ORLANDO– Member Intelligence Group and Dr. Katie Swanson said they have partnered on a research study on “credit union brand love.” Credit union participants are currently enrolling in the study, and research will commence later this summer, the parties said.
“The concept of brand love really elevates the game for credit unions,” said Jim Kasch, CEO, Member Intelligence Group and Canidae Consulting, LLC. “In our industry, we like to talk about satisfaction and loyalty, and this is the next step in that evolution at a time when we are seeing that loyalty is no longer enough for a credit union to be successful.”
Brand love, which the organizations defined as a state of heightened emotional attachment that a satisfied consumer has to a brand, has been studied mainly in consumer products industries.
“It results in a consumer feeling as though the brand actually becomes part of who they are, repurchasing the brand, speaking highly of it to others, defending it and resisting negative information about it, and even feeling separation anxiety at the thought of losing one’s relationship with it,” the organizations said. “All of this results in substantial financial rewards for an organization.”
Dr. Katie Swanson, an expert on brand love and former credit union executive, said in a statement she believes credit unions are uniquely positioned to capitalize on the benefits of fostering brand love among their members.
“At the heart of the credit union movement is a philosophy of putting the member first,” she said. “That mindset is unique to the credit union industry and one that sets the stage for deeper, longer-term, and more financially rewarding member relationships for credit unions that take notice now of the potential benefits of brand love. We are unaware of another brand love study in the financial services industry, and credit unions that participate will have the competitive advantage of getting in on the ground floor and setting the industry benchmark.”
Applications to participate are still being accepted. Interested credit unions may e-mail Brand.Love.Research@gmail.comfor more information.