Imitation is the Sincerest Form of Flattery

Spring has certainly sprung in the Ohio Valley area. The trees, plants and grass are all turning green again, the temperatures (though not quite consistently) are trending upward, baseball is starting up and the annual basketball tournaments are nearing their finales. There has also been a steep uptick in the number of birds that are migrating back north after spending the cold winter months in warmer climates.

If you are a regular subscriber of my blog, you know I’ve had a great interest in your Earth birds for quite some time, so much so that it has developed into something you like to call a hobby. While we have some avian-like creatures on my home planet of Amicitia, your planet boasts a much greater variety of fine feathered friends, as I referenced in a previous post, Birds of a Feather.

With my interest in Earth avians growing from casual admiration to dedicated birding, I’ve made some investments in my hobby, including an interactive bird cam and a bird call identification app. While using the latter, I recently ID’d a mockingbird. Apparently, the name of this bird is in direct correlation with what it does: A mockingbird mimics the songs of other birds and the sounds of insects and amphibians. There are several reasons for this behavior, but its very ability to mimic these sounds makes me question, “Is it live or is it Memorex?” (My seasoned readers will get this reference, which I attained from your historical television files.)

The mockingbird reminded me of an old Earth adage: Imitation is the sincerest form of flattery. I mention this because of a television advertisement I’ve seen running lately. It is from one of the large national mortgage providers that shall remain nameless. To the best of my knowledge, before this most recent ad, this provider primarily focused on speed and technology when it came to applying for a mortgage. Today, they seem to be imitating the credit union way of doing business, focusing instead on the emotional side we so often reference when referring to the American dream of homeownership. In other words, they’ve done a 180-degree turn in their advertising messaging.

As credit union mortgage lenders, what is their shift in focus telling us? Simple: The credit union way of doing business is the right way! We are culturally and fundamentally different from the large mortgage brokers, and no matter how much they advertise about fulfilling the homeownership dreams of borrowers, it is still all about increasing their numbers. We know that credit unions are the only ones that are truly DRIVEN by those homeownership dreams.

These new ads show that the focus on technology and instant results is giving way to the personal touch and being there for all the borrower’s needs (and dreams). The ads are also showing that although the credit union share of the mortgage industry is not huge and relatively steady, the big brokers are still looking at us as important players in the industry. They recognize that there is really something to the credit union way of doing business, and they need to get in on it.

That begs the question, “If we’re doing all the right things – so much so that others are imitating us – why don’t credit unions have a bigger piece of the mortgage industry pie?” On behalf of myCUmortgage, we believe it is largely because your members simply don’t know that you offer mortgages!

I’ve been noting that point for many years in this blog, stressing ways to overcome this issue and providing various marketing and communications tips, ideas and tactics that every credit union can easily employ. These marketing tidbits are included in many of my posts – one in particular that comes to mind that you may want to check out for some great tips is Don’t Wait for the Snow to Melt.

While I will continue to work with the myCUmortgage Marketing Team to provide you with more ways you can attract potential borrowers, I want to tell you about some exciting news from the team. myCU is currently testing a new marketing opportunity with several of our partner credit unions where myCU is providing educational mortgage information directly to credit union members. The program is still rather new, but initial results are indicative of an increased mortgage awareness by these members.

We’ll be talking more about this great marketing opportunity as it grows, so stay tuned. If you’re a current partner credit union anxious to learn more, don’t hesitate to contact your Partner Success Manager.

How are you and your credit union getting the word out to current and potential members that you offer mortgages? Are you launching rejuvenated programs that have been successful in the past, or do you have some great new marketing tactics that are sure to raise member awareness?

Again, imitation is the sincerest form of flattery – please take a moment and share what you’re doing on the marketing front. We can all learn from and “imitate” each other as we kick off the spring homebuying season together in the credit union way.