Truliant FCU Ads Score Points by Pointing out Differences

 

True confession time from the FWIW (for what it’s worth) department - most of the bank and credit union television ads I’ve seen over the years stink. Replete with airbrushed models, canned music and formulaic jargon, the end message I get is: “We’re unique - just like everyone else.”

It was refreshing then to get a look at Truliant Federal Credit Union’s new flight of fun television ads, which are currently appearing in the Charlotte and Piedmont Triad markets. These ads use real members of the credit union with real stories about how Truliant is different.

Truliant’s Marketing/Communications Supervisor, Ryan Shell, noted that the members in the ads were pulled from success stories that the Truliant staff received. He said all of them were enthusiastic about volunteering their time to participate in the commercials.

The central message is also key here, because it relates the value of membership - but from the member’s perspective, not the credit union’s. We can get on the “member-owner-cooperative-not-for-profit-people-helping-people” soapbox every day of the week and twice on Sunday - but the truth of the matter is: it’s what credit union members understand on a personal level about those differences that matter.

In other words, it’s all just pretty rhetoric until someone discovers that these words actually mean something that is very relevant to their lives.   

On that topic of relevance - I can relate to the people I see in these ads. When I lived in Reno several years ago, I always laughed at the casino commercials that came on TV. Everybody looked like they were straight out of central casting: J-Lo and Ryan Phillippe knockoffs throwing the dice and pulling the slots. Then when you actually went to the casinos, you’d see a bunch of chain-smoking grandmas trying to score the big payoff.

While the folks in the Truliant spots don’t look like chain-smoking grandmas, they do look like people I see and interact with every day. That’s refreshing, and a wise choice.    

These TV spots are part of a broader campaign that includes print & billboard ads, as well as a micro-site called trudifferences.org. (Complete details are summarized in the press release here.)   

If I could make one suggestion, it would be that Truliant use this as a springboard to start a two-way conversation by hosting a blog tied to the campaign. I mean, they’re already asking people about their member experience on a regular basis. Why not throw it open to a wider (and less filtered) discussion?

At any rate, check out the ads and feel free to share your opinion.   

The Paulson Plan: What’s A Credit Union to Do?

Treasury Secretary Henry Paulson’s recently announced plan to overhaul the regulation of the US financial services industry has generated much concern in credit union circles, and rightly so. There was a terrific discussion about the plan’s implications on the OpenSource CU Blog last week. 

Late in the week, many folks were no doubt cheered by the remarks of House Financial Services Committee Chairman Barney Frank. (Also, as you probably know - Paulson himself said that the credit union reaction to the plan was “a bit premature.”)

Despite late-week assurances, I think CUNA is right on the money to get in front of this thing - and there are a few key lessons for credit unions to draw from this:

1. Keep telling your stories (and if you aren’t - START!). A comment that was attributed to Uber-Marketer Ron Shevlin at BarCampBank New England this past weekend says it best: “It’s not about telling members our stories, but about getting them to tell their own stories. Create experiences.” (Thanks to Andy LaFlamme of Maine State CU for relaying this quote via Twitter.)   
   I’m pretty sure that Ron was referring to the word-of-mouth that happens when a credit union comes through for a member when it matters most. I would take this one step further and encourage you to find those member stories and where possible and permissible, share them with the world using your existing message channels. Add them to your newsletter, put them out on your web site and share them when you mix and mingle in your community. And do these things regularly.
   Low fees and good deposit rates are nice, but frankly that’s banker-speak. The difference your credit union makes in people’s lives IS the CU difference - everything else is secondary.   
2. Get involved politically. We are blessed in NC to have so many great credit union advocates who get involved in the political process … but there’s always room for more! While some people go to Raleigh as part of State Capital Connections or DC for Hike the Hill, you don’t have to leave the comfort of your own credit union branch to advocate for your credit union! You can host a legislator at your CU, hold voter registration drives and many other activities to develop relationships with elected leaders. These relationships give you the opportunity to share the credit union difference with lawmakers. If you have any questions about how to get involved, call us here - we’re always happy to provide assistance.
3. We’ve got to work together. Credit unions of various sizes have different operational challenges of course … and the competitive landscape is different than in years past. But the opportunity to be successful (perhaps even viable?) in the future lies primarily in our ability to close ranks and say to the world, “We may be many credit unions, but we are one, united movement.”

Language matters. Despite the assurances of the treasury secretary, anyone reading what the proposal actually says should be concerned for the credit union movement. But this is also true: information is currency, and our stories in this context make us fabulously wealthy. No matter the outcome of the Paulson Plan, I believe both our individual and collective dedication to sharing the credit union difference will determine the fate of the credit union system.    

What do you think?

PR Update: Subprime Recedes, Recession Leads as Issue for 2008

The subprime mortgage issue first appeared as a mere blip on the radar screen nearly a year ago, but has reached a crescendo lately as foreclosures rise, markets fall and uncertainty reigns in the minds of many. Taken as a PR ”talking point” however, it looks to me like the subprime mortgage storyline is receding.

As you know, two credit unions in NC, State Employees’ CU and Local Government FCU, rolled out specific products in 2007 to help people in risky subprime loans. These credit unions have combined to help hundreds of families refinance out of these loans. In the process, both credit unions garnered a lot of positive earned media coverage for their efforts.

(To be clear, SECU and LGFCU obviously did not roll out these products to get earned media coverage … but in their wisdom, they saw how leveraging the PR process helped them spread the word about their products, and the mortgage products differentiated the credit unions from banks. While talking heads were offering fear, LGFCU and SECU were offering a way out for homeowners.)   

The subprime mortgage issue remains important to individual consumers and credit union members in 2008. A lot of mortgage resets loom across NC and the US in the year to come, which of course means that many people will be at risk of foreclosure. However, a few factors that were not in play in 2007 will provide clutter for credit unions that are designing mortgage products to deal specifically with subprime:

1. Mortgage rates have plummeted in the last couple of months to their lowest point in at least a couple of years. Anyone who can refinance should be able to do so pretty easily, particularly when it comes to conforming loans.
2. Last year’s headlines were all about subprime - which made LGFCU and SECU’s products newsworthy. This year, subprime as a storyline will have to share the stage with the threat of recession, stock market volatility and a raft of economic data. In short, subprime just ain’t sexy any more.
3. The federal government and the Federal Reserve are getting aggressively involved in the ills of the broader economy.

This is not to say that credit unions shouldn’t be actively communicating how they can be a relevant resource for members and consumers in the months to come … especially those who need to refinance their mortgages. However when it comes to leveraging the media, the subprime mortgage issue is literally last year’s news in my opinion.

As a result, credit unions trying to spread the word about how they can help consumers will have to refocus their messages.

Charlotte Metro Credit Union Rolls out Latest TV Ad

The NBA Charlotte Bobcats take center stage in this latest TV ad for Charlotte Metro Credit Union. The ad spotlights the products and services offered by CMCU, and the fact that membership is open to people in the Charlotte area. Check it out!

What Credit Unions Can Learn from the “Huckaboom” and “Obam-e-non”

Its always fun when political pundits and their “conventional wisdom” get a swift kick in the pants as they did last week in the Iowa Caucuses. Both Barack Obama and Mike Huckabee defied the odds by winning impressive victories in the first real test of the 2008 presidential election campaign.  

It remains to be seen if either candidate can translate this victory into the nomination in their respective party. But a clear theme emerged in both Obama and Huckabee’s victories, and this theme is instructive for credit unions.

There are many factors that account for their victories, but in my view both candidates struck a hopeful vision of a united America that clearly resonated with Iowa voters. This vision called upon the idea of America as one community, not segments of people to be divided into voting blocs.

It’s that central idea of a united, optimistic America working together to solve problems that clicked with people in Iowa. 

There’s a powerful lesson here for credit unions as well: your membership is a community of people that collectively represents a tremendous human resource. How much of our marketing and communications emphasis is based on how our members are different from one another? Have we looked for opportunities to bring all our members together as a community in an effort to be change agents in the lives of others?  

Some credit unions are tapping into the collective membership to bring about positive change in the communities they serve. Some of these have been chronicled in this space and there are no doubt many others.

Writing a check to support community agencies is good stuff, but some credit unions are missing a powerful opportunity to bring members together by stopping there. Barack Obama and Mike Huckabee reminded us all that people respond to the idea of community, of belonging.

My guess is that a visionary, authentic effort at communicating this same idea to members as part of a community building effort can resonate powerfully (and perhaps generate growth as a side benefit).

What do you think?

Charlotte Metro CU Rolls out Latest Muggsy Ad

Charlotte Metro Credit Union, which rolled out an advertising campaign featuring former NBA star (and CMCU member) Muggsy Bogues in 2007, recently rolled out a new ad in the series. The spot, which is airing on the Charlotte FOX, ABC and NBC affiliates, focuses on the CMCU web site, which got a complete makeover last year.

CMCU Director of Marketing Nathan Tothrow said that in the months since the television advertising debuted, the credit union has noted strong asset and core deposit growth. He added that web hits spiked 10% in December - the same time the newest ad hit the airwaves.

Nathan and I had the pleasure of working together on the attempt to bring credit union co-operative advertising to the Charlotte market in 2006. Even though that campaign did not see the light of day, it is great to see Nathan’s vision and dedication to the advertising medium pay off in terrific growth for CMCU.

The ad is linked below - enjoy!

  

A “Subprime” Phone Call

I got a call from a reporter at one of the Business Journals in NC this afternoon, asking about any uptick in mortgage refi’s at credit unions as a result of the subprime mortgage mess. He had already spoken with State Employees’ Credit Union and needed more information about other credit unions that were helping out, plus general information about loan delinquencies and other indicators that members might be having a hard time meeting their mortgage obligations.

The easy part of the call was referring him to NCUA and other agencies for the statistical gobbledygook. The hard part was only having one other credit union - Local Government Federal Credit Union - that I could point him to as a credit union that is helping its members deal with bad mortgages from other lenders.

It’s quite possible that I’ve missed others who want to spread the word. If so, please call me and I’d be happy to refer this reporter and future ones to you.

However if I’m not out of the loop on this, one of three things is most likely happening …

1 - Some other credit unions are helping out their members, they just aren’t talking about it openly (which is fine, but you’re missing one heck of a branding, marketing & loyalty-building opportunity for your credit union in the community);

2- Some other credit unions don’t offer mortgages (fair enough, but are there helpful resources you can bring to the table for your members who may be trapped in a bad mortgage loan? By sharing this, you can perhaps prevent a personal financial train wreck, which is another great opportunity to build member loyalty and trust);

3- Some credit unions aren’t doing anything and haven’t talked to their members about this (I know, its not a charity you’re running … but if you haven’t said anything at all about mortgages that could possibly blow up in your member’s faces, ruining their finances and hurting your bottom line in the process … what exactly are you running?).

A common complaint I heard from credit union people during the mortgage bubble the last couple of years was that members went running after the shady guys down the street because they were able to get them in a home more quickly and flexibly than the credit union.

Well now’s your chance … not to say we told you so … but how can we help?

(Edit on 11/28 to add: Carolina Postal Credit Union is currently working up a targeted mailing to members who may be trapped in risky subprime mortgages. While details are still being worked out, the credit union is going to do what it can to assist members at risk of ARM resets that could end in foreclosure. Good going, CPCU!) 

Is the UPS Guy Your Competition?

One of my favorite CU blogs is Modern Marketing, written by Denise Wymore. Denise’s latest post deals with old marketing versus modern marketing.   

Denise and Andy Goodman, one of my favorite cause communicators, must be writing in parallel universes lately. Goodman assists cause communicators in non-profit agencies across the country. Each month, I look forward to getting my consistently awesome copy of Andy’s newsletter Free Range Thinking.  The November edition was an eye-popper, and relates well to Denise’s post.

Andy’s overall point was that everyone who provides a service to consumers and businesses (or in our case members and potential members) is a competitor. 

The businesses and people who provide the best customer service go to the front of the line, and everyone else is, well, everyone else.

A couple of central paragraphs from Andy’s message ….

“Right now, your cause is battling for share of mind, and your opposition is not just other nonprofits in your field, nor is it limited to good causes in general. It’s everyone who’s competing for the public’s attention. And today’s information-saturated public doesn’t have time to differentiate among the competitors or to cut special breaks for good causes just because you have less money to spend. You may be trading in ideas, but you still get lumped together with all the other vendors, just like my former self and the UPS guy.    

“So in those rare moments when you do have someone’s attention — whether they’re reading your direct mail, scanning your web site, or just talking to one of your canvassers — you have to make the most of that opportunity. At the very least, you have to meet the standards set by other web sites, direct mail and other face-to-face communicators. Too often we’re not, and that’s the problem.”  

Andy wraps it up by saying (and I think this definitely applies to many credit unions) … “How you look in print and on the web, how you answer the phone and speak in public, even how you dress and observe such niceties as showing up on time — it all says something about about your organization and your cause.”

Credit unions instinctively view banks as the competition (and other credit unions, in reality), but Andy’s point is that earning share of mind is really about your service culture and how it compares to everyone else. So what do you think - is credit union competition limited to just the Bank of Massive Fee Income Opportunity, or is it Nordstrom’s, Apple and the UPS guy as well?  

To read Andy’s newsletter article, titled Sometimes, It Is About Us, please click here.

Credit Unions Are Not-for-Profit … BLAH BLAH BLAH!

I’ve been checking out the “About Us” sections of a few credit union web sites lately, and a common verbiage I’m finding is the stalwart ”credit unions are not-for-profit financial cooperatives” stuff, and little else. Why is that?

Don’t get me wrong, I understand that our structure is an important distinction. What I’m saying is … I know all about ”we” - but who are you? What sets you apart?

If you think about that section of your web site, it’s your clearest and best opportunity to state what makes your credit union different to lurkers. And it’s the only message channel for this type of information that’s open 24/7.

You can live, breathe, roll around and revel in this credit union industry, and impress your industry friends with clever jargony phrases … but keep in mind that the structure stuff means absolutely nothing to someone who doesn’t know about credit unions. The verbiage might as well be Latin (why not use a dead language to communicate a meaningless message to the public?).

But how could such an essential message be meaningless, you ask? Simple - the worst credit union in the world in terms of return to the member is a not-for-profit cooperative. Just like yours.

Your brand, your service and your policies set you apart. So with that as a backdrop - what should the “About Us” section of credit union web sites say? Feel free to share your thoughts … and links to any red-hot-smokin’ About Us sections you’ve come across in not-for-profit, member-owned-cooperative-land.     

The California Wildfires: When Disaster Strikes, Your Brand Is at Stake

All of us watched with sadness and horror the scenes from Southern California last week. Wildfires raged across that part of the country, destroying countless homes and causing the evacuation of hundreds of thousands of people.

Not since Hurricane Katrina have scenes like this unfolded on American soil, and our hearts went out to the victims.

Two victims of the fire in San Diego County, Matt and Danelle Azola, focused on the loss of their home in a live television interview. Interestingly, the focus of the story wasn’t all the lost pictures, furniture and other important items that made up the Azola’s life.

The focus instead was on a phone call about a $300 satellite dish. A customer service representative with the Azola’s satellite television service provider, the Dish Network / AT&T, told the Azola’s when they called to cancel service that they would be billed immediately for the loss of the satellite dish - this despite the fact that the dish had been destroyed in the fire (and the Azola’s had just lost everything they own).

AT&T said later that the representative of the Dish Network who spoke with the Azola’s when they called did not understand the company’s policy concerning natural disasters - the bottom line being that the couple would not be charged for the loss of the satellite dish.

But by then, it was too late. The clip of the interview soon appeared on YouTube and Break dot com. Since appearing late last week on these two video networks alone, the clips have garnered some 300,000 views.

Here’s the YouTube clip … notice how the original poster has edited his/her own thoughts in at the end …

Worse yet, only a linked clip I saw on Gizmodo.com gave the AT&T response (but it is in text form below the video box - so if you aren’t looking for it you may not even be aware that there’s more to the story than the clip lets on).

Here’s a link to the Gizmodo clip (same exact video, just the AT&T response beneath the clip).

So if AT&T’s account is correct (and there’s no need to believe it isn’t), the actions of one call center employee have precipitated a PR nightmare for the company - one that in the age of You Tube, they can’t easily control. Anybody who wants to make the company look bad can link this video or send it to friends with absolutely no context.

We can argue some of the finer points of the situation … for instance, why did the reporter run with the Azola’s story without at least giving AT&T/Dish a chance to respond first? Or did they give that context and we just didn’t get that piece of information in that particular clip?

But the bottom line is this: the customer service representative of AT&T/Dish was in a position to take a very bad situation and in some small way make it a little better for the Azola’s.

I think we would all agree by that measure, the mission was not accomplished.

As credit unions formulate both front line and disaster policies, a key consideration has to be scenarios that arise in the lives of members - and how to address those issues with humanity and sensitivity.

After all, the Azola’s problem with AT&T wasn’t really the $300 satellite dish … it was the perceived lack of compassion the company showed for what they had really lost.