The banking aisle – What CUs can learn from almond milk

first_imgby: Bradley BlueCredit union marketers – some food for thought:Almond milk is healthier than cow’s milk in many ways. It has more vitamins than regular milk, fewer calories, less fat, no sugar, no cholesterol, and takes significantly longer to expire. The product is popular with animal rights and environmental groups alike, and is widely promoted as an ethical alternative in these circles. Despite many competitive advantages, and despite not needing refrigeration, it sold only to a niche market until they put it in the refrigerated section next to the milk. (See article.) The mere fact that the two products were presented next to one another reduced consumer confusion about the product and increased the likelihood of purchase.While moving to the dairy aisle kept almond milk from being “out of sight, out of mind,” the biggest win for Almond Milk was that they were able to maintain a distinction from milk while still being presented in the same environment. Had they decided to market as milk, they would have been intentionally hiding their best attributes to fit in with a lesser competitor. It is also worth considering that dairy could not have matched such a move by putting its product in the baking aisle. While almond milk is able to compete on two aisles, milk must be refrigerated.Similarly, credit unions compete favorably with banks in many ways. They have better rates, fewer fees, better service, etc, and are widely advocated by consumer rights groups, but few recognize them as an alternative to banks or consider them when making a purchasing decision. Instead, we remain the curiously named, mysterious little box in the baking aisle. You know, the one your new-agey activist friend is always telling you to try. continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img

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