By Ray Birch
GOLDEN, Colo.—Despite wearing “beer goggles” when it came up with its new name, On Tap Credit Union, which was formerly Coors CU, said the name change and the unique marketing approach it has since followed have been good moves for the organization—good enough for the cooperative to consider nationwide expansion.
In addition to the unique name, the community chartered CU that focuses on breweries and their consumers has leveraged that field of membership with branches that look more like a taproom than a traditional financial institution, and advertising that lets consumers in this brewery packed state know they have an FI focused on their needs.
“We did the name change in 2017,” explained President and CEO Tracie Wilcox. “We were trying to figure out how to be more inclusive to all breweries and beer enthusiasts. With the old name everybody thought they had to be an employee of Coors Brewery to join the credit union. So, we decided to come up with a name that would be more inclusive and would attract all beer enthusiasts, yet pay homage to our roots.”
The name On Tap was suggested during an executive staff meeting in 2016.
“Maybe we had our beer goggles on when we did that. But we took that name to a local agency that was going to help us. Once they heard On Tap they decided we didn’t need help from an agency, because they couldn't come up with anything better,” Wilcox recalled.
Tracie Wilcox
The Risk Pays Off
Moving forward with any name change always takes a great deal of effort and brings with it some risk, noted Wilcox.
“We decided to go forward with that and in the first couple of years with the name change it was a bit of a double-edged sword,” Wilcox shared. “Now, you've got something that may drive greater name recognition and awareness, but we still had to get in front of all of the breweries in the counties we serve.”
On Tap has clearly brewed up success. The $373-million CU has grown assets by nearly $100 million over the last four years, although Wilcox acknowledged the organization’s efforts slowed during the pandemic.
“But we made it through that period and our phones are ringing off the hook again here at the credit union,” she said. “Our team has done a really good job on the awareness side of it, but it was definitely challenging as we as we made that shift.”
Expanded FOM
While the credit union has focused on breweries in recent years, its field of membership has been community-wide. With the name change, On Tap expanded its FOM from Jefferson County to include three more counties.
“On Tap is a very inclusive name. We’re not here just for the breweries, we're also here for those beer enthusiasts,” she said. “Just because you may love Coors doesn't mean you'll love all craft beers and we wanted to be more inclusive for all beer enthusiasts.”
There are more than 440 breweries in the state of Colorado, Wilcox pointed out, noting that is the fifth largest number of breweries in any state.
“A new brewery opens almost once a month. So, being able to work with those brand-new employers, in addition to the ones that have been around for years…When I used to walk into a small brewery, having the name Coors CU just wasn't always inviting,” she said.
Not Your Typical Branch
Today, when people walk into an On-Tap location, they quickly see it is not the typical credit union branch (see photos).
“Our offices look more like a taproom. Another credit union in the U.S. liked what we have done enough to replicate our branches a bit,” said Wilcox.
On Tap CU’s branches feature wood accents, beer taps, and lighting and art on the walls that resemble those at a friendly neighborhood gathering place. Over a hallway to meeting rooms is a sign “Innovation Pub.”
New Awareness Campaign
The credit union has kicked off a new “Your Banking Needs are On Tap” awareness campaign with a bus stop display that’s unique for any retailer, let alone a financial institution (see photo below).
“Like I said, when you come into one of our branches it looks more like a brew pub than a credit union,” said Wilcox. “We do have beer on site, and right now it's for occasional consumption, not everyday use. What we try to do is be unique, and we try to do things that are a little off the beaten path.”
Wilcox said the bus stop display includes QR codes that are designed to help the credit union measure the return from the investment in the creative display. So far, the results have been encouraging.
“You can really see what production you're getting this way. We've also done some unique billboards and streaming ads to introduce On Tap to the public,” she said.
Overall, in its promotions On Tap focuses less on interest rates and more about crafting unique solutions, convenience, and that includes low fees.
The Warm Beer of Fees
“Overdrafts are like a warm beer; they both leave a bad taste in your mouth,” Wilcox stated. “Consumers are reacting positively to what we’ve done. It’s nice to hear their feedback in real time, coming through what we're delivering. So, no pushback from our members, just more embracing the culture and who we are.”
On Tap has three Colorado branches, one mobile and two physical locations—one in Arvada and one in Golden, the latter being the headquarters of Coors.
“We've been serving the brewing industry now for 70 years, so, we didn't want to walk away from that, but we did want to be more inclusive,” explained Wilcox. “Ironically, our strategy does not have any boundary lines. While we started out in Colorado, we will be venturing out across the U.S. as we serve the needs of the beer community and beer enthusiasts.”
The credit union has made loans to members who have moved to other states and is planning to expand its field of membership outside Colorado’s borders when the time is right. Wilcox said On Tap’s approach to marketing the credit union is always an interest among other CUs that serve breweries.
“We often attend the Craft Brewers Conference, which includes breweries across the country. We're usually invited to be either on stage or have a welcoming booth at various conferences. That gives us a lot of notoriety,” Wilcox said.
The Long-Term Strategy
Nevertheless, expanding outside the Centennial State is a part of On Tap’s long-term strategy, Wilcox said.
“When we created this strategy, it was never our intention to stay just in Colorado,” the CEO said. “Our long-term vision is for us to be able to serve the beer enthusiasts and the craft beer industry nationwide. And, we’ll keep the same approach to crafting unique solutions should we go to Washington as we do right here in Colorado.”
