The Oxford English Dictionary just unveiled its 2023 Word of the Year: "rizz."
At first glance, this internet-born term might seem out of place in the realm of your credit union brand. But its essence — embodying charisma and an irresistible appeal — is absolutely relevant to institutions striving to carve out a distinctive identity in a crowded marketplace.
What "Rizz" Teaches You About Credit Union Branding
“Rizz,” a condensed form of 'charisma,' initially gained traction on digital platforms. It's more than just a trendy word; it's a concept encapsulating the magnetic pull of an individual or entity.
Unfortunately, a checking account or personal loan aren’t enough to draw people in these days. Your credit union brand needs an appealing persona if you really want to attract and retain members. In an industry often perceived as rigid and impersonal, a brand with “rizz” could be the key to standing out.
Speaking the Member's Language
The words you use are equally important for keeping members engaged. You have an incredible opportunity to redefine financial communication with your credit union brand. It's about transcending the typical “bank speak” — interest rates, account types, loan terms — and connecting on a more human level.
We’re not suggesting you just incorporate random Gen Z slang terms into all your marketing. That would come across as extremely sus. (See? We just tried it and that didn’t feel natural at all.) But you do want to use language that’s accessible, engaging and relatable, much like a conversation with a trusted friend.
Adapting with the Times
Just as “rizz” reflects the evolution of language, banking also needs to embrace change. You’re well aware the financial landscape isn’t static; it's shaped by varying rates, shifting consumer expectations, technological advancements and cultural trends.
To stay relevant, your credit union brand must not only acknowledge these changes but also actively adapt. This means evolving communication strategies, service offerings and member experience to meet the contemporary needs and desires of your clientele.
The Power of Research: Internal Assessment and Forward Planning
Identifying the Word of the Year is no fluke; it involves meticulous research and analysis of language trends. Similarly, an internal assessment of a credit union's marketing strategies can reveal invaluable insights.
By evaluating what's resonating with your audience, identifying areas for improvement and pinpointing where to focus future efforts, your institution can stay ahead of the curve. This research isn't just about numbers and metrics; it's about understanding the emotional and psychological impact of your credit union brand on consumers.
As you usher in a new year, take a page out of the Oxford English Dictionary's book. Delve into your own 'lexicon' of marketing strategies, assess your brand's “rizz,” and chart a course that not only speaks to members but also captivates them.
And remember: if you're looking to infuse your credit union brand with that irresistible energy, On The Mark Strategies is here to guide you every step of the way. Let's make your brand not just seen, but felt, in every interaction. Book a free consultation today and start your journey towards a charismatic, compelling credit union brand identity.