Serving niches can still build brand recognition for credit unions as well as their business services programs.
Speaker Lynda Falkenstein shared that message with the 130 attendees at CU Business Group's National Business Services Conference Tuesday. She is the author Nichecraft: Using Your Specialness to Focus Your Business, Corner Your Market, and Make Customers Seek You Out. Falkenstein said having a focused niche can go far in eliminating the competition.
Citing well-known brands such as Mercedes Benz and Nordstrom, Falkenstein said reputations and brand name recognition can make credit unions stand out from the rest. Pricing may not even be an issue if members are loyal to a specific brand that delivers.
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