Marketing Put to the Test in Post-Recession World
With the economy creating new norms, marketing departments have had to adapt accordingly.
“We believe that with limited resources, going deeper rather than broader is a more effective marketing strategy,” said Michelle Hunter, senior vice president of marketing and development at the $552 million Credit Union of Southern California. “We are looking to increase our right touch points and messaging to better serve our members while gaining greater market share.”
Five member teams competed to transform their finances for a chance at winning $10,000. Each team worked closely with a financial coach from RCU to learn more about everything from budgeting, financial planning and setting up an emergency fund, to credit report review and clean up. Not only did all five teams improve their credit scores and refinanced debt to improve their cash flow, but local consumers, as they followed the contestants’ journey through online blogs, were encouraged to use the same tools and resources offered by RCU to transform their own finances by changing the way they think about managing money.
By helping members reset the way they think about money, it has helped many survive the challenges of the recession, Hunter noted.
One of the goals of its 2011 Amazing Savers Contest was to showcase the financial wellness tools and resources available and how using them can make a real difference in improving members’ financial outlook.