There’s no doubt that credit unions face an uphill battle when competing against the big banks. However, they can start to level the playing field and thrive by taking a challenger brand approach to marketing. In this blog post, we’ll look at challenger brand marketing and how credit unions can use it to their advantage. We’ll also discuss some of the challenges of this type of marketing and how to overcome them.
What is Challenger Brand Marketing?
Challenger brand marketing is a strategy focusing on taking an underdog or challenger position in the market. This type of marketing typically involves taking on the gorillas in your industry and positioning yourself as the better alternative. To do this effectively, you need to clearly understand who your target audience is and what they’re looking for. You also need to be able to communicate your unique value proposition in a way that resonates with them.
Why Should Credit Unions Use Challenger Brand Marketing?
There are several reasons why credit unions should use challenger brand marketing. First, it can help you create an even playing field against the big banks. When people think of banks, they often think of large, impersonal institutions that are only interested in making money. By contrast, credit unions are typically smaller, member-owned, and more community-focused. This allows you to position yourself as the better choice for people looking for a more personal banking experience.
Another reason to use challenger brand marketing is that it can help you reach new markets. The big banks have a lot of resources and often use them to target specific demographics that they think will be most profitable for them. However, this means there are other market segments they’re not reaching. As a credit union, you can use challenger brand marketing to fill this void and reach new audiences that the big banks aren’t targeting.
Finally, challenger brand marketing can help you build brand loyalty. When people feel like they’re part of a community and have a personal connection to your credit union, they’re more likely to be loyal customers. This can help you attract new members and retain the ones you already have.
Embracing Challenger Brand Marketing
With so many banks and credit unions competing for attention, it can be hard to get noticed. This is why it’s crucial to have a clear and concise message that resonates with your target audience. You also need to make sure that your marketing stands out from the rest.
Remember, your credit union needs to be prepared to do the work. Challenger brand marketing requires a lot of research and planning. You need to understand your target audience and what they’re looking for. You also need to create high-quality marketing materials and make sure that they’re distributed in the right places. This can be a lot of work, but it’s worth it if you want to take your credit union to the next level.
Overcoming the Obstacles with a Little Help
There are many ways to make challenger brand marketing work for your credit union. One of the best ways to overcome the difficulties is to partner with an experienced credit union marketing agency. A good agency will have a team of experts who understand the challenges and how to overcome them. They’ll also have the resources and the knowledge to help you create impactful campaigns and get them in front of your target audience. Most importantly, they will conduct critical research to understand your members and potential members.
Are you ready to partner with a credit union marketing agency? Gumas Advertising is here to help! Contact us today. Explore some of our work with credit unions.