FRANKLIN, Va.-To improve its already strong position with small businesses here, Bronco FCU has launched a website that it's inviting the entire local community to use.
The town is encouraged to post photos, list upcoming events, and advertise a business on www.welcomehome.coop, which resides outside the CU's primary website. Pam Vaughan, marketing manager for Bronco FCU, expects that a number of local companies will use the site to promote their services-and think of the credit union when doing so.
"We are in a rural area and there are a lot of local businesses that need to get out information," Vaughan said. "We formulated the plan for the website based on that premise, and it grew into a community website because we wanted to give back to the entire community."
While the economy did not spur the strategy, Vaughan feels the site will help businesses offset limited advertising budgets. "If they want to get directly to consumers, this is the way to do it," she said.
The site's name comes from Bronco's Welcome Home tagline. Welcome Home includes community and business sections, with the business section inviting companies to "share what your business is doing, what's new and different...Think of welcomehome.coop as a sort of spotlight, a smart place where member businesses are featured."
The community section has areas for local news and upcoming events; the $200-million credit union reviews each entry before it goes live. Financial tips and advice are included, along with information about the credit union and how to join.
"The local downtown association has expressed interest in posting their events," Vaughan added.
In its first two weeks, Welcome Home attracted 903 visitors and a lot of e-mails to Vaughan.
"I've been getting numerous phone calls as well," Vaughan said. "I took a call this week from the local Chamber of Commerce. They want to highlight the website in their next newsletter so all local businesses know about it."
With the credit union already at the 12.25% cap on member business loans, it is not actively seeking additional MBL dollars. Instead, Vaughan said Bronco hopes the site leads to additional services from many of the local companies.
"We want to be a full-service partner with them down the road," Vaughan commented. "We are looking to expand into offering payroll deduction and more...Sometimes companies don't need a loan for their business per se, they just might need a loan for a car. I believe the site will open up a lot of opportunities."
The Virginia-based marketing firm Raoust+Partners produced the site for Bronco for $30,000, according to Vaughan. The site has been promoted through news releases and the credit union's quarterly magazine.
