Credit unions that rebrand have exceeded industry growth rates over the past decade
When credit unions seek out renewed relevance for their institutions, they often look to rebranding as a way to mean more to members – current and future. But how effective are rebrands at driving brand awareness and credit union 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, enterprise-wide processes and measures of success.
Everwise Credit Union is a legacy education-based credit union that was growing, despite being known for only serving teachers. Looking for a way to spur more momentum, the institution sought a new name and refreshed brand to deepen member relationships, appeal to new member prospects, and differentiate their brand in the market. Internal advocates leveraged robust market research to make an effective case for change and instituted a process for renaming that brought the institution’s core values to the forefront. Ongoing measurement keeps the credit union on track – with monitoring, awareness studies, and employee engagement measures.
“When the data comes back and it shows that more than two-thirds of consumers didn’t think they could join, we had an obvious barrier to growth. Showing the board that even if we got to average from a growth perspective, we were going to be able to take the credit union so much further with a brand that would help us take the brakes off of growth.”
~Dan Rousseve, Chief Information Officer, Everwise Credit Union
Tower Federal Credit Union is a Select Employee Group (SEG) institution that had only rebranded one other time during their decades-long history. Looking for new growth and renewed relevance, Tower sought a refreshed brand. To build consensus with key stakeholders, the team leveraged customized research, focused interviews, and panel discussions. Data informed every aspect of the updated brand, including refinements to their mission, vision, values, and brand promise. In an ongoing effort to measure the ROI of rebranding efforts, the Tower team commits to brand benchmark studies to measure brand health metrics, like brand awareness, brand perception, and brand equity over time.
“In our first-ever large-scale branding campaign that we rolled out with the new refreshed brand, we’ve seen a 20% year over year increase in both new members and new accounts.”
~Tom Poe, Vice President/Director, Tower Federal Credit Union
If you’re a banking leader wanting to deliver better brand experiences, get in touch with the experts at Adrenaline. And, don’t forget to subscribe to Believe in Banking to stay up to date with the latest news impacting the banking and credit union industries.