MIRAMAR, Fla.-Tropical Financial CU here is planning a series of ads using member testimonials, and it is paying big bucks for them.
In April Tropical Financial began its "Fame for Five" campaign, setting up cameras at shopping malls and other local spots and holding auditions to be a CU spokesperson. Five winning testimonials will be chosen and each person will be paid $5,000 for a one-year contract (with an option to extend) to represent the CU to various demographics, including Gen Y, Hispanics, baby boomers, parents and students. The $5,000 will be paid out over the course of the year rather than in a lump sum.
"This isn't a prize; I'm looking for people to actually represent us," said Amy McGraw, VP of marketing at the $587-million, 54,000-member credit union. "This is not a contest-a contest is random. I'm choosing people to be a paid spokesperson for our credit union. I just want real people, not actors and actresses."
McGraw said Tropical is making an effort to get beyond the traditional credit union advertising model. "The stock art, stock messages, we've been there and done that," she said. "This is just taking it and making it real. No more stock art, no more dad and daughter in the car holding up the keys. This is real people. ... It's credibility and legitimacy rather than the same old stock stuff."
Wanted: Compelling Stories
TFCU is looking for the most compelling stories that illustrate the credit union difference. Auditions have featured everything from real-life stories (in English and Spanish) to more creative takes on the CU difference, including songs about the CU. McGraw said that even in instances where non-members are auditioning, it gives Tropical a chance to spread its message and educate more people. If a non-member is chosen, they will be required to join Tropical as part of their contract.
While many credit unions have relied on member testimonials for ad campaigns, Tropical did not look to any other credit unions when crafting its strategy.
Increased brand awareness and member education are some of the goals with the campaign-particularly among the specific demographics being targeted with each spokesperson-but the auditions have also helped with business. The first audition date resulted in two auto refinances and two mortgage leads, one of which closed. McGraw said that throughout the audition process, people are speaking with CU reps at the audition sites-including branch managers and MSRs-and learning more about the CU and its services.
Auditions began on April 14, and during that month Tropical Financial saw 595 new members join and 341 new checking accounts opened. In April 2011, only 420 new members joined, along with 250 in new checking accounts. Tropical made $14.4 million in loans during April 2012, compared to $8 million the previous April.
The CU's goals for the year include 4% loan growth and 10% membership growth, and McGraw said "we are currently on track to hit 25%." She stressed that those goals are not tied to the campaign. Rather, she said, "we have to get X amount of loans and growth, and this is one of the vehicles to take us there."
Some of Tropical's auditions can be seen at: http://www.youtube.com/playlist?list=PLBE6F02EAA9A0558E
