One of the truisms about branding is that grreat companies create great brands. Brands do not build great companies.
Tim Calkins is a markeing professor at The Kellogg School of Northwestern University. He publishes a monthly newsletter, Strong Brands, providing contemporary examples from his classroom.
The latest edition includes an update on Tesla, a brand he has written about before.
| Tesla In my last post I wrote about Tesla’s brand repositioning. Things seem to only be getting worse and sales were sharply down in the first quarter. News that the Proud Boys are now showing up at Tesla dealers to show their support will only further polarize the brand. Driving a Tesla has always been about making a statement. I suspect supporting the Proud Boys wasn’t the statement most Tesla buyers were trying to make. |
Credit unions have both individual identities as well as the generic reputation of being a different kind of financial institution. What one credit union does well or becomes a front page story, affects the cooperative system’s brand.
Just as important the individuals and organizations a credit union decides to work with or to support affects their reputation with their members and the communities they serve.
As credit unions decide their NIL relationships, the business partners they seek to serve, and the community events they support, they are creating a reputation much greater than a financial service option.
As boards consider whether to facilitate digital currency options, the sale of marijuana or vape products, or finance options such as interval vacation ownership, consider the impact on the “brand” the credit union is presenting members.
When a credit union offers a special financial product or specific business loans, it endorses that activity.
For example is now the moment to promote a special financing option for the purchase of Teslas?
As in life, what credit unions do with members; money always speak louder than the latest PR or messaging campaign.