CHARLOTTE, N.C.-Charlotte Metro CU here hoped to score new members with the help of the ad it ran during this year's Super Bowl on Feb. 1.
The 30-second commercial, titled "Fee Pig," references the lower fees Charlotte Metro charges compared to competing area banks.
"The commercial also makes a somewhat humorous reference to the idea of bank mergers - another topic currently on the minds of consumers in the market," said Nathan Tothrow, VP, marketing for the $184-million credit union.
Tothrow said the CU's decision to invest in a Super Bowl spot due to its past success with television advertising. "That, plus the sentiment of many new members who are dissatisfied with the fee structures of some of our competitor banks led me to believe that a value proposition based on drawing a favorable comparison between Charlotte Metro and larger financial institutions was worthy of the largest TV advertising stage available," he noted.
The work for the advertisement began last August. It was written in-house. "Then we took the script to a production company, who found a place to do the shoot," Tothrow said, "and decided to air it during Super Bowl 2009."
The commercial features a pig being constantly fed cash. The pig eating cash personifies a bank taking money for fees from its customers. "People cite fees as the reason for leaving banks and going to credit unions," Tothrow said. "We thought this was a great opportunity."
This isn't the first time the 31,000-member credit union has advertised during the Super Bowl. Last year, it ran automobile ads and money market ads. Another commercial advertised its new website.
Tothrow believes these ads brought in new members - virtually. After the commercials aired about the website, the credit union saw a jump in the number of new members signing up online. Charlotte Metro considers its website to be essentially another branch, as it is the CU's No. 2 producer.
"This year's ad in the Super Bowl - we're strongly promoting online," Tothrow said. "The web address will be at the end of the commercial."
Still, the main focus of the 2009 commercial will be about fees. The commercial will be running at least through Spring. "My tentative plans are to run this all year long," Tothrow said. "We think it is really going to resonate with the consumer."
The production cost for the commercial ran about $35,000, in addition to the cost of the media spots, which Tothrow could not disclose due to the negotiations the CU had with the station. Tothrow said he is expecting an easy ROI. Last year the credit union doubled its money market deposits, following TV commercials promoting the CU's money market accounts.
"We are promoting awareness of the credit union, and offering a viable alternative to traditional banks," he said.
The original idea for television advertising versus print advertising came after focus groups the credit union did a couple of years ago proved consumers prefer television, Tothrow explained. "That's why we invested in quality spots on television," he said.
For other credit unions considering television advertising, Tothrow advises to convey a strong message and to be sure to address the consumer you are trying to reach.
It also is imperative to have a CEO and board committed to the vision, he said.
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