Convention Corner: Building the Foundation of Your Authentic Brand with Your Marketing Company’s Frank Allgood

ATLANTIC CITY, N.J. – Your Marketing Company’s very own Relationship Development Leader, Frank Allgood, spoke with attendees Tuesday morning about how credit unions can identify and establish their unique value proposition and authentic brand.

One question he asked attendees is what their value proposition is. What are two words that describe your credit union? He reframed that question by asking, if your credit union was a car, what kind would it be? What make, model, year, color?

According to Allgood, your value proposition should do three things:

  1. Explain how your products solve the consumers’ problem
  2. Deliver specific benefits
  3. Tell the ideal consumer why they should buy from you and not your competition

It should also be unique and concise, he said, pointing out the clear, visual value propositions of brands like Starbucks, Lego, and Patagonia.

Allgood stressed that authentic brands are not built on “rates” or “service;” they are built on “warmth” and “competence.” Allgood said, “Great brands create an expectation, deliver a meaningful experience and build an emotional connection with their members.”

He listed eight strategies to improve internal marketing:

  1. Access your team’s readiness
  2. Define your “brand promise”
  3. Set smart goals
  4. Reinforce and celebrate success
  5. Be real
  6. Balance warmth with competence
  7. Be a risk advocate
  8. Aim for a servant leadership culture

Allgood’s presentation, as well as other speaker presentations, is available for download the NJ CU Convention Web site.