A Hummer or a Clunker—What Type of Car is Your Credit Union?

By Doug Foister, Director of Research at Cornerstone Credit Union League

When conducting focus groups among credit union members, I sometimes employ a fun yet productive technique known as “brand personification.” For example, I might ask the participants in a group: If your credit union were a car, what kind of car would it be? While the question may seem frivolous at first glance, it actually can yield rich insight into members’ true perceptions of their credit union – perceptions they may hold subconsciously or otherwise be unable (or unwilling) to articulate.

Unlike written survey questions, in which members simply check a box to convey their responses, methods such as brand personification allow researchers to probe at a more subjective or emotional level. Why is this important? We all know that emotions can play a pivotal role in decision-making among consumers – and credit union members are no exception.  

Below are real answers given in focus groups conducted for three different credit unions. See if you can discern a theme. Remember, insights won’t necessarily come from taking what participants say literally, but by exploring the implications behind their ideas. Here we go…

If your credit union were a car, what kind of car would it be?

• A Ford
• An extended cab pick-up
• A family car
• A Volvo – appealing but not ultra-luxury like a BMW
• A Mercedes
• A taxi – it picks you up and takes you to your destination
• A Chevrolet
• A Hummer – it’s tough and strong
• One of those you can press a button and turn it on…because it’s easy, it doesn’t come with a whole bunch of tech nonsense, it’s easy to access
• A Camry
• A Lincoln
• An economical mid-size sedan - not this extravagant Cadillac of banks and not a junker
• A Suburban
• A nicely packaged Civic – it’s dependable, affordable, not prestigious, which most of the time, you don’t need all that stuff anyway

Although some likened their credit union to luxury cars, most of the members related it to vehicles that are reliable, efficient, affordable, middle class, family-oriented, basic, easy to use, etc. Is this good or bad? It depends on the goals of the individual credit union. What’s important is that we’ve captured a snapshot of reality. We’ve gone beneath the surface to discover how these members perceive their credit unions. This kind of information can have significant implications for areas such as marketing, community development, even training.

Aren’t “hard” factors like rates, location, and the specific products and services you offer still important? Of course. Nevertheless, it’s important to remember that people are not robots. They have feelings, and their feelings frequently affect their decisions. I hope you can see that a tool like brand personification, used in tandem with other research methods, can give truly meaningful insight to credit unions.

Now for the real question: If your credit union were a car, what kind of car would it be?