MADISON, Wis. – A new white paper from the CUNA Marketing and Business Council explores the many opinions surrounding the word "bank" in credit union marketing.
Sparked by comments during the council`s 2005 annual conference of then CUNA Chairman and Texas Credit Union League President Dick Ensweiler for credit unions to banish the word "bank" from their marketing vocabularies, the white paper entitled Use of the term `bank' in credit union promotions: Not an issue, necessary evil or high treason? offers insight on the growing debate.
The white paper focuses on the three most common viewpoints expressed in this debate: 1. Bank is a generic term, and banning it is a fruitless task, not worth the trouble because it is no big deal to consumers. 2. Bank is a generic term, and there is no reasonable alternative. 3. Creative and clever marketers can, and should, take on the challenge of finding words to describe the credit union experience, and establish "credit union" as a brand.
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The paper also provides examples of how some credit unions refer to themselves in taglines as well as how they define products and services that are most apt to use the "b-word" in their description.
"I challenged the group and they responded with a thoughtful piece that lays out the issues and gets marketers, and the rest of the credit union industry, thinking about the issue," said Ensweiler.
For more information visit www.cunamarketingcouncil.org select the icon for the appropriate council, then open the "White papers" link located in the "Tools & Resources" dropdown menu.
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