Research conducted by the Michigan league has found that for all the direct mail pieces, lobby brochures and member newsletters that go out, the message just isn't registering with consumers that many credit unions do offer the same products and services and at competitive rates.
"While the larger credit unions are getting into the mail, the banks have so much more marketing dollars to be on TV," noted Alan Babcock, executive director of the Michigan Credit Union Foundation.
Part of the league's cooperative advertising campaign is to "move that needle" with some aggressive television and radio spots, Babcock said.
MCUL is offering $1 million to help motivate cooperative advertising participation in the 2005 Michigan Credit Union Brand Campaign designed to raise awareness and protect the industry's interests.
The money will be dispersed as matching funds to local groups that ante up their fair share of ad costs for an aggressive TV/Radio media blitz planned this fall. Called "Have You Heard, We're Spreading the Word. People Need to Know ... About Credit Unions," it aims to heighten awareness and strengthen the perception of credit unions and increase membership inquiries via MCUL's credit union finder.
