WICHITA, Kan.-Central Star CU here is looking to make a big splash in the community by getting naked.
CSCU has unveiled a new "Naked Checking" offering, and is using that tagline as part of a campaign promoting the product. The unusual ad campaign is designed to make consumers sit up and take notice.
"We've always tried to take a lighter perspective on things," explained Lee Williams, CEO at the $74-million, 9,400-member credit union. "We were one of the first ones 15 years ago to do 'Banking in your pajamas.' We said let's take it a step further and say 'Let's get naked.'"
Williams said that many on Central Star's leadership team laughed the idea off, thinking it wasn't something that would really work, but the credit union's ad agency, Kearley & Co., worked on the concept and developed "Naked Checking."
The product is a new offering, and is in addition to the credit union's other checking products, some of which pay dividends for an average daily balance of $2,000 or more, or are designed for target-specific demographics, such as students or seniors.
"In our marketplace it's getting more and more difficult to find truly free checking," explained Williams. "It's always free checking if you have a minimum balance of $1,000 or if you have 16 or more services. We wanted to have something that was truly as it is stated. It's free checking; we have nothing to hide. It's naked, free checking."
The credit union has also partnered with the Kansas Humane Society for this effort, tying in the promo with hairless animals featured in its Naked Checking ads. Central Star is encouraging members and non-members to visit the credit union with donations for the KHS. For each non-food item (such as toys, blankets, and pet beds) that is donated, CSCU will donate $1 to the Humane Society, up to a total of $2,000.
Central Star is promoting Naked Checking with its own website, as well as using social media and YouTube videos with references to "feel good naked" and "there's nothing wrong with choosing naked."
It has also placed billboards around Wichita and run a full-page newspaper ad in the nearby town of Haysville, where CSCU has a branch. Staff are also wearing t-shirts and lanyards promoting it.
"Our intent is that the free checking is a product that will get people through the door," said Williams. "It's our intention, quite naturally, to be looking for other opportunities to save them money, whether it's refinancing auto loans or mortgages, but we hope this is an opportunity to re-introduce the community to Central Star."
The Goal? 5/50/150
The promotion will run until at least September, after which it will be re-examined to determine if it has the legs to continue. Central Star's goal during that time is what Williams called "5/50/150." The CU hopes to have five additional products associated with each new account it opens. It is aiming for at least 50 new checking accounts per month and to bring more than $150,000 per month in new loans.
Williams stressed that beyond the monetary goals associated with the campaign, awareness is what is most important to the credit union right now. She explained that the CU has historically been tied to the aviation industry in Wichita, but as that field has struggled in recent years, the credit union has pulled back its advertising presence.
"I think our brand is not as known as it historically had been," she said. "We wanted to reintroduce the Central Star brand and do it with something that not only got your attention but also gave back to the community."
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