WASHINGTON–Credit unions were given an update on the status of its national awareness campaign, “Open Your Eyes to a Credit Union.”
During CUNA’s GAC the trade group announced it has raised $32 million toward its three-year funding goal of $100 million.
At its heart, the campaign is seeking to address this challenge: How to make more people choose credit unions more often for more financial needs, the GAC audience was told.
Mike Brooks, head of strategy at BrandCap, the marketing/branding agency leading the CUNA campaign, reiterated a discovery in the research is 98% of consumers have heard of a credit union, but 72% aren’t likely to consider using one. Meanwhile, over the past 25 years, the market share of the top 100 banks has grown, while that of credit unions has remained flat, said Brooks.
Changing Neural Pathways
Brooks ran his audience through the different media available to reach consumers, including direct response. The problem with direct response, he said, is there are sales spike during campaigns and then falloff. In order to get long-time growth and form “new memories,” it’s necessary to change how people think, and that requires brand building, he said. That’s what “Open Your Eyes” is all about, Brooks said, “getting into the consideration set. IT goes beyond sales and taps into mindsets. It literally changes people’s neural pathways.”
Brooks said the national awareness campaign essentially prepares members to be more accepting of the product promotions an individual credit union might use.
What do people remember? According to Brooks, it’s emotions, such as dreams, that credit unions are uniquely positioned to leverage.
As CUToday.info has reported, the campaign is now live in three states, Minnesota, North Carolina and South Carolina. The Michigan CU League also recently announced it will be supporting the campaign.
‘The Magical Day’
“This is not a zero-sum game. This is another addition to help credit union achieve the next chapter of growth,” Brooks told GAC, citing what CUNA CEO Jim Nussle calls “collective superpowers.”
Brooks urged his audience to understand the campaign can’t be about promoting products or individual credit unions or any myths. Instead, it must stay focused on three key awareness goals: any consumer can join a CU; they “own” the institution, and the idea of “someday,” the “magical day when you start to get what you want.”