How to pick the right agency for your credit union
You pick us!
Ok, now that that is out of the way, selecting a credit union advertising agency, marketing agency or design agency - is a tough decision for any credit union. Making the right choice will lead to trackable results for your credit union. Making the wrong agency selection will not only be a waste of your budget but also make your life miserable.
Too many credit unions take a strange approach to this super-critical decision; they may get lucky, or they may get screwed.
Being a CEO of a credit union marketing agency AND having to make this decision from the other side, here is my advice on HOW TO PICK THE RIGHT CREDIT UNION MARKETING AGENCY.
Gather up the usual suspects
Pick Your Starting Line-up
Make a list of agencies to evaluate. The best source in compiling this list is referrals from colleagues or even credit union associations like MAC (The Marketing Association of Credit Unions) CUES and CUNA. Never grab your copy of the Yellow Pages. It is too random and a waste of time. Start with at least 5 solid and reputable agencies to investigate further, but no more than 10 otherwise it will all blur together.
Do your Background Work
Use the internet to check out the agencies on your list and eliminate any obvious klinkers. If you are looking for an agency to do your website, obviously those with a marginal site should be eliminated. Thats not saying you have to love their site, but you should be able to appreciate the effort and technologies that were used to create it. Stick with agencies that know the landscape. It eliminates some of the back and forth (that is billable) for things like disclosures, logos (EHL, NCUA) and so on.
Since you are looking at agencies that specialize in credit unions, you may want to check their client list to make sure that they dont work with a competing credit union. While this has never been an issue for us, some people feel a little wobbly on this one. The great thing is that because of computers and telephones, you can pretty much work with any agency in the country. I have clients in town that I see less than my clients in Los Angeles. Make sure each agency includes the services you need among their core competencies. The goal in this step is reduce your initial list down to three to five agencies for further consideration.
Put it in Writing
Write up your request for proposal (RFP), a request for information (RFI) or a request for a quote (RFQ). The goal is to collect some specific information from each of the agencies on your list, whatever you want to call this. Other sources will tell you that agencies hate RFPs. This is typically because people ask a bunch of questions and create a bunch of scenarios that have nothing to do with the work that will actually be performed.
Remember that you are trying to establish a positive and mutually beneficial relationship with a marketing agency, so 1) respect their time, It could take 20 hours to write up everything for an RFP knowing that it might just end up in the round file. So make sure your RFPs are simple and direct. and 2) don’t just ask questions. Give the agency enough information about your specific needs and brand to determine if there is a fit from their perspective. If you are a “Green” credit union and the agency has no experience with “Green” causes then they should know that they aren’t a good fit. Maybe you need a new website for your credit union and they have little to no real web development experience. That would be good to know.
Reach Out and Touch Your Marketer
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Popularity: 10% [?]
Friday Fun: I was sick, but now I am SUPER!
Things have been quiet around the blog. We had a mad rush of interest in some of the super cool credit union marketing things that we have been doing and I have been feeling like a one legged sprinter - tired and running in circles.
However, today something strange happened. While eating a Jack-in-the-box taco I was bitten by a radioactive ladybug. Initially I only felt hungry and a little irritated…
then something happened…
I felt SUPER!
Popularity: 19% [?]
Are You Aggressive in Your Credit Union Marketing?
I like this ad.
Coincidentally I was working on a keynote that I am giving at a Marketing Association of Credit Unions roundtable here in Northern California about “Aggressive Youth Marketing” and I took a minute to goof off and I saw this ad.
When talking to CU Marketers, many of them are afraid to get “crazy” with their marketing, like this. Of course, by “Crazy” I mean competitive.
I have heard people talk about not wanting to damage another credit union or slapping down local banks.
Hey, those are all valid points. Irrelevant, but good points.
As the old saying goes, though, “You don’t bring a knife to a gunfight”. What I mean is, you will never be able to negotiate with the local banks or friendly credit unions and convince them to give you their customers or members.
You can’t diplomatically steal away your competitions business. Eventually you will have to get a little crazy if you want to survive.
Many banks and credit unions are trying to survive right now. So don’t be surprised if your competition starts getting a little crazy and start coming after you. Things ARE that crazy out there.
You wanna get nuts? Come on, let’s get nuts!
So that is why I like this ad. Visually it says “If you want a ‘Big’ burger, you need a Whopper. Forget that little ‘Big Mac’ guy. He is a pipsqueak. That’s a snacker not a meal!” It identifies the competition and BK’s superior quality product (arguably). To be honest, it drags the competition outside and slaps him around a bit and then says “Now whatcha gonna do?”
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Popularity: 39% [?]
If sex is selling then I am buying!
Some of you may remember a post I wrote a while back where I quoted a credit union marketing executive who said that their members wouldn’t know the difference between a postcard with a pretty design and one printed in black and white with a rate on the front.
It still hurts my stomach to write that. That CU marketing exec was explaining why he was going to the lowest bidder and using low-rent graphic designers and canned marketing for his credit union marketing. I couldn’t figure out if he was trying to mess with my head or negotiate a better deal from me or what. All I know is that I threw up in my mouth a little when he said that.
I mean, if you want to kick me in the gut, why not just tell me that I am funny looking or make a Ritchie Cunningham jokes or something. Just don’t tell me that design doesn’t matter.
I care about what I do and I know that we do a good job and provide a valuable service for our clients. Our ROI numbers prove it. So I know I am right when I say, visuals are important if not more important than substance when it comes to making the sale. I mean, really, you can get tap water for free, pay 25 cents for a store brand bottle or $2.00 for “the good stuff” and there really isn’t that much of a difference to justify the huge difference in price right?
Oh, I guess I should say that the CU marketing genius is no longer employed at that credit union.
Anyhow, that is why I was giggley when I read an article called What’s Psychology Worth? A Field Experiment in the Consumer Credit Market. (which I came across via NeuroScienceMarketing).
This is pretty neat so hang in there.
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Popularity: 40% [?]
Branding vs. Blanding – Making Your Credit Union Stand Out!
Jeffry Pilcher said “Prototypical Blanding” today and I had to figure out a way to use it in a post!
Ok, first let’s get a few things out of the way. While I may have only been in the CU game for about 7 years, I have been in branding and marketing for about 15 years. One thing I can tell you is that “Bland is not a Brand”
Even bran cereals and vegetarian foods are trying to say they have flavor, shouldn’t credit unions try to say at least that?
Nope, not if you ask the folks that I talk to. So many credit union folks have a “Fly below the radar” approach to branding and marketing that, if it didn’t make me want to cry, would crack me up.
Here is a fer-instance analogy. I own a coffee shop (as I seem to be saying a lot lately, but it is relevant – I swear!). My coffee shop is a lot like many credit unions. If I were to take the “Credit Union Methodology” of branding and marketing, this is what I would have to do…
- Visit all the local coffee shops to taste their coffee and food. Then I would adjust my formula to taste exactly like theirs. Obviously this is what their customers like and since I want their customers, this I what I should do. It makes no difference that my product is superior and my existing customers love my product.
Popularity: 59% [?]
Brand Killer: Dear Credit Union – Why don’t you love me anymore?
I had to get some papers notarized. I don’t have to do this often, but enough that I have a regular place that I go to get this done.
But there is a new shopping center near my neighborhood. Now, I am not rolling in so much dough that I walk around in a top hat, cane and monocle – but my neighborhood has a pretty high average income. This means that this little shopping center has a fairly cooperative clientele with generally higher deposit rates.
What I am saying is that it is a good neighborhood for a bank or credit union to move into. That is exactly what happened.
So in my little shopping center I have a local bank (about 800m asset size approx) and a credit union (about 6b asset size) and a UPS store (all places for notary publics to hang out). I have an account at the credit union but have never used them to notarize my papers. I thought it would make for a neat experiment – plus with gas at $5.00 a gallon, I didn’t want to drive across town to go to my regular place for notary services.
The security guard informed me that I would not be allowed to wear my sunglasses inside (for security purposes) so I took them off. He was pretty nice about it, but I live in California where we rarely take off our sunglasses, even when we are inside. I have permanent raccoon eyes (sunglass tan lines). But it wasn’t a big deal so I tucked them into my shirt.
There was one teller, not uncommon or unexpected for first thing in the morning. There was a member at the wicket so I stood in line. This is what I saw.
Three employees were sitting in guest chairs in the lobby (by the entrance door) stretched out and chatting about the weekend. When I say stretched out, I mean streeeeeeetched out. One guy’s butt wasn’t even on the chair seat. It looked comfy and uncomfortable all at the same time. I keep looking around and see a woman in a room sitting in a chair against the window facing the opposite direction. She looked back a few times to see me, the member behind me and the rest of the goof-offs in the lobby.
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Popularity: 68% [?]
I got mad so you don’t have to
Wow it has been quiet around here. But there is a good reason.
I have been busy flattening the top of my forehead by slapping it repeatedly on my desk. It was slightly involuntary, but I call this tried and true practice “Launching a website”.
Yes, I know my methods are controversial, but aren’t most genius-like endeavors? Ok, enough, if I keep slapping myself on the back, my arm will fall off.
What I did was not really that spectacular, but it is something close to my heart. It is something important to me. It has to do with customer service and providing your members with a true value.
I think customer service trumps almost all marketing and branding efforts. See, you can prop yourself up as being the biggest and best, but when the chips are on the table, you have better have the deck stacked with solid customer service. Otherwise, you have just wasted a lot of money on marketing.
Second most important is having a product with value beyond its price. As a mentor of mine once told me, “Overpriced garbage may look like a great deal, but it still stinks”. He meant was that there has to be a true value beyond perceived value. You can’t create true value where there is none. Now this is an arguable position (Starbucks, Evian and Overpriced Foreign Cars to note a few) but the sentiment is clear. If you are going to charge a premium, then you had better have a premium product.
This is what brings us to where we are today…
Customer Service vs. Product Value vs. Your Competition
It started almost a year ago with a phone call from a client who asked me to sit in on a conference call with a vendor that was going to provide web development services. I know why credit unions use these services (instead of going through us). It is easy and convenient as they already have some sort of internet-like relationship with the vendor. I don’t take it personally and I try to help as much as I can to facilitate the process in the advantage of my clients.
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Popularity: 71% [?]
Friday Fun - The best of the CU blogosphere
Ok, I have to admit that I pilfered a bit of this list from Jeffry Pilcher’s new blog called The Financial Brand. But the reviews are all mine. If I left anyone out, blame Jeff.
Blogs AboutCredit Union News and Marketing
- Currency Marketing’s CU Brand Blog - I like Tim and Nala and all the Currency gang. This is definitely a site to check out. Tim has a real handle on the credit union industry in Canada (America’s Hat). Their claim to fame is the incredible Young and Free Alberta campaign. Also as far as marketing companies go, I guess they are all right. I mean if you aren’t going to work with us, I suppose they would be a good second choice
- Netbanker - Excellent source for news on all things financial. I dont know how these guys find the time to do this. Excellent read.
- Trabian’s Open Source CU - This was the first CU Blog that I have ever read. When I posted, Trey Reeme sent me an email welcoming me to the party. I try to take that attitude and put it forward. They are still one of the top CU blogs out there and definitely worth of subscribing.
Popularity: 89% [?]
Social Media and Credit Unions: A Recap from MAC 2008
To the folks who regularly tune in, thanks – I hope you find this helpful.
To the folks who attended the Marketing Association of Credit Unions 2008 Conference and Awards, I am compiling a list of the links that I mentioned in my presentation. I hope it helps in your presentations to your board and executive staff.
I will also be posting some of the slides with a short audiocast as a “mini presentation” that you can use to show to the folks who need more information on social media.
Now to the links:
Protecting your credit union’s reputation: A User’s Guide – This is where we talk about things like Google alerts and how you can use them to see who is talking about you, your staff and your credit union.
How to: Create your own credit union blog – This is a bit of a step-by-step on how to go about setting up your credit union blog.
Credit Union Web Design: What are your options – It is not as complicated as you may think.
Credit Union Podcasting: The Great Site Hype - If you are going to podcast, make sure you know what you are getting into.
CU Blogging 2: Rules for the road – More tips for setting up your credit union blog
Customer Service Millenium Style – There are a huge assortment of sites that act as consumer activists. Here are a few sites and examples of how companies suffer from and responded to online criticisms.
How To: What to do when your credit union gets blogjacked – This is where we show you how to do a little crime-fighting to find out who is out to get you or who is using your good name to line their pockets.
Another credit union blogjacking victim – This is where I talk about what happened to the folks at AFCU. Someone used their name to set up a fake blog that steals news about their credit union to sell Google ads.
Credit Union Blogging is not for Everyone – It really isn’t you know. But if you want to start looking into the costs and technology required to get the ball rolling, take a look at this post.
Free content for your credit union blog – You don’t have to write your own stuff all by your lonesome. There is plenty of good stuff out there that you can use free and clear!
Welcome to Stupid Life CU – Wonder why I left Second Life out of my social media presentation? This is why.
Friday Fun: FreecreditReport.com Makes me laugh – Yeah, it has very little to do with credit union marketing. But this post still gets 60 to 70 unique hits a day and exposes my company to potential clients all over the world. Has it resulted in any business? I don’t know. Does it hurt? Absolutely not!
Blogs are like asses, everyone has one – find out what your employees are saying about you. This is in reference to my comment that your employees or customers could be out there damaging your brand. Creating a forum to discuss issues gives you the power instead of outsourcing it to one of these sites.
Bank of America beat us to the punch again – creating a small business forum with social capabilities has turned Bank of America into a small business resource. It creates an affinity to BofA as well as exposure to their brand of being a bank that cares about small business.
Hang in there. I have more info on the way. And always, if you have a question – feel free to give us a shout!
Popularity: 100% [?]
Twitter is your credit union marketing wingman
Hello ladies, have you met my friend Twitter?
Twitter is the perfect marketing wingman. He will tell everyone around you about the things that make you great. He will even go out and bring cool people to you. He is awesome like that. But not only is he a great wingman, Twitter makes a pretty good partner.
He likes to talk for hours and hours about all the things that you are interested in and listens when you want to talk about yourself. He wants you to tell him about your day. He is always there when you need him. He always wants to chat online – when you are ready to chat. He wants you to text him all day long and tell him about the minutia of your day.
Jokes aside (for now), I have fallen back into Twitter. At first I didn’t care for it so much, it was kind of pointless and slightly dumb. I mean, why would someone care if I were at Target buying rash cream for my daughter? Plus I didn’t know anyone on Twitter that I wanted to hear from while they were shopping for rash cream.
Then something funny happened. The other CU people that blog or leave comments here were talking about being on Twitter.
Not being one to miss out on a party, I showed up. It was a whole new experience. There were three or four conversations going on. As my buddy list grew and more people got involved in the CU Twitterverse it became a tool. We would discuss immediate and current happenings. It created a filter for the bloggers to noodle out ideas before committing them to the interwebs. It became a sounding board where we have discussed outdoor credit union concerts, social media, branding, books and news.
Some of us have promoted current or interesting blog posts, web links or each other when there is an accomplishment that is noteworthy (like the Currency Marketing and Commonwealth CU hat-trick at CUES this year).
Twitter has become party central with all the people you like to hang out with. Because of this, Twitter has been experiencing some growing pains.
With the adoption of various third party twitter scanners that run as Instant Messenger like applications and the influx of users – twitter use has exploded. This growth has caused a few glitches – but overall, it is a regular part of my daily communications with the “outside world”. And if I am in conference with a client or “Twitter Silent” for a day, I can log in and look at the whole day’s conversation to catch up.
Why is this important to credit unions?
Well, for one, look at Washington Mutual. After they launched the WhooHoo campaign, a snarky individual set up a WhooHoo twitter account, which has satirized WaMu’s new marketing strategy. He has been leaving posts like
“WaMu. We don’t nickle and dime you, we overdraft you. Whoo-hoo!!!”
That’s funny, well it made me laugh. But what if someone started doing it to you? But for every guy like the WaMu guy, there are some legitimate folks have started tweeting (the verb form of “Twittering”)
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Popularity: 99% [?]
