OKLAHOMA CITY, Okla. - Credit unions are increasingly using Internet video outlets like YouTube in an effort to reach the potential mother lode of new members that the Gen Y market segment represents.
Tinker Federal Credit Union here is no exception. The $1.5-billion CU is throwing its Gen Y “hat” into the ring with the launch of the “What Money Means to Me Video Contest.” The contest is being promoted in the Oklahoma City metro area and will award $2,000 to the winner producing the most creative 90-second video.
A recent search for “credit union” on the YouTube website resulted in about 1,100 hits with video content comprised mostly of slick, highly polished commercials put out by credit unions.
The 71-million strong Gen Y audience of 12-to-30-year olds, have an estimated buying power of $211 billion, according to the CUNA Marketing & Business Development Council.
The 183,000 member CU budgeted about $25,000 for its promotion but maintains that the contest is not about ROI, according to Matt Stratton, svp of marketing.
“We didn’t set any financial goals for this promotion,” Stratton said. “The goal is simply to generate buzz among young people interested in learning how to manage money.”
Stratton said that gauging ROI with this type of campaign is a little more difficult than with a direct mail campaign because “it’s more about talking and communicating with an audience.”
Communicating with this quirky but important market segment is becoming more about moving away from traditional statement stuffers and glossy tri-folds to web-based campaigns that incorporate viral video and other cutting edge applications.
To that end, Tinker FCU partnered with Oklahoma City-based Third Degree Advertising to create a special microsite, www.whatmoneymeanstome.org, to handle video uploads, contest rules and e-mail address registration that remind participants when to vote.
“In collaborating with Tinker FCU, we wanted to get the consumers introduction to the credit union to be one where they are able to interact with the credit union brands,” said Amanda Spencer, VP-strategic communications with Third Degree.
“And in following the success of YouTube, we modeled this campaign on the Gen Y desire to control their media paired with the CUs desire to get that target audience,” she continued.
Spencer said that Gen Y segment especially are more frequently turning to video online.
“That’s why with the Tinker campaign, we channeled them to a microsite and we also designed the site to be visually appealing to target this audience.”
Goal To Open Savings, Checking Accounts
Stratton added that he hopes the video contest will generate interest in students to open checking and savings accounts with the CU. Although contest entries are slowly starting to trickle in, Stratton said the microsite has had about 1,807 unique visitors.
By Stratton’s account, credit unions getting into the business of video advertising open up a whole new frontier. “This is the first time we’ve done something like this and we’ve been given a wide palette to work with,” Stratton said. ”We’re more interested in getting the contestants viewpoints on what money means to them and moving forward from there.”
The video contest is open to individuals who are legal residents of the state of Oklahoma or a TFCU member.
Contestants must be at least 16 years old and a current high school, vo-tech or college student at time of contest entry. The deadline to submit entries is March 14.
For More Info
* www.tinkerfcu.org, www.whatmoneymeanstome.org.
* CUNA Youth Initiatives at: http://www.cuna.org/initiatives/youth/index.html.
From the CU Journal archives:
* Web-Based Social Networking Sites: It’s Not Just For Teenagers Anymore
* High Schoolers Help Create Campaign; 150 Accounts Opened
* Young & Free
