PORTLAND, Ore. — A small credit union is making a big move in cross-promoting its business accounts to its members.
The $234-million Sunset Science Park FCU serves several companies within an industrial park in a close-knit, unincorporated area near Portland. It recently launched a program that allows business account holders to create special offers exclusively for members.
Terry Taylor, whose company Dancing With Cows handles marketing for SSP FCU, said he created the program after attending a meeting of a local small business association.
"I realized those businesses were having trouble marketing themselves," he told Credit Union Journal. "The credit union has business accounts, and I started promoting credit union businesses to the members. After I presented the program at the business association, it brought in new business accounts to the credit union. The program has generated business for the credit union's current business members."
Local Businesses Offer Discounts
Details of the program vary with the offerings of the company involved. Taylor said some businesses offer a discount on purchases, others a free report and still others a free consultation, depending on what it is they do. Every three weeks, a new business is featured on the credit union's home page.
"We try to tie in what the business does with what members are looking for," Taylor explained. "As people see what the company will give away for free, they begin to trust the company and look to it for business."
One example is a coffee shop that is one of SSP FCU's business members. The credit union gave away a coffee mug with the CU's logo on it. If members take the mug to the coffee shop they get 75 cents off any coffee drink.
"We have non-members coming in and asking for a mug," Taylor reported.
Other examples include a real estate appraiser who is not providing discounts but who has instead drawn up a list of tips on what an appraiser is looking for. A computer company compiled information on firewalls and identity theft protection. "Muttley Crew," which does dog grooming and doggie day care, offered dog training tips. A martial arts studio gave away tips on travel safety.
In addition to the coffee mug, SSP FCU has developed several logo-emblazoned items as cross-promotional tools. In the case of an auto repair shop that is one of its business accounts, if members bring in an air pressure gauge with the CU's logo on it, they get a free oil change.
"If someone has never heard of the shop this is good for them, and the member gets a discount, and the businesses now are referring new members to the credit union, so it is a win, win, win," Taylor assessed. "Some things are win-win, we have the trifecta!"
The current featured business is Pet Barn. Members can get 10% off purchases, plus there is a contest for pet pictures. SSP FCU's walls are laden with pictures of members' pets. On Sept. 22, Pet Barn will judge which photo will be put on a dog treat bag that will be sold in the store.
'A Real Positive'
"It has been a real positive," said Judy Makela, the credit union's CEO. "We are getting into it slowly because we are small. We don't want to grow by leaps and bounds."
Taylor said he has documented the development of the program with the idea of sharing it with other CUs. His files include letter templates, promotional ideas and other components, which he said any credit union could implement if it so desires.
"This is one of those things that set us apart from banks-the willingness to share," he said. "A lot of credit unions might think it is a great idea but too much work, so it doesn't get done. We have created a template that makes it a turnkey operation.
"One member liked the idea so much, he created a business card holder to promote all the business accounts with the credit union. Each company can put in up to 10 cards. We are promoting 50 businesses on our walls."
