After acquiring another credit union, Education Alliance Federal Credit Union (EAFCU) started to face problems which commonly arise after mergers.
For example, EAFCU's target audience and client profile changed as the acquired customer base of artists differed from their existing education market. Without effective strategies in place derived from understanding their customers needs, EAFCU saw their customer base decrease, despite having merged with the other credit union. EAFCU recognized a shift in strategy was crucial following this merger that reflected true value for its clients. The credit union had the ultimate goal of being acquired by a larger credit union and partnered with Alignkraft to realign all aspects of its business for growth and to position it for acquisition.
To begin the AKDx™ process we conducted an online survey of the EAFCU's clients, employees, and executive team for a full discovery effort into the credit union's pressing needs and areas of strength as well as weakness.
The surveys were supplemented with hour-long in-person interviews of executive team members. Combining the quantitative data of the survey results with the qualitative insight gleaned from the interviews, we performed a gap analysis to compare differences of perception between executive team, clients and employees.
Survey results revealed nuances and details surrounding facets of customer satisfaction, client demographics, services offered, strengths and weakness. This research was crucial after the recent merger.
We next analyzed EAFCU's competitors across several different criteria, including communication strategies, service offerings, corporate structure, financial service offerings, technology solutions, and website user experience.
We compared each company’s competitive advantages/disadvantages and ranked them in relation to EAFCU's performance in these same areas. Using this data, we established the value propositions and unique selling points that distinguished EAFCU and positioned it as an industry leader, making it the most attractive for acquisition.
With these points as a baseline, it became clear how to leverage EAFCU's competitive advantages moving forward in developing a branding strategy to ultimately improve ROI.
EAFCU partnered with Alignkraft for a full discovery, messaging and identity creation. We revitalized all aspects of their brand with ultimate goal of helping EAFCU better serve its membership base, reach new clients and make it attractive for acquisition. With design and production spearheaded by Alignkraft's sister company, SCG Creative, we developed a corporate identity system, website, stationary, social media and email marketing campaigns, trade show collateral and localized industry events which helped EAFCU improve stagnating sales and dropping retention rates.
Alignkraft put into place data-driven strategies to address the effects of EAFCU's previous merger and to align the credit union brand making it possible to scale. These brand strategies which highlighted EAFCU's unique selling points served its membership better, allowing it to grow in size, reputation and value.
Are you looking to position your brand for growth and acquisition like EAFCU? Contact us to learn more about our results with EAFCU and to take the first step in aligning your brand.