LAS VEGAS–Consumer research that’s part of a new national awareness effort being backed by CUNA will be wrapped up by the end of this year, and the findings will be shared with CUs at CUNA’s GAC in 2017.
Teresa Freeborn, who is chair of the CUNA Creating Awareness Advisory Group and CEO of Xceed Financial CU in El Segundo, Calif., told the California and Nevada leagues’ REACH Conference that the awareness effort is driven in part by an experience every credit union executive or volunteer has had: They are asked what is a credit union?
“And we all give a different answer,” said Freeborn.
The mission of the CUNA Creating Awareness Advisory Group is to lead the development of an ongoing, sustainable initiative that creates top of mind consumer awareness and belief in credit unions as the best choice in financial services, Freeborn said.
Freeborn stressed what the awareness initiative will NOT be an expensive national advertising campaign, will not be a top down CUNA-centric effort, and will not be a traditional “campaign” that begins and ends.
What it will be, said Freeborn, is an effort that will align messages nationally based on new consumer research. Moreover, it will leverage existing awareness efforts by leagues and CUs; it will deliver resources for regional, local use, and it will motivate employees and non-members and non-PFI members, she said.
Phase 1 Priorities for the initiative, said Freeborn, include:
- Commit to a long-term, sustainable approach to raising awareness of the CU category.
- Develop a plan to engage broader industry and enlist more stakeholders in initiatives.
- Conduct baseline and regular periodic consumer research to understand gaps and opportunities.
- Develop brand strategy for a category that complements local and regional brands.
What will the research entail? According to Freeborn:
- It will define the CU category in financial services at a high level in clear, compelling language
- It will differentiate CUs based on attributes that are most persuasive to consumers.
- It will anticipate changing consumer demands in financial services.
- It will appeal to various consumer demographics.
“We will seek to learn more about what’s important to consumers such as location, and convenience, but also the big question, ‘Do credit unions come to mind when selecting a financial institution?’” said Freeborn. “If not, why not, and if so, why?”
The research is being conducted and compiled by Greenberg Quinlan Rosner Research, which began with what Freeborn called an “internal audit” of CU leaders. It has also conducted consumer focus groups. In January, Freeborn said a search for a branding firm will begin.
“We are not creating a brand in a traditional marketing sense,” said Freeborn. “But rather finding the true identity of credit unions.”
The credit union brand, she said, will be based on the results of the consumer research. It is expected the branding group will begin its work in March.
The Advisory Committee is made up of 16 members, including Freeborn, almost all of whom are marketers.