Andrew Davis: ‘Craft Experiences’ to Show Your CU is Different

The “loyalty loop” panel (L-R): Andrew Davis, keynote speaker at REACH 2021 and CEO/founder of Monumental Shift Inc.; Marci Francisco, Chief Experience Officer for Premier America CU; Randy Icelow, CEO of Rolling F CU; and Royce Ngiam, former VP of Marketing and Business Development for Partners FCU
The “loyalty loop” panel (L-R): Andrew Davis, keynote speaker at REACH 2021 and CEO/founder of Monumental Shift Inc.; Marci Francisco, Chief Experience Officer for Premier America CU; Randy Icelow, CEO of Rolling F CU; and Royce Ngiam, former VP of Marketing and Business Development for Partners FCU

“In the marketing world, there’s always something new — and there’s always something next,” said keynote speaker Andrew Davis as he launched Wednesday morning’s general session at REACH 2021, hosted by the California and Nevada Credit Union Leagues.

(View or download any of this week’s photos from the REACH 2021 photo gallery)

As a result, credit union marketers and senior management spend their time, energy and budgets spread thinner every time there’s something “new” or “next.” And marketing budgets aren’t necessarily getting larger each year — they're just getting sliced differently.

The “Loyalty Loop” presenter, marketing expert, and CEO/founder of Monumental Shift Inc. said credit unions need a fundamental shift in the way they “think” about marketing. The Loyalty Loop is a series of encounters with your credit union and brand that leaves an impression. It launches an experience that creates new moments of inspiration with your members, triggering new questions and actions in their minds and fueling new commitment to your brand.

The Loyalty Loop for consumers consists of: 1) the moment of inspiration; 2) a trigger question; 3) your credit union’s prime brand; 4) active evaluation by the consumer; and 5) a moment of commitment by the consumer.

“We need to question the fundamentals of marketing and business,” Davis said. “We need to question the age-old marketing-and-sales funnel, which is the idea you have to raise awareness for your brand so some people in the market are aware, so that a smaller portion may show intent to purchase, so that some pay purchase — and then a sliver become advocates of your brand. This, unfortunately, is linear and relies on raising awareness.”

Ultimately, credit unions need to sell an experience, not create financial products and services, which is just the beginning. Businesses and consumers are living in an era where data and time spent are just as important as money.

“We should be creating an experience that’s worth it,” Davis said. “What you deliver is not a commodity. It’s an asset that your members should feel was worth paying for.

Loyalty loops take micro-experiences and build trust.

“A lot has changed over the decades, but the framework is still the same,” he said. “People buy experiences. Crafting an experience SHOWS people you are different, differentiates a consumer’s experience, and builds your brand.”

Stay Engaged During REACH
Attendees and League staff will be sharing photos, comments and memories through Twitter (@CUatREACH), Instagram (cuatreach), and the REACH Photo Galleries.

REACH is one of the credit union industry’s premier annual events, attracting leaders and system partners from across California, Nevada and the United States. This year it’s held from Nov. 1 – 4 at the JW Marriott Desert Springs Resort and Spa in Palm Desert, CA!

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