Marketing

Want Market Share? Build ‘Mind Share’

CUs have a great story to tell.

March 21, 2011
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It’s more important than ever for credit union brands to capture members’ heads, hearts, trust, and loyalty. Credit unions are the “good guys” of the financial services industry, and they have a great story to tell.

But credit unions won’t be able to exploit their “good guy” status to build market share until they build “mind share,” says brand strategist Libby Gill, speaking at the 18th Annual CUNA Marketing & Business Development Council Conference in Las Vegas.

It’s more important than ever, she says, for credit unions’ brands to cut through the clutter and capture members’ mind share—their heads, hearts, trust, and loyalty after which market share will follow.

Gill cites five ways credit unions can build member mind share:

1. Define and deliver authentic value. Examine what you’re providing members and whether you’re meeting their needs.

2. Confirm your “go-to-authority” status. Establish your credentials and credibility by sharing your expertise with members, becoming a valued source by the media, and harnessing members’ testimonials.

“Nothing sells a customer like another happy customer,” Gill says. “Don’t be the greatest best-kept secret.”

3. Create a “sticky” message. A tagline can be a powerful way to communicate your credit union’s unique value proposition to members. “Diamonds are forever,” for example, justifies the jewels’ high price point. And “That was easy,” from Staples, addresses the company’s efforts to make consumers’ shopping experience more convenient.

4. Create a “wow” website. This means having a website that illustrates your credibility upfront; has a clean, professional, and contemporary look; and includes calls to action.

“Your site should tell people what to do once they get there,” Gill says. “It should lead people through.”

5. Implement a culture of Kaizen, or continuous improvement.

“The definition of a brand is what people say about you when you’re not in the room,” says Gill, borrowing from Amazon.com’s Jeff Bezos.

Mindshare

Elge Premeau | Internet Marketing Consultant
October 21, 2011 11:41 am
Thank you for a plain English explanation of how to gain Mindshare.


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Great article! Unfortunately, most employees don’t feel valued or appreciated by their supervisors or employers. In fact, research has shown that the predominant reason team members quit their jobs is because they don’t feel valued. This is in spite of the fact that employee recognition programs have proliferated in the workplace – over 90% of all organizations in the U.S. has some form of employee recognition activities in place. But most employee recognition programs are viewed with skepticism and cynicism – because they aren’t viewed as being genuine in their communication of appreciation. Getting the “employee of the month” award, receiving a certificate of recognition, or a “Way to go, team!” email just don’t get the job done. How do you communicate authentic appreciation? We have found people have different ways that they want to be shown appreciation, and if you don’t communicate in the language of appreciation important to them, you essentially “miss the mark”. Additionally, employees need to receive recognition more than once a year at their performance review. Otherwise, they view the praise as “going through the motions”. A third component of authentic appreciation is that the communication has to be about them personally – not the department, not their group, but something they did. Finally, they have to believe that you mean what you say. How you treat them has to match the words you use. If you are not sure how your team members want to be shown appreciation, the Motivating By Appreciation Inventory (www.appreciationatwork.com/assess) will identify the language of appreciation and specific actions preferred by each employee. You then can create a group profile for your team, so everyone knows how to encourage one another. Remember, employees want to know that they are valued for what they contribute to the success of the organization. And communicating authentic appreciation in the ways they desire it can make the difference between keeping your quality team members or having a negative work environment that everyone wants to leave. Paul White, Ph.D., is the co-author of The 5 Languages of Appreciation in the Workplace with Dr. Gary Chapman.

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