Breaking Up is Hard To Do – Making People Switch to a Credit Union

Background

TDECU wanted to increase the number of checking accounts, as well as products per member. This would meet their strategic goals for growth and stability.

See the Campaign

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Insight

Checking accounts are a financial institution’s (FI’s) cornerstone product – they help to deepen the relationship with a consumer who is then more likely to buy other products and services. Switching checking accounts is key to growth in today’s competitive market, but is a hard process. Consumers may even put up with bad service at their bank because there is no compelling reason to go through the hassle of switching.

Solution

TDECU needed a promotion that was in line with their brand and not perceived as gimmicky or insincere. They wanted a way to show the credit union was giving back to its members and the community.

The promotion would work as an acquisition tool, as well as reward loyal members. We developed a game-changing new checking product – $1K A Day Checking – which offered existing and future TDECU Members a chance to win $1,000 a day just for having a TDECU checking account.

Every checking account holder had automatic entry with multiple entries earned based on usage of additional products, such as Bill pay, e-Statements, loans, etc. This cross-selling tactic served to reward the most loyal members, as well as inviting a deeper relationship with new members.

Campaign elements included:

  • Teaser Campaign
    • :30 TV
    • Social Media
    • Digital Billboard
    • In-branch Digital Display Advertising
    • Online Digital Advertising
    • Photo Shoot
    • Launch – Awareness Campaign
      • :30 TV Awareness Spots
      • Direct Mail
        • Entire Membership
        • Subgroup of members more likely to open a checking account
  • eLert
  • Social Media
  • Digital Billboard
  • Online Digital Advertising
  • 30-Sheet Billboard
  • In-branch Collateral
    • Brochure
    • Buck Slip
    • Teller Envelope
    • Statement Envelope Artwork
    • Badge Ribbons
    • Balloons
    • Clings
    • Counter Mats
    • Souvenir Checks
    • Large Standee with Blank Award Check
    • In-branch Digital Display
    • ATM Screen
    • Winner Photo Template
    • Drive-Thru Banners
    • Table Top Easel Back
    • Sustaining – Cross-Selling Campaign
      • :30 TV Cross-Sell Spots
      • Social Media
      • Digital Billboard
      • Online Digital Advertising

Results

We’re proud that TDECU took a risk and was able to come up with an exciting promotion that broke the mold, stood out from the competition and rewarded new members while not excluding existing members.

  • Enhanced the TDECU brand & increased member loyalty, as well as the positive perception of the brand within the community
  • Currently, over $ 610,000 awarded in 610 days
  • Year over year increase in new accounts, core products and share of wallet
  • Decrease in attrition
  • The results were so positive, the promotion was extended several times, beyond the original end date

Posted on . Categories: Client Stories, Financial