PALM DESERT, Calif. – Greater Texas Federal Credit Union of Austin has won the Macquee award, the top prize in the Marketing Association of Credit Unions' Annual Awards Competition, announced during the group's 20th Annual Marketing Conference.
The MACQUEE award, MAC's Best in Show, was given to Bridget Brandt, marketing director of Greater Texas for a nonagency submission entitled “Greater Texas Hold `Em” aimed at building loan volume.
The Austin CU set out to create a promotion that would capture the $6 million in members' loans that were currently held at other financial institutions as well as grow share certificate deposits by $8 million.
This promotion, themed in an old western style, gave members a specially designed Greater Texas Hold `Em Poker Set if they refinanced an auto loan from another financial institution or if they made a qualifying deposit of $10,000 or more during a promotional period.
The CU also offered a drawing for a trip to Las Vegas. “Through our research, we determined that the bulk of the members we were targeting were between the ages of 25 and 55,” said Brandt. “We knew that a Texas Hold `Em Poker theme would appeal to this age bracket in the markets we served.”
The CU used MCIF and its loan department to identify 5,000 members with auto loans at other financial institutions and members with high share balances not currently held in share certificates. The CU also purchased mail lists in underserved communities and mailed to 10,000 prospective members.
“The gamble on this kind of promotion paid off,” said MAC. Within the first day of the promotion, the credit union had given away almost 100 of the poker sets and had to reorder more. In addition, they raked in over $7.7 million in loans and over $9 million in deposits. The CU also grew safe deposit boxes by 75% and money markets accounts by 46%.
Over 360 entries from 114 credit unions nationwide were submitted in the annual competition. Categories for entries included all aspects of marketing-from direct mail, newsletters and annual reports to logos and multi-media advertising. MAC bestowed 33 Bronze Awards, 33 Silver Awards, and 31 Gold Awards at the 2006 meeting.
Other finalists for the 2006 Macquee award were Bay FCU, CoastHills FCU, Los Angeles Police FCU and USC CU. Representatives from each of these credit unions described their promotions and campaigns during a special session at MAC's conference on May 26. -
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