GROTON, Conn.-Staffers at Charter Oak Federal Credit Union knew they had a marketing problem when it became clear members were unaware of at least one of its long-standing branch locations.
At the grand opening of a new facility in Norwich last November, attendees at the grand opening remarked how pleased they were that the 80,000-member strong institution finally had a place to call home in the township. The problem? Charter Oak FCU had already established roots in Norwich; in fact they had a branch across the street from the new facility for many years.
"We were right across the street all along," said assistant VP-marketing Laurie Cormier. "We were not consistent and we were not visible with our signage. This was a much needed makeover," In fact, Charter Oak's signs were so lacking they did not even include the institution's name; instead they read "credit union service center" and included only a very small logo.
From Billboards To Brochures
The 70-year-old credit union has revamped everything from its billboards to its brochures, from the credit union's website to newly-created radio and television ads. The effort has been more than a year in the making and was heavily influenced by a pair of focus groups the credit union organized.
In the group consisting of only potential members, 12 out of 12 participants were not aware that they could join the venerable credit union. At that point, Cormier said, it was obvious that the message was not getting to residents of eastern Connecticut. So in addition to the new marketing effort, the $63-million credit union also began a $150 cash incentive program for all new direct deposit accounts, changed up some of its loan and deposit rates and offered members the opportunity to win a $170 spa gift certificate at every one of its branches.
"We really felt that we needed to do this project. And if you are going to have a new look you need to let people know that you're out there," Cormier pointed out. "It's very difficult to get people to switch unless they are really unhappy because it takes some work. We had to give them an incentive that's worth the effort."
In a time where budgets are being closely scrutinized, Cormier conceded that she did not know if the re-branding effort would have been given the green light if it was conceived today instead of a year ago, but noted it is impossible to bring in new business away from the big banks without spending a few dollars to let people know they can make the switch.
"We're finding that people are coming to us because they have confidence in us, but we have to let them know that we're here," she added. "And it does cost money to let them know that."
