I’m a big fan of the research and consumer perspectives from The Hartman Group. Food is their specialty, but their ideas can be applied to credit unions.
For example, look at their recent comparison of traditional culture, passed down from our teachers and authorities, to the consumer culture, which bubbled up and is shaping the way younger credit union prospects receive our message. We must become aware of the differences to change with the times.
| Traditional Culture | Consumer Culture |
| Strong parental and intergenerational authority | Families run as democracies |
| Clear societal roles (i.e., dad, worker) | Less regard for elders |
| Belief in rules, hierarchies | Multiple, transient value systems |
| Belief in science, objectivity | [The magazine did not list a consumer culture element in this section] |
| Top-down authority | Skeptical of authority systems |
| Class-based lifestyles | Lifestyle identities replace class identity |
| Focus on basic needs | Focus on experience and desires rather than needs |
| Production drives economy | Consumption drives economy |
| Sober and serious | Playful, ironic, cynical |
| Source: The Hartman Group | and Grocery Headquarters Magazine |
If you agree with The Hartman Group’s shift, what beliefs about credit union marketing, communications and operations should we hold dear? What should we let go? What should we adopt?
In our financial literacy efforts, are credit unions coming off as a “strong parental” voice or are our programs featuring peers speaking to peers like the television show Biz Kid$? How do we structure financial literacy materials with messages reflecting our new knowledge that families run as democracies?
Our credit unions re-appoint long-standing board members who are hard-working, respected, and often retired. Do uncontested elections leading to appointments work with a culture that values democracy? Does the image of the tenured board member work with a consumer culture that has less regard for sober and serious elders and prefers to be playful, ironic and cynical? Target stores’ marketing is aimed at a young consumer with advertising that is playful and ironic, but it attracts shoppers young and old. Could it be that reflecting the current social norms of our consumer culture works? Is it possible that the advertising reflecting the cultural norm makes people comfortable while also being edgy and enticing them to shop at the store?
The credit union marketing and operations archtype is that we have to be traditional and rule-based, because people have to trust us with their money. Yes, they do, but trust in a not-for-profit financial institution a given. Do we honestly think that in the back of their minds consumers who spend thousands online don’t trust credit unions with their money?
Do we traditionally focus on basic needs like car loans, savings and checking? Of course. But could we convey the information to consumers in a way that reflects their lifestyles, experience and desires…real desires? That 21-year prospect may lust after a turbocharged 2008 Cobalt and barely make payments. Is he a good member? Wouldn’t he also benefit from peer-to-peer financial literacy? Wouldn’t he be more likely to listen to someone like him than an authority figure telling him that he’s making bad choices?
Let’s not start our marketing discussion with, “Our best member is…” and ignore who tomorrow’s best member is.
Do we believe that prospects will flock to us because we tell them logically that they will become owners/members and they have a say in what we deliver?
We’ve had the pleasure of working with Seattle Metropolitan Credit Union, and they get the shift from traditional culture to consumer culture.
They encourage young members to vote on everything from the design of their debit card to the causes Seattle Metro should donate to. Their “Speak” and “Seven Principles” programs don’t disrespect traditional culture, but definitely take root in the consumer principles articulated by Hartman.
Apr 11, 2008 at 4:59 pm
Yup. I hear ya Kurt. The Shift. Yes, capitalized because it is an entity, and it’s THAT big. At Seattle Metropolitan it’s been a struggle, a revolution, a challenge and absolutely euphoric. I would recommend that every credit union approach The Shift, not as a marketing campaign, but as a new way of thinking about your operations.
Relevant consumer communication will not be successful in your advertising if it doesn’t spew from every part of your organization. I know, every Marketeer reading this is saying, “Yeah right. What do you think we’ve been trying to do?” But have you? Really………have you? Don’t worry; we’re still working on the spewing part ourselves.
Our Speak campaign was the start of looking at credit union idioms and asking ourselves, “What does it mean that we care what members think?” How can we give that more meaning? How can we make that more relevant? We put our money where our mouth was by turning a big decision over to our membership.
They decided what their debit card should look like. Their decision lives on; they hold it in their hands daily (we hope); owning the credit union became tangible and suddenly had meaning. We were LOVIN it…and so were the members. The best part was that it wasn’t just a marketing promotion, it was an operational event that involved the entire credit union, front and back office.
Seven Principles is an evolution of Speak. It’s our attempt to take our roots and give them real meaning, to not only the member but the consumer. Hanging your hat on members being owners does nothing if you don’t provide opportunities for members to feel that. Like service, another favorite with credit unions, it’s something that needs to be experienced, not talked about.
Hey, if the rules of issuing stock complied, WAMU could run a cheap campaign issuing a share of stock with each new checking account. Bam! Their customers become owners too. But is it really the same thing? Maybe not to us playing in the credit union sand box, but it sounds the same to consumers. The Shift comes when your organization (not just your marketing) begins to think like a consumer and act accordingly. So I give you all permission to spew. You’ll feel better, trust me.