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Picking Up Pennies For Marketing?

When was the last time you came up with a truly unique marketing effort?

Let’s back up a bit. Your credit union is always looking for new creatives to promote various services. Really, how many ways can you suggest opening a checking account? (Turns out, a lot) But most of these ideas are just new copy and graphics on the same concept. I get it. I’ve even done it. (Yes, your trusty Credit Union Geek was a marketing copywriter for local credit unions!)

In addition to you coming up with these campaigns, every other credit union was doing the same thing. That’s a lot of ways to recommend a particular service! How can you stand out?

Why don’t we use a current example and analyze it for the “secret sauce”?

Ally Bank hit a grand slam on their latest marketing effort. Playing off the well-known idea of a “lucky penny”, they made just a few of them highly desirable. The bank placed 100 Ally-branded “pennies” on the ground in large cities. If you find one of their coins, follow the instructions on it and get rewarded with $1,000. Now that’s a lucky penny!

Let’s look at what was involved in making this Lucky Penny campaign happen. They commissioned 100 copper coins. Then they built a website. It has details on the program, a promo video, cool penny facts, and a redemption portal. And then they made sure to talk about it like crazy on their social media (with hints on where to find them based on local landmarks). Don’t forget giving everyone a hashtag to use. That’s it.

For an institution like Ally, this campaign cost less than a drop in the bucket. But the rewards have been enormous. Major media outlets covered the promotion, linking to their site and highlighting the social media posts (I’m sure some of that is credit to a great PR team). Even Facebook’s automated Trending feature highlighted the bank (which is based on the number of users talking about it). They put very little, respectively, into keeping the Lucky Penny talk flowing.

Sorry, did I say unique above? My company has done unique many, many times. It doesn’t always pay off. The better approach is to embrace something everyone intuitively knows, then tweak a small part. Like the yogurt company, Dannon. They aligned with the NFL to “find the golden bongo” and win a prize. Remember Charlie and his Golden Ticket? Are these promotions really so different?

What do you think…could your credit union have built these campaigns? I think so. Maybe you would have had only 5 Lucky Pennies, or the same number, but worth $100 instead. Scale the marketing investment to your requirements. Remember, this could also help with your mission to encourage savings (and opening up accounts with you). Anytime you engage the community, issue press releases (or better yet, develop relationships with local media) to get news coverage.

I’m a huge fan of scavenger hunt concepts. With a prize worth putting some time into, almost anyone will take notice. In a previous business, we developed plans for a community-wide volunteering initiative. Each day for a month, we would highlight and encourage volunteer support of a different local charity. There would be surprise rewards (local businesses sponsoring) if you showed up at said non-profit. Am I giving you any ideas?

Your marketing is getting repetitive. It may work to some extent, but if you want to make a mark in the communities you serve, get them excited. And you don’t need to spend your entire marketing budget to do so.

Please share some marketing initiatives you ran which really got your membership buzzing (and tweeting, Snapchatting, and Instagramming)!

$$$ For Charity, Love for Credit Unions

In a partnership between CUNA and Love My Credit Unions (CU Solutions Group), good deeds and great rewards abound. Know how I’m always talking about getting your efforts out there? Well, if sharing to CU Social Good isn’t enough on its own, here’s a reason your entire community can support: Big money for local charities.

Say hello to Share the Love Campaign (They call it the 1st annual, but I’m sorry, the first year doesn’t get “annual” billing. Next year, no problem!). The love being shared is that of your credit union, its members, and community contributions made by each. Yes, we know you’re giving back. Here’s a chance to tell that story. With video!

As part of the Share the Love Campaign, credit unions are encouraged to create short video clips telling their charitable story. Make them funny. Make them emotional. Make sure they are under 90 seconds. On October 1, every video will be posted. Then it’s time to vote! Members, charity supporters, and bank customers (yes, everyone) can choose their preferred stories. So make yours engaging!

Winners will be separated by asset size, with the smallest award being a $10,000 donation, and a new set chosen each month (through December).

You may think large credit unions and charities have an advantage, and you’d be right, but since everyone sees all posts, do your best and it could be amongst the finalists! Tell your members, your community…anyone! Because what’s good for your credit union is huge for your community.

Which sounds a bit like the credit union mission.

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