ST. PETERSBURG, Fla. — City-County's FCU's edgy "Drop the Bank" campaign, which portrays bankers as sneaky and untrustworthy, could not have been released at a better time.
That's the opinion of PSCU Financial Services here, which contends the promotion has benefitted from the economic downturn. PSCU partnered with the Brooklyn Center, Minn.-based CCFCU to launch the campaign last September, right when the bottom fell out of the stock market and banks' reputations plummeted.
"So drop the bank has become a very timely message," said Susan Follick, PSCU segment marketing manager. "Of course, we had no idea what was coming down the road with the economy when we completed developing the campaign's materials in late August. That character of the banker — the bad man with all of the fees and hidden things you don't find out about until it's too late — was already created."
When the economic crisis hit, Follick said the credit union and PSCU considered pulling the campaign. "In retrospect, the timing, of course, was good," she said. "But back in September it was a very uncertain time with every day people hearing more bad news."
Resonating with Young Adults
The campaign's message has resonated with members ages 18-34, the promotion's target, Follick said. Drop the Bank has achieved a 44% increase in Advantage Checking accounts, an existing product that paid 3.27% at press time if members meet requirements for electronic transactions.
Follick-who said the campaign's goal was to add new members as well as increase Advantage Checking business-said non-traditional media, such as social network advertising and a Facebook brand page, have led to the good results. CCFCU also leveraged search engine marketing, including a microsite with videos that play on the "good guy" image of CUs and the "bad guy" image of bankers. The video that humorously characterizes the banking industry begins by saying: "Our stockholders are hoping to buy bigger houses this year, so every customer matters to our bank." And, "Everyone charges ATM fees. That's life, kid." The site attracted 4,400 visits from September through mid-December, with the Facebook ads generating 60% of the impressions.
The campaign cost $50,000, which the credit union split with PSCU. Jerry Deyo, VP-marketing for the $475-million CCFCU, said the effort has taught the credit union a lot about the impact of social media. "We didn't have experience using social media, and the campaign gave us the chance to get our feet wet. Facebook, Twitter, and YouTube are not going away anytime soon."
Deyo said the CU is not sure how heavily it will emphasize the drop the bank message in the future, but it understands the need to be straightforward with young members.
Be Direct with Kids
"You need to be direct with kids because they are so bombarded with advertising that you need something that will get their attention," Deyo said. "Plain vanilla does not work."
Deyo added the CU expects its costs of funds for Advantage Checking will be below the prevailing rate. "Because a lot of the members do not fulfill the monthly electronic requirements to receive the high rate. And the interchange you get from the increase in debit card transactions offsets the cost of the account."
If members do not perform 12 debit card transactions per month - excluding ATM withdrawals - the account reverts back to the standard checking rate, which was 1.25% at press time.
