What Credit Unions Can Learn From…Supersize Meals?

According to an interesting new study, low-income consumers are more likely to order bigger portions of food (such as supersize meals) as a way to boost their status. It makes sense right? Typically people buy bigger homes, bigger cars, bigger TVs, etc. because bigger is perceived as better.

Is there an opportunity here for credit unions? Credit unions were born out of serving the unbanked and those of modest means. And credit unions are still serving those who need our help the most.

Recently, it was reported that 1 out of 2 people are low-income. Pay attention marketers - what if joining a credit union became synonymous with higher socioeconomic status, particularly among low-income consumers?

Credit unions already are exclusive by our unique membership structure, but let’s take it to the next level. I’d love to see a marketing campaign that focuses on the branding of membership or products as a sign of higher socioeconomic status. VIP Members, VIP Checking….

Some more ideas:

  • Be big (or think big). What about a “BIG Rewards Program?” Heck, I’d sign up for that.  “BIG Checking.” I don’t even know what that includes, but already I’m impressed.
  • Be classy. How do your debit and credit cards look? Check out these fancy cards for ideas. I’m thinking “Gold accounts” or something sexy.
  • Be visible. Part of the appeal of a bigger car or a bigger TV for example, is that it is visible to others. Aside from creating cool cards and BIG rewards or feature members in ads or social media, how can you make membership visible to others?
  • Be unique. You already are? Good.

I might be crazy, but you never know unless you try right? I’d love to hear your thoughts. 

Christopher

Posted on December 22, 2011 .