They Mean For Me?

4
The Marketing Process

• What is Marketing?
• Marketing is the process by which resources are
  brought to bear against opportunities and
  threats.
• Messages made clear, consistent, memorable,
  with emotional ties
• What is marketing to a Credit Union?
• What are you doing to be successful in reaching
  your marketing goals?

5
Insanity

• The process of doing the same thing over and
  over again and expecting different results.

6
The Marketing Process

• Determine goals expectations
• Determine audience (demographics)
• Know your audience
• Do you know their perceptions of you vs. the
  competition? How do they prefer to be reached?
• What is your message?

7
The Marketing Process Continued

• Determine best method of communicating message
  what has/hasnt worked and why
• Determine budgets
• Determine measures of success

8
Marketing Strategy

• What are our goals?
• What is our Mission?
• What is our Vision?
• Where and what do we hope to be in the
  future?
• What do we do if and when we get there?
• How will we measure success?

9
The Concept of Branding

• What is Branding?
• Branding is about taking something common and
  improving upon it in ways that make it more
  valuable and meaningful.
• Branding is a human response it is how we are
  programmed to want to categorize products,
  organizations and even people.

10
The Concept of Branding Continued

• A successful brand creates a response in its
  audience without the audiences seeing the
  product or directly experiencing the service.
• - Think Godiva Chocolates the very name, or
  even just the logo, conjures up an image of
  sinful indulgence. It represents chocolate, but
  it is the feeling and the anticipation of that
  feeling that the brand conveys most compellingly.

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Brand Mantra

• A Brand Mantra is your brands core message
• Its purpose is to ensure that all employees
  within an organization, as well as its external
  marketing partners, understand what the brand
  most fundamentally represents to consumers.

12
Brand Mantras Continued

• Nikes core message?
• Authentic Athletic Performance
• Disneys core message?
• Fun Family Entertainment
• Starbucks core message?
• Rewarding Everyday Moments

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Brand Mantras Continued

• What is our industrys core message? What is your
  CUs core message?
• People Helping People (?)
• Do you know it? Can you communicate it?
• Does it have meaning, relevance or value to you
  and/or your members?
• How is your CU positioned in your marketplace?

14
Marketing Values and Core Principles

• The 22 Immutable Laws of Marketing
• Law 1 - The Law of Leadership
• It is better to be first than it is to be
  better.
• Law 2 - The Law of The Category
• If you cant be first in a category, set up a
  new category you can be first in.

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Marketing Values and Core Principles Continued

• The 22 Immutable Laws of Marketing
• Law 11 - The Law of Perspective
• Marketing effects take place over an extended
  period of time.
• Law 13 - The Law of Sacrifice
• You have to give up something to get something.

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Marketing Values and Core Principles Continued

• The 22 Immutable Laws of Marketing
• Law 21 - The Law of Acceleration
• Successful programs are not built on fads,
  theyre built on trends.
• Law 22 - The Law of Resources
• Without adequate funding, an idea wont get off
  the ground.

17
Marketing Departments Typical Place in the
WorldNo need to plan ahead, just give it to
marketing and theyll make it look good.
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Where Do We Go From Here

• Think about your role in your CU
  how can you affect a change in attitude
  towards the role of marketing
• Need to initiate marketing education internally
• Try to apply strategies to internal
  communications as well as business development
  projects
• Request honest feedback from members, fellow
  employees, marketing council members

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Homework

• Read The 22 Immutable Laws of Marketing
• Consider how your CU can leverage any of these
  principles or positioning
• Begin a marketing education process within your
  CU
• Refocus your marketing messages for clarity,
  consistency and relevance
• Read the book again and againand enjoy it!