FAIRBORN, Ohio — A savings contest that helped restore the financial health of five families is helping sponsor Wright-Patt Credit Union in its markets, as well.
The Savings Race, which helped knock out $65,000 in debt and pump $15,000 in the savings accounts of those member families, led to a steep rise in brand recognition of the $1.3 billion over the last year. An independent survey Wright-Patt CU conduced annually showed recognition in the mid to high 50% range, but little movement over the last five years. New data shows awareness up 12%. "We attribute it to two things: our Savings Race and our patronage dividend that was over $3 million," Marketing Director Tracy Fors said. "
"The community really embraced the whole concept of the savings race," added VP of Membership and Development Jeff Carpenter. "One of the things that struck me in the first 12 months of coming to Wright-Patt CU is how much our members love us. That's not too strong of a word; they go to bat for us. I could not find that way to get that message out: If you just try us, you will love us. This program is the single best way we have been able to articulate the brand."
For eight months, five families got the chance to participate in a Savings Race by making radical adjustments to their spending habits and daily lives, working closely with WPCU staff to get their debt under control and create real savings. Now Wright Patt is inviting families across the Ohio Valley to join them.
"The success we had with the first one was phenomenal on so many levels," said Fors, noting that one single mother alone eliminated $17,000 in credit card debt. But the achievements ran deeper.
"We brought back some good old-fashioned relationships by having these families go through this race. One family started going over to their parents' house and clip coupons and then sit down for dinners again," she said. "We actually feel we changed lives back to the traditional way."
Constant exposure from the local NBC affiliate also played a big role in raising awareness. Fors noted that the local six o'clock news featured race updates three times a week; free publicity that "legitimized" the contest as more than a marketing gimmick. The station, WDTN, even conducted a live reveal of the race's winners.
The second edition brings a few new elements as individuals and families throughout Wright-Patt CU's markets will be able to play from home. Taking practical steps, such as completing a budget book, clipping coupons, opening a checking account with the CU, or sitting down with a staff member to discuss personal finances, increase participants' chances of winning cash drawings that range anywhere from $5 to $1,000. Savings Race followers will be able to play these side games and participate in the main contest through the new microsite: www.SavingsRace.com.
This time around also brings changes for the five families that will endure the 15-week contest. In the first edition the chosen families selected their own financial goals, but this time the credit union will set the bar. The winners will be chosen based on four criteria: reducing their debt, increasing their savings, popular vote from the Internet, and votes by a panel of judges. The four runners-up will receive $2,000 apiece, while the winner will take home $10,000. The popular vote winner will have $1,000 added to its total.
