Take Your Brand for a Walk

By better allocating marketing budget dollars from traditional and digital advertising to a new focus on video and “phygital” marketing platforms, marketing teams can scale and maximize return on invest … OK, now that I have just the marketing folks’ attention, I want to tell you this: I believe in you. It is no easy task to do what you do – to be the engine of your organization responsible for driving financial results without much of a budget to do so, often playing the scapegoat when budgeted projections aren’t met, all while keeping a shiny smile on your brand and staying true to what it represents to those who interact with the brand.

That last point is so vital. Most credit union marketers I know have a true, undying love for their credit union brand and will protect it above and beyond any outside influence to drive toward outcomes that may inflict damage upon the brand. As a marketing leader, your brand needs exactly you to be that protector and caretaker. It can feel scary to be that person; it can feel like you’re not a team player for saying “no” to certain types of messaging, channels or tactics; it can feel like you’re not doing your job – but if you’re feeling that way, I assure you, you are doing your job.

On Nov. 16, Netflix is releasing a new documentary series about dogs. Appropriately titled “Dogs,” this “dogumentary” as they are adorably referring to it, is already getting people teary-eyed and warm-hearted because we all can relate to that feeling of believing in the goodness of something so hard we would do anything to protect it. There have been many shows about dogs before, but what this one does that tugs the heartstrings more is deeply examine the unique and often symbiotic relationships between people and their dogs. For example, the first episode features an 11-year-old girl who suffers seizures and her certified therapy dog, Rory. She takes care of her dog, and her dog is everything she needs him to be in return.

In that same sense, good marketers protect and have a relationship with their brands. When you’re a caretaker and protector of your brand, there’s a pretty special bond you have with it. Good marketers protect it from inside or outside forces that could change the goodness of what the brand is meant to be for those who depend on it. They have the courage to stand in front of it and take the brunt of any threat head on before damage is done. And if you protect your brand and keep it true to what your members want, it will in return make your job as a marketer so. much. easier.

As I write this, it is so fitting that my newly-adopted retired racing greyhound is snoozing on her bed behind me in my office. And as I am challenged to develop more strategies to deliver Filene’s work and all we do to help credit unions do their work faster, more easily and better for their members, I am also thinking about how I must protect and care for the brand and what our members love and value about it.

What is special about the Filene brand, and many credit union brands, is how we seek first and foremost to help people. At Filene, we want to change people’ lives for the better through credit unions, and thus improve not only business for credit unions, but financial wellness for all. And credit unions put people before profit. They believe that, yes, there is no mission without a margin, but also there is no margin without a mission.

Filene’s research from our Center for Consumer Decision Making is my go-to resource for ideas on how people seek and process information, how our brains work, how we make decisions, how we think about topics like money and what makes us loyal to certain ideas. I use the research to be a better steward of the brand, to protect it and deliver content people want in the way they want it.

As credit union marketers look for ideas to help navigate the shifting and evolving financial needs of their members, and consumers in general, here are some insights from the research that can help you and your brand focus on helping your members without being annoying or making your marketing be a nuisance in their way.

• People need financial help on all levels. The “From Debt to Mindfulness” research shows that whether you’re a thousandaire or billionaire, you’re going to be tempted to overspend and be drawn to shiny new things you don’t need. Credit union brands can be a helpful friend that teaches a mindful spending approach, helping to identify emotional triggers and readjust spending habits.
• People want to be heard. Filene’s “Fostering Digital Clout in Credit Unions” report gives credit unions actionable insights to better manage consumer reviews on social media. One main recommendation states, “if you get a bad review, respond. Standout credit unions take care to show that they care about every member … and responding to reviews has the opportunity to influence a larger audience than the individual reviewer.” Make sure your brand is listening, not just speaking.
• Give people what they want, not what you want them to want. What would you do if 35% of your loan portfolio just disappeared? In “Consumer Insights on Autonomous Vehicles as an Impending Market Disruption,” we learn that credit unions must be willing to experiment with new models of financing that reflect member preferences – for example, flexible leasing instruments for shorter-term leasing or shared mobility loans to pay for carsharing subscription services. How might your brand anticipate the next wave of consumer preferences and be there ready to serve before they even arrive?

I recently read an article called “Cultivating Everyday Courage” in the Harvard Business Review that talked about the concept of being “competently courageous” in the workplace. Essentially, the concept describes professionals who perform courageous acts such as pushing to change a flawed policy or speaking out against unethical behavior, but do so effectively and affect real results without risking their jobs and reputation to do so.

It made me wonder if there could also be a concept of competently courageous marketing wherein marketers could defend and protect their brands, pushing back when certain strategies or tactics felt off-brand or even damaging to brand equity, while still effectively accomplishing the fiscal goals of the organization. This quote really stuck out to me: “Sometimes doing one’s job well requires courage.”

To all the brand protectors out there, thank you. You’re the reason I love my credit unions almost as much as I love dogs. Keep trusting your process. Keep defending and being a caretaker, keep learning from others doing similar work and don’t forget to take your brand for a good long walk!

Holly Fearing is Marketing and Communications Director for the Filene Research Institute. She can be reached at 608-661-3758 or hollyf@filene.org.