PHOENIX -- What a difference a name change makes.
In a little under five weeks, Arizona State Credit Union has made the most of a name change and a major re-branding of its entire organization from logo to the revamping of all 22 of its branches by launching a "Welcome Back 6" campaign.
On the heels of a recent unique 121-day Certificate campaign, the "Welcome Back" promotion featured an 11-month, 6% APY Share Certificate with a minimum deposit of $25,000.
"We reacted to the market and took advantage of our new brand," said Arizona State CU Senior Vice President of Marketing Paul B. Stull. "With so many Share Certificate offers, we decided to offer two unique products that would take the market by surprise."
Targeted direct mail was sent to members and potential members with high household incomes and geographical convenience. It was also sent to a select group of key businesses in Arizona--resulting in a significant commercial deposit growth.
In addition to direct mail, the Certificate promotion was placed in local newspapers targeted to communities and neighborhoods served by the credit union's branch network. Advertising copy matched the direct mail postcards and coordinated with Web and point of purchase materials. Stull says consistency and utilization of all available communication channels yielded excellent results.
Members who had deposit dollars at another institution were allowed to take "rain checks" that were honored through October 31, 2006.
So far the back-to-back campaigns have resulted in over $130 million in both certificate products and more than $98 million in new deposits opened by over 600 new members.
"The success of this promotion was based on the structure of the product combined with carefully planned marketing efforts and a unique approach with our rain checks. Clearly, we hit the right audiences at the right time," said Stull. "This is an exciting accomplishment for us that generates opportunity for continued growth."