Ultimately, financial institutions all have the same sort of financial services on their menus. Presenting the quality of your credit union’s products through appetizing descriptions like rates and fees should be enough but won’t end up competing against the streamlined advertising efforts of big banks. Big banks have big bucks to promote a sort of fine dining experience and won’t have much trouble beating your discount deals.
Luckily, as credit unions your (Field of Membership) will give you a community to draw members from. Your FOM defines much more than the parameters of eligibility for new members; it shows you how to market your menu based on the taste of the group.
For example, a select employment group that works in energy conservation or organic foods would not want multiple paper print items sent to them and would rather find your booth at a farmers market than a state fair.
Your FOM will provide for the places your credit union should be, to meet your members and clue into what financial services your current and potential members are hungry for.
Most of all, credit unions have a special advantage over bigger FIs: interpersonal and emotional FOM advertising to a group of like-members. Consumers are more likely to choose an institution or product it feels a connection to, through community and experience.
For example, a field of membership with a geographic range that includes close-knit communities is an advantage over big banks that don’t know the local traditions (like putting hot sauce on your pizza). You know the inside scoop on your members’ favorite ice cream, and that’s a huge advantage over big chain banks serving vanilla and chocolate.