Neither snow nor rain nor heat nor gloom of night will keep us from creating knock-out rebrands for our clients. A perfect example is how MarketMatch rebranded Central Florida Postal Credit Union (CFPCU) …
as Priority Credit Union, which helped drive a 5% growth in members in only the first 6 months.
Originally, CFPCU was created to serve area US Postal service workers and their families. Recently, they expanded their charter to serve the whole community. While their charter changed, the name didn’t—which created a lot of confusion. Add to that the visibility issues: all but one of their locations was tucked away inside post office locations.
MarketMatch rebrand results in
a 5% member growth in the first 6 months & an increase
in checking penetration
With double-digit growth in interest income as well as assets, deposit balances and a large jump in loan balances, the credit union was financially in great shape. This seemed a great time for CFPCU to focus on revitalizing its brand to attract new members and build even deeper relationships with existing members.
- Continue to speak to the postal SEG
- Increase awareness in the community despite limited branch visibility
- Evolve the member perception of CFPCU from simply a lender to a full-service financial institution
- Provide a service level that demands member’s attention
MarketMatch Rebrand. Let’s Do this Right!
Is there a wrong way to rebrand your bank or credit union? You bet. Years of experience creating, shaping and RESHAPING financial brands have taught us a thing or two:
- Do not walk away from your heritage
- Do not lose touch with your core base
- Speak to the community
- Align your staff
- Be aspirational
- Create something that you can grow into, not out of
Research: we came, we saw, we learned. Big time.
The brand you create is only as good as the research you do. Every branding project we do, from refreshes to total overhauls, involves copious amounts of research. For Priority CU, we:
- Shopped their branches and competitive branches to gauge experience
- Conducted staff interviews to:
- Identify potential hurdles
- Identify strengths and weaknesses
- Identify front-line opinion of member perceptions and personality traits
- Analyzed competitive messaging
We typically recommend quantitative research too, to make sure that our data is statistically relevant, but sometime the budget simply doesn’t allow for it. This was one of those times. So you do the best with the money you have.
A New Name
We only recommend a name change if:
- Your name causes confusion in the market place or causes a barrier for entry (We serve more than Postal workers)
- You have limited control over the brand (If a post office worker “goes Postal,” would it effect the brand?)
- There is a negative perception in the marketplace
CFPCU fit two of the three criteria, so we created a name that played off of the Priority Stamp and told non postal workers that they would be our “Priority.”
New Brand Positioning: For Those Who Deliver
Because of their postal heritage, For Those Who Deliver was the perfect tagline and rebrand positioning as it both gives a nod to postal workers, but also to anyone in the community “who delivers”.
Marketing messages were tailored around the idea that Priority Credit Union was created for, and caters to, dedicated individuals. People who are relied on by their family and their community for most of their lives. People who pride themselves on going “above and beyond” to help friends and the community: people who deliver.
To really appreciate the transformation, here’s a before and after look at the web:
Results. Drum Roll Please …
MarketMatch delivers! The rebrand was launched in January of 2016, and the results have been solid:
- 5% member growth in first 6 months
- Increase in checking penetration
- 3.6% increase in loan balance in first 6 months
Let’s Talk About Your Brand
The simple truth is bank and credit union brands can become outdated. You grow, you change. Suddenly there’s a disconnect between your existing brand and who you REALLY are. You just need some time on a brand therapy couch to rediscover yourself. We can help you do that.
Give us a call at 937-371-2461 or shoot us an email.