TACOMA, Wash.–Credit unions in the Pacific Northwest were given an update on where CUNA’s Open Your Eyes awareness initiative now stands.
Speaking to the Northwest CU Association’s MAXX Conference here, Susan Toalson, VP of Creating Awareness for CUNA, said the effort remains focused on addressing two myths encountered in the extensive research that has been conducted to date by CUNA, which has spent more than $2 million so far on the initiative.
Those two myths: Consumers believe they can’t join a credit union, and that credit unions are limited to local areas.
A hyper-targeted digital first media campaign is set to roll soon, according to Toalson.
Credit unions were reminded CUNA is seeking to raise $100 million, to be spent over three years, to underwrite the effort.
“We know we can help all kinds of dreams occur with our credit union members and our communities. But here’s our problem: look at our marketshare,” said Toalson, showing a slide that showed CU marketshare in the U.S. of 5.6% in 1992, which had grown to just 7% in 2018.
“I got a sneak peak at what this campaign is going to look like. Let me tell you, it knocked my socks off,” said Toalson. “But this isn’t a CUNA initiative. This is a credit union movement initiative. We have CEOs, marketers, league partners, all involved. It’s wicked, wicked cool. It’s going to help put more organic growth into your funnels. This isn’t meant to substitute or replace the current marketing you are doing in your credit unions. This is meant to lock hands with it.”
Noting Chase spent $5 billion on advertising in 2017, Toalson said, “It’s time to go big.”