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When credit unions seek out renewed relevance for their institutions, they often look to rebranding as a way to mean more to members. But how effective are rebrands at driving brand awareness and growth? New data in Adrenaline’s ROI of Rebranding report shows success on both measures, finding that credit unions that the company rebranded outpace industry averages over the past decade, growing more than 8.3% per year, compared to a 7.8% industrywide rate.
Two credit unions featured in the report detailed their data-driven decisions and measures of success. Everwise Credit Union, previously known as TCU, was looking for a way to spur more momentum, seeking a new name and refreshed brand to deepen member relationships, appeal to new member prospects, and differentiate their brand in the market. Tower Federal Credit Union had only rebranded one other time during their decades-long history and was looking for new growth and renewed relevance.
Read more about the success of these recently rebranded credit unions.
Data You Can Use
Of financial institutions report an increase in overall business growth following rebrand
The Story:
Banks and credit unions undergoing a rebrand over the last decade report business growth in the months and years following the launch of their updated brand. Data released in the ROI of Rebranding finds that more than eight out of ten respondents said their financial institution saw at least “moderate” growth from their rebranding activities. When asked what factors were critical to maximizing their rebrand investment, 86% reported that marketing to support the rebrand, consistent communications, reimagined digital experience, and focus on culture and staff training were all essential to institutional success.
The Takeaway:
“For banks and credit unions that refresh or rebrand their institutions, the payoff is great,” says Juliet D’Ambrosio, Chief Experience Officer at Adrenaline. The company’s analysis found that financial institutions gain bottom line benefits from their rebranding efforts, with rebranded banks realizing a 13.6% increase in compound annual growth rate, compared to the U.S. average of 7.4%. “There are real, bottom line benefits from rebranding,” says D’Ambrosio. “Not only does rebranding help banks and credit unions rise above a sea of sameness, it truly helps them grow their organizations in a way that wouldn’t have been possible before their rebrand.”
Source: Adrenaline, “Measuring the ROI on Rebranding Initiatives Survey,” May, 2024
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