A leading credit union in Texas wanted to relaunch its brand with a compelling positioning that distinguished it from competitors in its footprint. The institution wanted to identify the value proposition and emotional drivers from the perspective of existing customers and prospects.
Rockbridge implemented an online survey among 1,000 members of the credit union and 300 customers with a banking relationship with competitors in the market footprint.
Rockbridge began the process by conducting stakeholder interviews with management and staff at the credit union. In the survey, a list of rational and emotional attributes were presented to each respondent who then rated financial institution performance using a proprietary “Best” scaling.
A MARS (Mindshare Allocation Rule System) score was computed based on the overall impression each respondent had of the credit union and other financial institutions in the market. The MARS proved to be a strong predictor of market and penetration.
Rockbridge modelled the key drivers of mindshare, identified barriers that limited the institution’s ability to achieve the full potential of its mindshare, and developed means-end maps that framed choices in terms of deeper emotions and values.
The credit union was able to determine the best strategy and messaging to relaunch its brand in order to increase market penetration and likeability among the credit union’s members and banking customers in the market footprint.