WASHINGTON–After two years of work and research, CUNA has unveiled its long-awaited national brand campaign theme: Open Your Eyes to A Credit Union.
The theme was announced during CUNA’s GAC here, and while attendees had been cautioned that they might not like it or it might make them uncomfortable, the audience largely embraced the message.
They aren’t alone, according to the company hired by CUNA to do all the testing around the new theme: “The best news, ladies and gentlemen, is the American people love this idea,” said David Martin, chairman of New York-based BrandCap, which was hired by the steering committee to help lead the initiative and identify a branding message that would be most effective.
As CUToday.info has been reporting since the formation of a National Brand Awareness Campaign following the hiring of new CUNA CEO Jim Nussle, who offered an outside perspective that no one really seemed to understand what credit unions were all about or represented–including himself. That led to the creation of an Awareness Advisory Group chaired by Teresa Freeborn, CEO of Xceed Financial Credit Union. From the beginning, Freeborn and others with the initiative have stressed that the effort is not intended to be a national advertising campaign.
Instead, the new brand theme, “Open Your Eyes to A Credit Union,” is aimed at identifying a “mantra” that can be used by credit unions both collectively and individually to get consumers to rethink their perceptions of credit unions, and especially the misconceptions, according to Martin.
“We have captured something really powerful,” Martin told CUNA’s GAC prior to introducing the new theme.
A 'Very Bright Light'
As Freeborn explained before pulling back the curtain on the messaging, “When we first started our work we thought we would have to educate people on what a credit union is. But we found out they know us and what we stand for. But, sadly, they don’t think of us as the first place to go. So, our work focused on becoming part of the brand consideration. We started to ask if the image we present as a category reflects the modern consumer’s tastes.”
Teresa Freeborn speaks to GAC.
For those who work within credit unions, it seems “obvious,” said Freeborn, that every American should chose a credit union as their primary financial institution. But it’s not obvious to consumers, she said, in large part due to what the steering committee discovered in doing research and focus groups.
That research, said Freeborn, “put a very bright light” on two myths:
- “People do not believe they are able or eligible to join a credit union. There is a lot of outdated thinking out there. When credit union attributes and benefits are described to these consumers, they immediately love it. But then they immediately say, ‘We can’t join.’ So, this is a table stakes issue. Otherwise everything else we say falls on deaf ears.”
- “People believe credit unions are local financial institutions. Unfortunately, consumers have interpreted that localness to meaning we are small and unsophisticated, with limited offering and weak technology.”
'Let Go Of Your Preconceived Perceptions'
Prior to introducing the new theme, Freeborn said credit unions—like most established businesses–have a habit of falling on bad habits and what has always worked. In the case of the national branding initiative, she urged her audience to “let go of your preconceived perceptions of what you think is best for our consumers. You may find that our ideas and creative and tone and music and images and words for communicating to consumers makes you feel a little uncomfortable and even anxious, or it may be a little riskier than you like. Remember, we’re not trying to move YOU.”
Freeborn also reminded that right now life is “pretty good” for most credit unions.
“But there is a phrase out there to remember: the best time to make hay is when the sun shines,” she said. “We cannot kick this can down the road any further. There will be sunny days.”
Freeborn noted that JPMorgan Chase alone spends $2 billion annually on advertising, and that the banking industry overall outspends CUs on marketing and advertising by a factor of 43.
“That’s why we built a program research proves will move the needle, that will make the smart choice the only choice,” she said.
Provoking a New Way of Thinking
BrandCap’s Martin told credit unions to think about their own buying decisions, which often don’t change until something provokes a person to rethink the process.
“People are aware of credit unions,” said Martin. “Our challenge is consideration and in some cases reconsideration. We want to motivate people emotionally to think about it again, and give us a chance to show what in our eyes makes us special relative to the competition.”
What the Brand Awareness initiative has sought to do, he explained, was create a brand platform for the credit union category that will complement and support individual credit union’s brand platforms and be executed through the creative idea.
In other words, it’s a proposition similar to the National Football League, which creates an image for itself and the league while still allowing individual teams to do their own marketing.
Messaging That Resonated
Martin ran his audience through some of the messages that were inspirational and aspirational and which helped to map a way toward the final branding. It includes phrases such as:
- In America, we like to dream.
- Whether it’s the family home, new car or a vacation at the lake, we will help you get there.
- We work with you to help make your dreams a reality. Today.
- Everything we make goes back to our owners. That’s you.
- We’re small enough to know you and your neighbors, but big enough to bring the world to your fingertips.
- When you need to make savvy choices, we are the only choice.
Fantastic Future Faster
“So, the fundamental idea was ‘Your Fantastic Future, Faster,’” he said. “There was unanimous feedback from the marketplace saying, ‘If that’s what a credit union does, I made a mistake, credit unions are for me.’”
Ed Bolton, creative director with BrandCap, joked that “people zombie march to their bank. It’s safe and easy. They don’t know there is a better alternative right there in front of them.”
Ed Bolton speaking to GAC.
All they need to do, he said, is open their eyes. Thus, the new brand, “Open Your Eyes to a Credit Union.”
Graeme Traynor, managing director of the research firm Insight GPG, said the branding message:
- Shows we’re distinctive. “I’m sure we have all had this experience of trying to explain the difference between a credit union and bank and we use too many words and we get lost.”
- Counters the access myth. “I have done countless focus groups around the country and poured over data from thousands of interviews and something that always comes up is this fear that if you are on vacation or move that your credit union would let you down. That credit unions don’t have the right kinds of apps. ‘Open Your Eyes’ also speaks to our characteristics and values.”
- Puts a more modern light on the brand. Traynor said a video created in conjunction with the new brand features lots of young, energetic faces. “Sixty-six percent of people who have seen the video said, ‘This is not what I would expect to see from a credit union.’ Most importantly, this film leads to people wanting to know more. It triggers curiosity. This can start to take those myths and build a greater movement.”
- Is a really powerful idea. “We have tested many other options, none of which did as well as this. This has great potential to overcome those stubborn misunderstandings that have held back this movement for too long.”
Global Messaging Guide
Douglas Kiker, chief communications officer with CUNA, noted credit unions have until now lacked a clear, concise, consistent voice for the industry.”
CUNA is releasing a Global Messaging Guide to go along with the new awareness initiative. It includes the research, brand platform, information related to tone of voice, and do’s and don’ts.
More information can also be found at www.awareness.creditunion. The password is “openyoureyes” (no quotation marks).