When you think about a bank or credit union ad, what do you imagine? A smiling young person with keys to their new car? An older couple gardening? A photograph of their new mortgage loan officers, with a promise that their people really do make the difference?
How about a little less buttoned-up? Maybe you're the "fun" brand. So, you probably use an image of the team at a local nonprofit event, with a message about how the financial institution has been a part of the community for decades.
Does any of this sound familiar? That’s probably because it is. You either see it all the time – or you and your financial institution are a part of it. All these tropes make up what is known as…
SYMBOLIC ISOMORPHISM
In America, there are currently 231 “First National Banks.” There are 109 “Schools” and 100 “Teachers” Credit Unions. That’s not even mentioning how many FI logos consist of similar imagery like eagles, trees and starts – or the number 1. See a pattern? Good, that’s the point.
Symbolic Isomorphism is the tendency of organizations to adopt names and identities similar to those of their competitors in order to exude legitimacy.
The fear is that if you do something different, you won't get recognized as a bank or credit union. The financial industry is mitigating risk every day in the decisions they make. The last thing any financial marketer wants to do is take a risk on anything, especially when it comes to their marketing.
There's a good reason for this, too. There's no shame in it if you make sure that you look and feel like a safe, trustworthy financial institution. However, it can become a self-fulfilling prophecy in the worst way: When you say that your people truly make the difference, and you put your people in every ad to help illustrate that, you end up with ads that blend in with every other financial institution, financial planner, real estate company, and medical provider that does the exact same thing, with the exact same promise that their people really are the best. The end result of this, though, is that you don't stand out.
DISCOVER THE DIFFERENCE
"When I started at my last credit union, every single competitor seemed to have a name that started with S, and had blue as a primary color," explains Epicosity Brand Ambassador Nikki Doherty. "We did too! That meant that, when we rebranded, we chose a name that started with a V, and we used green. It seems like a small change, but it really helped us honor who we were while standing out enough to be noticed by new demographics."
Looking like you "belong" is the riskiest move. "I once worked in a market where there were no fewer than six credit unions that had names starting with the city - Spokane Federal, Spokane Teachers, Spokane Media, Spokane Firefighters...," explains one Epicosity partner. "We would consistently insist that we were different, and our members could obviously tell the difference, but we would also consistently get reviews for other credit unions on Google, and have comments and complaints tagged incorrectly on social media."
Really, a strong brand can't be about the products and services you offer, nor is it about the logo or colors you use. As Doherty puts it, "A brand is really just about connecting to my members and potential members and community. It's about being on the same level. Appeal to their interests and passions and loves. I feel like If we align, we have a great relationship. I'm not looking for someone who wants to buy a product or service. I'm looking for someone who I can help realize their dreams and goals and be with them for not only their life cycle, but their children, and their children's children. I'm taking time to invest and be a part of their lives."
And that is not only what brands CAN do, but also what financial institutions HAVE to do if we want more than one percent of people to see us as essential to their financial lives. As Brand Ambassador – and someone with first-hand experience, Nikki knows what it takes for a financial brand to embrace its own unique identity and how to connect with clients. Reach out to Nikki today!
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