Different Advertising Strokes for Different CU Folks
Credit unions kicked off 2012 determined to get consumers to take a second, serious look at a new banking alternative.
According to Mary Wyman, director of sales/marketing at the over $792 million credit union, it’s a move designed to help Island stand out.
“Singing and dancing pirates are not what you usually see in a commercial for a financial institution. That’s the idea,” said Wyman. “Island is not as well-known as some of the credit unions out there. And credit unions are not as well-known as banks. We knew that we needed something unexpected to differentiate Island from the pack of other financial institutions Long Islanders can choose.”
The playful yet strategically planned Treasure Island-themed awareness campaign includes a mix of print and broadcast media ranging from radio and television spots to a three-minute YouTube video. Plans are underway to incorporate more elements throughout the year as a way to not only reinforce the image that Island Federal CU is not your typical financial institution but to also keep the locals buzzing.
Consumers Credit Union in Kalamazoo, Mich., has also opted to focus on the positive by reassuring consumers there are good times ahead.
As part of the $364 million credit union’s new awareness campaign, actual members share their stories as a way to showcase the credit union difference.
Playing on the idea of how the credit union helps one member at a time, the real experiences shared through the good times ahead videos have helped reinforce how Consumers CU plays an integral part in members’ lives.
Kit Snyder, president/CEO of Consumers CU, has been thrilled with the member response so far.
“Members are family to us. To get this heartfelt response is a tribute to our staff who works hard every day," said Snyder. “Good Times Ahead stems from the belief that members own the credit union–and their stories underscore the success many people are celebrating across West Michigan.”
In what’s been a true community effort, the credit union partnered with local companies including Motion Possible, 2Fish Company and Sound Post Studios to create the member testimonial campaign. Even Western Michigan University students got involved as they wrote, sang and provided instrumental portions of the music for the videos.
For Xceed Financial Credit Union it’s about making the most of its position as a workplace credit union.
About five years ago the El Segundo, Calif.-based credit union made a decision to cater to its business partners–SEGs–and the focus has been paying off.
“Our strategies for the next few years are focused on pushing that envelope further in terms of increasing the penetration within our SEGs, developing strategies that speak to the demographics of each SEG, getting really good at measuring the profitability of the SEG business, furthering our personal banker strategy, especially to appeal to the women segment, taking our SEG ambassador program to a whole new level and restructuring our business development resources to accommodate a focus on more relationship management versus business sales. Further, there is a lot we can do to help our SEGs on the business services front–products and services that we did not have in place just a few years ago,” said Theresa Freeborn, president/CEO of the $746.5 million credit union.
The Personal Banker program offers members a one-stop contact for all their financial needs. Since introducing the program, Xceed Financial has signed up more than 1,400 members for the service, with approximately 30% of these members being new to Xceed.
According to Kathryn Davis, the value proposition has been based on the simple concept that every member has a dream, passion or hope for tomorrow and Xceed’s Personal Banker is their partner to get there. Personal bankers are tasked with the five key goals of portfolio growth, loans per member, deposits per member, products per member and services per member.
“At most financial institutions only gazillionaires get personal bankers, but we believe all members deserve rock star treatment available to them 24/7,” said Davis. “I think this strategy is important to Xceed because it’s a direct reflection of our brand and what we strive to deliver. It’s a service that I believe sets us apart; it serves the average working adult in a way they wouldn’t be served down the street. It’s important to know that this is not a wealth management strategy, but rather a strategy to help each and every member with their financial plans, whatever those might be.”