By Murray Halperin
Building your credit union’s brand is an ongoing and very expensive proposition. Every market is different with demographic changes, new businesses coming and going, and various advertising sources rising to prominence.
Just a few years ago newspapers were one of the most effective methods to develop brand awareness and interest. Now most newspapers are fighting for their survival while the Internet is loaded with click-through banners dominated by the large national banks (Citi, Chase, Wells, B of A, etc.) One thing is for sure, most credit unions are not going to commit more capital to marketing and advertising than the major bank competitors are in their market. Even the local radio markets are dominated by the banks. In May of 2011, only Navy Federal Credit Union made the top 10 of banks or credit unions with ad plays on the radio.