When a credit union leader says they want to do a short run on a campaign, my initial response is, “Are we swimming or treading water?” Unfortunately, too many credit unions are only looking to dip their toe in the water. Let me explain.
As someone who lives in the Carolinas, I’m very aware that FanDuel and DraftKings have arrived in North Carolina. With the legalization of online sports betting in the Tar Heel State on March 11, these two powerhouse brands blitzed almost every streaming and media service provider imaginable over the past 60 days leading up to the deadline, including pre-registration bonuses and influencer marketing.
Of course, the key to their short run campaign was frequency. And, oh boy, have both FanDuel and DraftKings poured a ton of money into acquiring new customers during the initial launch phase.
By contrast, we know of a credit union in the Rocky Mountains region of the United States that identified a new market two hours away from their homebase in another state. They boasted that if a FinTech can enter a new market without a physical branch, so could they. They talked a good game with an “all in” attitude. Unfortunately, their strategy and budget said otherwise.
Their campaign burned hot and fast, and they were out within 45 days with little to show for their efforts.
Short run campaigns that are most successful for credit unions tend to be experiential marketing, where there are pop-up events or interactive experiences that generates excitement or media buzz. A promoted flash loan or limited time deposit special can also drive engagement, but only when it is supported by a high level of frequency.
In a short timeframe, you need to build familiarity, create a sense of urgency, overcome competition, and ensure your audience can absorb your messaging. There’s the old “Marketing Rule of 7,” which suggest someone must see or hear a message at least seven times before they’ll commit to act. With modern attention spans, I would suggest we are well beyond seven touch points. We must take a more strategic approach and dig deeper into the platforms our target audience frequents and consider campaign pacing and clear messaging.
By contrast, long-term campaigns help build brand awareness, foster trust and creditability, and can change perceptions about your credit union. Here’s the kicker: Your true adversary isn’t your competitors, it’s obscurity. To increase market share, you need to increase your presence and credibility, and that only comes with a long-term strategy where you are not just selling what people want, but rather you are positioning what matters most to your target audience.
If I were to ask you, “What brand is associated with happiness,” the answer is Coca-Cola. Go ahead. Google it! Only, Coca-Cola ended their “Open Happiness” campaign in 2016. So, why does is still resonate with us? That campaign ran for seven years. It’s successor, “Taste the Feeling,” which is going on eight years, emphasizes the experience of the product itself, but compliments the idea that Coke brings happiness.
When it comes to your credit union’s brand story, let’s not just tell it for 60 days but for a lifetime. As Vice President of Brand Experience for Your Marketing Co., Frank Allgood works with credit unions to develop strong leaders, create effective training programs, and build powerful brands. Want to connect? Call 864.326.8740 or email [email protected]
