John Costello, President Global Marketing & Innovation Dunkin’ Brands Inc., discussed in his insightful keynote how credit unions can build a strong brand in a changing world. While Dunkin’ Donuts is a global giant, the similarities with credit unions are intriguing: Customers still do business with their local store, just like successful credit union are built on daily human interactions. So, how do you keep a 60-year-old icon relevant to customers today? How can customers stay relevant to customers today.
John Costello introduced six key principles:
Confront Reality: Winners honestly assess what’s working and what’s not.
You have to ask yourself: What is your credit union for? What is your purpose? Who is your credit union for?
Differentiate or disappear: Why should I choose your brand over all my other choices?
Strong brands have a clear point of product and brand differentiation. The Who, What and Why define our fundamental brand premise. However, it’s important that yourpositioning resonates.
Embrace a 360 approach to meeting customer needs: Everything that touches the consumer defines their experience.
It starts with differentiated products customers want: They have more choices than ever before. A brand experience goes way beyond marketing and advertising, the right customer experience is critical. Because everything the customer touches defines their experience. This includes the usage of Social Media, by deploying it as a dialogue vehicle not an advertising tactic.
Think long-term – Invest in your brand
Brand building tactics have to sell, selling tactics have to build your brand. Your brand building tactics have to be aligned with your sales tactics. Make ROI a way of life, learn to do more with less. Make sure, information should enhance your judgment, not replace it.
Build a team of people better than yourself – Great teams = great results!
No leader can develop a brand on its own. You need a strong team to create a strong brand.
Have fun – This is the best time to build a brand
These are exciting times for the credit union movement to change and transform