NEWPORT NEWS, Va.-Langley FCU is helping consumers vent their frustrations over all the rising financial fees.
People are picking up their e-mallets and whacking a little "fee monster," a tiny character created for LFCU's new game at
It's a play on the old-favorite Whack-A-Mole arcade game where players smack the varmint when he pops out of one hole, only to see him pop up somewhere else. But in this game, players are given a few seconds to read a sign over the fee monster's head describing the charge they've bonked. "Annual credit cards fees ... A BIG NUMBER ... In tiny print," is one.
The game ends after players smack at the fee monster six times, they get a score that appears next to the CU's logo, and find out that they can learn more about how to "defeat crazy fees" by visiting iownlfcu.com or a Langley FCU branch.
"People are really upset about their fees and rates increasing on their credit cards and loans," offered Brett Noll, LFCU SVP and chief marketing officer. "I think now, more than any time in the past ten years, they are ready to switch to a new financial. We want to put out the word that we are not adding fees or increasing rates, and that we are different."
Promoting The CU Difference
The $1.6-billion CU hopes that the credit union difference, the unique game and www.iownlfcu.com - another new LFCU website that carries the bulk of the message about the credit union difference - are creative and fun enough that consumers and members of the credit union begin sharing both sites with friends and family. Noll said the objective is to produce effective viral marketing.
"If we just put out a website that focused on rates and listed bank and credit card company charges, that would not attract attention and people would not want to share that," Noll said. "We want to create something that entertains people and creates a buzz, and allows us to only do a small amount of advertising on our own."
Billboard, TV, radio, and website banner ads support both sites, which are being promoted separately, but work together. Whackafee.com is positioned prominently on Iownlfcu.org, which was designed have a "fun feel to it," yet appeal to young and old. "We want it to be edgy, but with a retro look," Noll said. The site features four videos that play on and old-fashioned TV set and humorously go after high fees and rates and promote the credit union advantage.
While the banks' practices are the targets, banks are never overtly the focus, insisted Noll. "We are not directly attacking the banks, just high rates and fees. You may find the word bank on our site three times. We have some very good community banks in our market."
The Goal: Grow Membership
The main goal is to increase membership growth, which stood at a sound 6.5% at the end of the year. Noll said it cost $20,000 to produce the websites, plus another $10,000 to $20,000 for advertising.
Recognizing that coupons are very popular in the current market, iownlfcu.org offers a few-one for $50 off an auto loan refinance, and another $25 discount for opening a new checking account. The coupons are coded and will help LFCU track the impact of the site.
Langley also offers this final note to consumers after inviting them to stop by: "Please leave your fee-whacking mallet at the door."
