Founders Dances Its Way To Increased Card Transfers
The beat was on at Founders Federal Credit Union where staff danced their way to cash and prizes in a groovy Visa promotion that also brought in more than $5 million in balance transfers.
Loan officers split into teams that included the Disco Ducks and the Funky Chickens and kicked off the promotion with a dance competition to lure more purchases and balance transfers from members during a three-month period. Incentives to employees included cash that equaled 1.5% of the amount they collected in transfer balances, and DVD prize packages of "Flash Dance," "Urban Cowboy," "Footloose," "Grease" and "Saturday Night Fever." The top five in balance transfers additionally received certificates to a five-star restaurant, tickets to the musical Grease and hotel accommodations at Omni in downtown Charlotte, N.C.
Members who participated in the promotion by transferring balances to the CU's VISA, Platinum, Gold and Classic cards from other credit cards or making purchases during the promotion period received a four-percentage-point reduction in interest during the life of those balances.
Nicki Amos, Senior VP of marketing and community relations, said the "disco" themed promotion was developed in-house, keeping costs of the promotion at a minimum. "Our return on investment was 136%," she said. FFCU has $993-million in assets and 150,000 members.
Billboards, direct mail, office brochures and newspaper ads featured a "disco gal" who encouraged members to "move" their credit card balances to get "groovy rates as low as 5.9%."
The billboard had an extra eye-catching hot pink background.
For their overall winning efforts at the Peachtree branch in Fort Mill, employees were awarded the services of Mike Bragg, COO, branch administration, for an entire day. Bragg worked the teller line, greeted members and treated staff to breakfast, lunch and an afternoon ice cream treat.
Stacy Foster, an employee at the CU's Ebenezer branch, received special kudos for her top cross sales of more than $423,000 in balance transfers.
Amos said the promotion was such a success that Founders Federal has launched a second campaign for August and September. The "VISA Las Vegas" theme will offer the same four percentage point reduction in rates to members who transfer balances or make purchases during the two-month promotion period.
In addition, top cross-selling staff with get their cash incentives. Members and staff alike who participate will each receive chances at a trip to Las Vegas.