Increasingly, you hear people talk about getting consumers to like your brand. But liking a brand isn’t enough. For your bank or credit union brand to succeed, your consumers must love it. And for them to love it, they must feel some sort of intimate connection with it.
Yes, that’s right — intimacy.
While intimacy and a financial institution brand may not seem to go hand-in-hand, there is definitely a place for it at your bank or credit union. So, how can a bank or credit union establish an intimate bond with its consumers? According to a recent report, the top five brands with intimate connections to Millennials are Apple, Nintendo, Netflix, Amazon and Disney. There are lessons to learn here. And don’t shy away because of the Millennial reference. The examples below apply to any age demographic.
While the companies listed above may not have a lot in common on the surface, they all demonstrate ways in which brands can connect intimately with their consumers. Consider the following for your bank or credit union:
- Emotion over logic. Generally, consumers don’t make purchase decisions based on logic. They are driven primarily by emotion. Companies like Disney do a terrific job of establishing that emotional connection. Are there cheaper places to take your family for vacation than Disney World? Absolutely. But consumers will pay that premium because of the emotional connection, memories and family fun. Your financial institution must also give consumers a reason to choose it when logic says otherwise. For example, while your competitors may have more branches or better rates, you must offer something (generally along the lines of superior experience) that provides an emotional connection and generates brand loyalty.
- Content is king. Your bank or credit union must provide terrific consumer information in order to stand out from the competition. Simply going for “sell, sell, sell” all the time will only turn off consumers. Companies like Amazon do a great job providing content for consumers (an example of this are customer reviews on Amazon). Your financial institution must also be a leader in content if it wants to establish intimate links between its brand and consumers.
- Actively listening to consumers. Microsoft co-founder Bill Gates famously remarked “Your most unhappy customers are your greatest source of learning.” This definitely applies to banks and credit unions. While we all love the glowing reviews, don’t turn a blind eye towards upset consumers. Hear what your consumers are saying about their pain points in doing business with you and actively work towards remedying those. For example, if you’re getting a lot of complaints about your outdated website, take a serious look at a redesign.
In order for brand to work, your financial institution executive management team must lead it. Your staff must live it. Only then can your consumers love it. Love, in great measure in branding, is determined by intimacy with consumers. So — just how intimate is your bank or credit union brand?