New Yorkers who watched this year's Super Bowl saw a commercial from an unlikely source: Jovia Financial Credit Union in Westbury, New York, a small institution with $4.4 billion of assets.
The game was the most watched in the event's history with roughly 123.7 million viewers across the U.S., according to
But this year, some companies were put off by the price tag:
It was "the power of the big game" that enticed Renu Dalessandro, chief marketing officer of Jovia, to create the regional commercial as part of a larger advertising campaign on the benefits of banking with a credit union.
"For us, participating in a regional ad during the Super Bowl was really an investment in our future. … We wanted to make a bold statement to showcase our brand, increase our visibility and our awareness, but most importantly educate a large audience about the value of not-for-profit banking," Dalessandro said.
The credit union's
"Consumers listen to their doctors and their bankers, because both have a huge say in the well-being of the consumer [financially and physically] and the doctor-patient dynamic portrayed in the commercial was brought about by the idea of financial wellness," Dalessandro said. The credit union declined to comment on the cost of the campaign.
The ad was shown across networks available within the New York designated market area, which encompasses roughly 7.6 million households in all five boroughs of metropolitan New York, parts of northern New Jersey and lower Connecticut.
In addition, the credit union simultaneously ran an employee-driven campaign on social media and a takeover campaign in the print and online edition of the Daily News, which placed Jovia-branded imagery front and center. The credit union saw a significant increase in web traffic and calls from consumers interested in joining over the next few days.
Not all who saw the commercial were enthusiastic about it, however.
Gary Stibel, founder and chief executive of the Westport, Connecticut-based New England Consulting Group, said the ad obscures the actual values of the credit union.
"Was it about a new condition called 'Jovia-itis?' Is it about a company in the medical industry? It was weak on a lot of notes. … The sad thing is, buried in that ad, is a pretty big idea of 'not-for-profit banking' and I wish it was explained better," Stibel said.
Stibel said the commercial could have explained the value distinctions between more traditional banks and financial cooperatives.
"You can't pick up a newspaper or listen to the six o'clock local news without hearing about how much money Morgan Stanley, Citi and Bank of America are making," Stibel said. "For their target audience, the message needs to be that unlike those that make money from the rich, we help the hard-working person do better and earn more."
In response to the critique, Dalessandro noted that it's hard to convey several complex ideas in a 30-second spot, but remained steadfast that the credit union "was able to use that platform in the best way we could to educate the public on our mission and our value proposition," she said.
The challenge of creating an attention-grabbing ad is a tricky, but important one.
"Credit unions believe there are benefits that derive from 'membership' in the credit union, and while [they're] certainly looking to drive non-interest income and deposits as much as banks are, many community banks still look at the retail side of their business as little more than a driver of deposits for their commercial lending efforts," said Ron Shevlin, chief research officer for Cornerstone. "I know that will tick off a lot of bankers, but hey, the truth sometimes hurts."
Institutions often
With the Super Bowl commercial serving as the first step in a longer campaign, executives at Jovia will be exploring the next stages over the coming year.
"This is a credit union for everyone, but we want to make sure that whatever marketing efforts we put in place are cost efficient, make sense and are able to really get our messaging out there to as many people as possible," Dalessandro said.
