Using a message aimed at young people and with a "switch-to-a-credit union" spin, the League of Southeastern Credit Unions has launched a $1.3 million co-op ad campaign across Florida and Alabama with100 CU participants.
The TV/radio/billboard blitz with heavy online emphasis uses the tagline, “Credit Unions: We’re Giving Banking a Better Name.”
“The campaign, geared toward Gen X, is designed to educate consumers about how credit unions are different than other financial institutions while saving their members millions of dollars each year,” said a league statement outlining details of the blitz. .
The campaign was developed by Scout Branding Co. of Birmingham, Ala., and revolves around research that shows 60% of consumers don’t know what a credit union is, the league said.
League officials stressed that the four - to six-week campaign is “voluntary” for its member credit unions and that the length of the media run would depend on how much is raised in each market.
As the recession worsened, state leagues have turned away from insisting on mandatory participation since the experience in Pennsylvania and California/Nevada, for example, triggered too many disaffiliations.
The media buys in each of the 14 markets in Alabama and Florida “reflect the trends of Gen X with online and television buys during shows watched by Gen X,” said the league.
“Consumers that surf many local and national websites will see the banner ads, as well as pre-rolls before online videos,” the league continued noting that “Facebook and its 8.6 million users in Alabama and Florida will also see the image campaign ads.”
The ads direct consumers to the website, www.betternameforbanking.com.
The website, said the league, has three interactive buttons where consumers can see what they would save if they had their mortgage loan, auto loan, and a credit card with a credit union. Consumers may compare the average rates between a credit union and a bank by viewing the “what’s better?” page.
Real-time rate data from Datatrac provides the comparison information “which shows the credit union rate is better in almost every category” said the LSCU release noting that consumers will have a CU search function on the website “to make it easy to find a credit union near them.”
The radio and outdoor ads and the betternameforbanking.com website also contain a shared branching component.
“The campaign will educate consumers on the credit union difference,” said Patrick LaPine, president/CEO of LSCU. “For most, it will be eye-opening the amount they would save with a credit union.”