PORTSMOUTH, NH.-Black Friday Bargain Hunters added an unusual retail outlet to their list of destinations this year: Service CU, which offered post-Thanksgiving shoppers specials on gift cards, credit cards, CDs and more.
"Apparently people are just as interested in saving on Black Friday as they are in spending," said Service CU Public Relations Manager Lori Holmes. The credit union, which has always been open for regular business hours on Black Friday, opened its doors at 5 a.m. and promoted a number of "doorbusters" to drive traffic to the branches.
The results speak for themselves:
- Certificate sales 20 times greater than a normal business day.
- 225% lift over regular loan business.
- 70 times more gift cards sold than on a regular business day.
"We promoted in print, outside online ads, our own website and in the branches, and we did e-mail blasts to our members," Holmes related. "I'd say the gift cards were what really brought people in, but also the special CDs."
Service CU offered no fees on gift cards sold during the Black Friday promotion, which lasted until noon, but continued to give away a $25 gift card with every new credit card instantly issued that day. The special three-month CD was offered at an APY of 10% for a minimum of $250 and a maximum of $1,000.
Other special offers included 1% off auto and personal loans, a free shopping bag to those who brought in a coupon printed in several local newspapers and hourly gift card drawings. Coffee and doughnuts were served to members waiting in line. Service CU, which also serves military personnel at several locations overseas, ran a version of the Black Friday promotion at those sites, as well.
"We acquired a small credit union a couple of years ago that did a Black Friday gift card promotion," Holmes explained. "We took something that was just a small promotion and turned it into a much bigger event."
The credit union is still running the analysis on how it did on Black Friday and no ROI data are available, but Holmes said it's likely Service CU will make the event an annual tradition. "We were amazed by the traffic," she said. "I have a feeling the [ROI] numbers are going to be pretty good."
But is that bad news for staff, who might prefer sleeping in (or at least having regular hours) on Black Friday? "Actually, people were pretty excited about this. We were always open on Friday anyway, we've just never been open that early before," Holmes commented. "Our branch managers and VPs were very excited about this, and that trickled down. We had people who don't usually help in the branches come out to help."
For a first-time promotion that was conceived only the month before, it was such a success that about the only thing Holmes said she would change for next year would be to start planning earlier.
Service CU By The Numbers
Assets: $1.3 billion
Members: 124,270
E-Mail blast: reached 62,000 (almost 50% of membership)
Year Chartered: 1957
Branches: 17 in New Hampshire, one in Massachusetts and 16 on U.S. military bases in Germany
FOM: anyone who lives or works in New Hampshire (excluding Coos County), four towns in Cape Cod, Mass., and all branches of the U.S. military and Department of Defense employees and their families.
