From the Macarthur Credit Union to The Mac
The Macarthur Credit Union was established in 1971 and was situated in Australia’s fastest growing Local Government Area (LGA) in Campbelltown on Sydney’s ‘edge’.
The population growth was expected to increase by 260,000 new residents (2012 > 2022) and the Credit Union recognised an opportunity and need to be an alternative provider of financial services to these new residents who knew nothing of their ‘local’ credit union or its attributes.
The organisation wanted to enhance their conservative image in order to make themselves more meaningful and relevant to an influx of potential new members (ie; new residents coming into the area).
Any transition of brand and accompanying acquisition strategy needed to be highly cognisent of the current membership in order to minimise loss of valued customer members.
If you want marketing spin and fluffy statements then BrandQuest is not for you.
If on the other hand you are passionate about your business and seek an honest assessment of where you are, where you could be and how to get there – the choice is easy: BrandQuest.
BrandQuest really knew what they were talking about and they got to understand our culture and the DNA of our organisation.
That’s an extremely rare and extremely valuable asset to have. Our staff have never been more engaged in our brand.
Dave Cadden, CEO
BrandQuest engaged with the entire management team, the Board and all staff members to develop a brand strategy that had the full support of all stakeholders.
The BrandQuest process used the pre-workshop questionnaire to gain valuable insights from all staff as a precursor to the full day brand workshop attended by key stakeholders (Directors, Management and selected staff).
Within 21 working days the recommended Brand Strategy was presented back to the original workshop attendees for interrogation, debate and then prepared for presentation to the Board.
The strategy focused on the success of building and maintaining customer ‘relationships’ as a key reason for its strong community bond and a reason for new members to engage with the brand – leaving behind their established/historic financial service provider for one more ‘localised’ in the community.
It was critical to success that any renaming and rebranding of the credit union was managed sensitively and with full transparency across all staff and importantly, the current membership base.
Subsequently the Macarthur Credit Union was re-named and re-branded as The Mac. Friendly, helpful and supportive.
The BrandQuest brand strategy development revealed the underlying brand essence of the brand as a ‘Good Neighbour’.
This revelation formed one axis of the new Brand Canvas and underpinned the renaming and rebranding of the organisation into a more contemporary, friendly and ‘neighbourly’ brand ie; from ‘The Macarthur Credit Union’ to ‘The Mac’ and from a tagline; ‘In and for the Community’ to a new tagline ‘Friendly, helpful and supportive’.
A launch marketing campaign communicated with thousands of The Mac’s current members – clearly explaining the ‘whys and wherefores’ cogniscent of the changed brand name and brand logo.
Within 24 months of the new brand introduction, the loans portfolio was trending at a steady 14% increase (almost double industry trends) and total assets growth was up by +20%.
Average member value has increased 40% in the last three years to Dec 2017 while products per member have increased 15% during the same period.