WeDevelopment Federal Credit Union

Introduction: 

This case study explores the journey of a credit union from obtaining its charter to deploying a go-to-market strategy for market penetration. Situated on the Eastside of Kansas City, WeDevelopment serves the economically distressed area of Kansas City and is positioning to tackled the banking desert and predatory lending plaguing their potential membership.  The need to establish a strong presence in the market and attract a diverse membership base by strategically leveraging its charter and implementing a comprehensive go-to-market strategy and strategic messaging, WeDevelopment achieved significant brand awareness with its consumers.   

1. Research and Planning: In partnership with Messenger Ink, Culturesphere reviewed confidential business documents (comprise of demographic data, local economic trends, and the financial landscape of the membership area) and conducted extensive research to understand the local financial landscape (needs of the community, assessed competition, gaps in financial services) and identified opportunities for growth; identifying primary, secondary, and tertiary target markets. 

2. Approval and Next Steps: 
Equipped with the understanding + parameters of membership + products, a comprehensive marketing plan was developed and submitted to the NCUA for review- and ultimately approved. With the Charter now approved and in hand, fruition became the next milestone in our wealth partner journey. 

3. Brand Messaging and Positioning:
The credit union developed a strong brand identity and positioned themselves as a trusted and member-owned financial institution, leaning on brand specific language such as “WeDevelop Communities”, “WeDevelop Realities”, and “WeDrive Wealth”. Capitalizing on their brand language, additional marketing tactics such as press releases and voiceover scripting were deployed to connect with the market and key stakeholders, cementing their commitment to financial + market support, and social responsibility to build trust and loyalty among the community and potential members.

4. Community Engagement: 
Gaining support in the community thru initial pledges, we actively engaged with the local community through partnerships, sponsorships, and outreach programs, partnering with professional membership organizations such as The Hispanic Chamber of Commerce and The Greater Kansas City Chamber; participating in community events (Juneteenth Celebration), offered financial literacy workshops, and supported local initiatives to establish themselves as a trusted financial resource and community partner.

Results:

1. Market Penetration: The credit union successfully penetrated the market and expanded its membership base. They attracted a diverse range of members, including underserved populations and small businesses, by offering tailored financial solutions and personalized service. 

2. Growth and Profitability: The credit union experienced significant growth in assets, deposits, and loans. The successful implementation of their go-to-market strategy resulted in increased revenue and profitability, enabling them to further invest in expanding their offerings and enhancing member benefits. 

3. Community Impact: The credit union made a positive impact on the community by providing access to affordable financial services, supporting local initiatives, and promoting financial literacy. They became a trusted financial partner for individuals and businesses, contributing to the overall economic development of the community.

Conclusion:

By obtaining its charter and deploying a comprehensive go-to-market strategy, the credit union successfully established a strong presence in the market and achieved significant growth. Their focus on understanding the needs of the community.