Is your credit union the Four Seasons or Motel 6?

Think about all the different places you can stay while traveling. There are deluxe accommodations (like the Four Seasons), budget accommodations (like the Motel 6), family-friendly places and bed and breakfasts.

There are many different places to stay while traveling because there are many different kinds of travelers. And each of these accommodations is geared to appeal to and attract a distinct niche of people.

The same thing is true for financial institutions. The are those that appeal to business consumers, those that align more with the needs of young families and those that best serve the underserved. The trick is knowing who you are as a bank or credit union. Know your target audience.

It all goes back to branding. One key branding tenet is that you cannot be all things to all people. For example, Four Seasons resorts don’t spend a lot of time and money trying to reach budget-minded travelers. Similarly, long-term stay facilities (like Extended Stay America) designed for business travelers aren’t overly concerned with attracting families on vacation.