Fortune smiles on SSA Baltimore FCU's marketing campaign

BALTIMORE - SSA Baltimore Federal Credit Union cracked open a fortune cookie and launched a successful money market campaign. "After doing some primary research we found that members wanted money market accounts," said SSA Baltimore FCU Vice President of marketing Kevin Rollin. "And we wanted to develop a campaign geared more toward member and dividend growth than competition." Introduced in August 1999, SSA BFCU's new money market account boasts of competitive rates at or above local market rates; a low minimum opening deposit of $1,500 compared to the competition's minimum which starts between $2,000 and $2,500; convenient access to funds and Federally-insured funds up to $100,000. Recently expanding the program to include a premium rate tier, members with money market balances greater than $50,000 receive an additional 50 basis-points to the base rate resulting in a current rate of 4.6%, with an APY of 4.70%. Brainchild of Marketing Communications Specialist Laura Cooper, the "Seek your fortune" idea came about by thinking of SSA BFCU members' good fortune in having the money market benefits. Working in collaboration with Carol Kessler Design, an outside designer located in Shrewsbury, Pa., a fortune cookie became the campaign symbol. Dollar signs could be another symbol, as the new money market account has already surpassed first year expectations. With an objective to attract $6 million by August 2000, as of June 2000 the actual volume is already $5.1 million. Approximately 50% of the funds deposited represents new money. For the product to be profitable, SSA BFCU determined the average balance had to be at least $7,500. Per Rollin, the actual average balance has consistently been between $13,000 and $15,000. While several venues were used to promote the new product including in-branch merchandising, statement inserts, Web site advertising, marketing messages on SSA BFCU ATM screens and statements; and fax broadcasts to Select Employee Group contacts, Rollin said direct mail sent to members with high deposits proved most successful. With campaign costs totaling $7,500, SSA BFCU's "Seek your fortune" campaign has recently been recognized by the Maryland Credit Union League as the Best Marketing Campaign in the small budget category. SSA BFCU has over $180 million in assets and serves more than 41,000 members. -mbourjolly@cutimes.com