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	<title>Comments on: Credit Union Gives Fleet of Cars to Staff</title>
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	<description>Ideas and insights for financial marketers.</description>
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		<title>By: Jeffry Pilcher</title>
		<link>http://thefinancialbrand.com/2049/free-cars-for-employees/comment-page-1/#comment-624</link>
		<dc:creator>Jeffry Pilcher</dc:creator>
		<pubDate>Mon, 29 Sep 2008 15:26:29 +0000</pubDate>
		<guid isPermaLink="false">http://thefinancialbrand.com/?p=2049#comment-624</guid>
		<description>You make some interesting points and ask some good questions. Nothing to apologize for Tony. You&#039;re not casting judgments so much as raising some concerns, which is fair.</description>
		<content:encoded><![CDATA[<p>You make some interesting points and ask some good questions. Nothing to apologize for Tony. You&#8217;re not casting judgments so much as raising some concerns, which is fair.</p>
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		<title>By: Tony Mannor</title>
		<link>http://thefinancialbrand.com/2049/free-cars-for-employees/comment-page-1/#comment-623</link>
		<dc:creator>Tony Mannor</dc:creator>
		<pubDate>Mon, 29 Sep 2008 07:36:56 +0000</pubDate>
		<guid isPermaLink="false">http://thefinancialbrand.com/?p=2049#comment-623</guid>
		<description>Sorry all, my initial reaction was visceral. It seems like the dumbest stunt imaginable.

In a trend of CUs &quot;Going Green&quot; a credit union is &quot;forcing&quot; employees to drive 10k a year time 13 vehicles. That could generate negative PR. Also it seems like a very weak use of marketing dollars. Dedicated channels sometimes lose their impact once familiarity kicks in. This is why marketers switch up the messages - to keep things fresh and interesting. People build blindspots to familiar images. How many times have you been looking for your keys and found them right in front of you?

These graphics/message will not change for 3 years? Plus if this really was for marketing purposes, then why not get panel vans and squeeze more space for the marketing art and messages? Why not make them sports cars where they would get more attention and impact? Why not make them electric and have them drag little trailers behind them with billboards? Why not buy bus passes for ALL your members to use if they choose? What was the decision to go with these incredibly unattractive vehicles where the marketing info is below the windowline?

Better yet, who&#039;s relative/spouse/friend who works at the local Chevy dealership that closed this sale? As a member, that&#039;s what I would be asking. 

As a member, I would rather that marketing dollar go to a local charity or school music program than to buy 13 employee vehicles as a pseudo-marketing stunt.

One last thought. Cell phone use in cars has almost been outlawed here in California. That trend may find its way across the country. Maybe in 2 years, people won&#039;t be able to call in the special phone number from their cell phones. That is  the danger of putting all your eggs in one marketing basket.

Nothing against the credit union or it&#039;s staff. I don&#039;t know them or their membership. This may end up being a slam dunk. But it does tend to fly in the face of what I know and definitely not something that I would have ever recommended (for better or worse).

But it is almost 1am on a Monday morning and it has been a long day. Maybe I will feel different tomorrow.</description>
		<content:encoded><![CDATA[<p>Sorry all, my initial reaction was visceral. It seems like the dumbest stunt imaginable.</p>
<p>In a trend of CUs &#8220;Going Green&#8221; a credit union is &#8220;forcing&#8221; employees to drive 10k a year time 13 vehicles. That could generate negative PR. Also it seems like a very weak use of marketing dollars. Dedicated channels sometimes lose their impact once familiarity kicks in. This is why marketers switch up the messages &#8211; to keep things fresh and interesting. People build blindspots to familiar images. How many times have you been looking for your keys and found them right in front of you?</p>
<p>These graphics/message will not change for 3 years? Plus if this really was for marketing purposes, then why not get panel vans and squeeze more space for the marketing art and messages? Why not make them sports cars where they would get more attention and impact? Why not make them electric and have them drag little trailers behind them with billboards? Why not buy bus passes for ALL your members to use if they choose? What was the decision to go with these incredibly unattractive vehicles where the marketing info is below the windowline?</p>
<p>Better yet, who&#8217;s relative/spouse/friend who works at the local Chevy dealership that closed this sale? As a member, that&#8217;s what I would be asking. </p>
<p>As a member, I would rather that marketing dollar go to a local charity or school music program than to buy 13 employee vehicles as a pseudo-marketing stunt.</p>
<p>One last thought. Cell phone use in cars has almost been outlawed here in California. That trend may find its way across the country. Maybe in 2 years, people won&#8217;t be able to call in the special phone number from their cell phones. That is  the danger of putting all your eggs in one marketing basket.</p>
<p>Nothing against the credit union or it&#8217;s staff. I don&#8217;t know them or their membership. This may end up being a slam dunk. But it does tend to fly in the face of what I know and definitely not something that I would have ever recommended (for better or worse).</p>
<p>But it is almost 1am on a Monday morning and it has been a long day. Maybe I will feel different tomorrow.</p>
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		<title>By: Jeffry Pilcher</title>
		<link>http://thefinancialbrand.com/2049/free-cars-for-employees/comment-page-1/#comment-534</link>
		<dc:creator>Jeffry Pilcher</dc:creator>
		<pubDate>Thu, 18 Sep 2008 21:36:52 +0000</pubDate>
		<guid isPermaLink="false">http://thefinancialbrand.com/?p=2049#comment-534</guid>
		<description>I&#039;m not sure, but the $380K may include all three years. That puts each year&#039;s investment at $126K, with an annual marketing budget of $250K — that&#039;s about 0.7% of assets (which is still pretty darn good for a $36 million credit union).</description>
		<content:encoded><![CDATA[<p>I&#8217;m not sure, but the $380K may include all three years. That puts each year&#8217;s investment at $126K, with an annual marketing budget of $250K — that&#8217;s about 0.7% of assets (which is still pretty darn good for a $36 million credit union).</p>
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		<title>By: Jim Kelly</title>
		<link>http://thefinancialbrand.com/2049/free-cars-for-employees/comment-page-1/#comment-532</link>
		<dc:creator>Jim Kelly</dc:creator>
		<pubDate>Thu, 18 Sep 2008 20:59:42 +0000</pubDate>
		<guid isPermaLink="false">http://thefinancialbrand.com/?p=2049#comment-532</guid>
		<description>Wait a second here....a $36m credit union has a marketing budget of over $750k a year? Did I just read that right?

This could help my lobbying efforts for a $15,000,000 annual marketing budget.</description>
		<content:encoded><![CDATA[<p>Wait a second here&#8230;.a $36m credit union has a marketing budget of over $750k a year? Did I just read that right?</p>
<p>This could help my lobbying efforts for a $15,000,000 annual marketing budget.</p>
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		<title>By: Jeffry Pilcher</title>
		<link>http://thefinancialbrand.com/2049/free-cars-for-employees/comment-page-1/#comment-531</link>
		<dc:creator>Jeffry Pilcher</dc:creator>
		<pubDate>Thu, 18 Sep 2008 19:46:51 +0000</pubDate>
		<guid isPermaLink="false">http://thefinancialbrand.com/?p=2049#comment-531</guid>
		<description>One thing is for certain: This is a fairly significant gamble. As with all big gambles, &quot;big risk&quot; = potential for &quot;big win&quot;… or &quot;big loss.&quot;

As a consequence, I&#039;d bet this move improves employee retention, and not just during the next three years while employees drive the cars. I&#039;d bet there will be an HR halo effect for years to come.</description>
		<content:encoded><![CDATA[<p>One thing is for certain: This is a fairly significant gamble. As with all big gambles, &#8220;big risk&#8221; = potential for &#8220;big win&#8221;… or &#8220;big loss.&#8221;</p>
<p>As a consequence, I&#8217;d bet this move improves employee retention, and not just during the next three years while employees drive the cars. I&#8217;d bet there will be an HR halo effect for years to come.</p>
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		<title>By: Morriss Partee</title>
		<link>http://thefinancialbrand.com/2049/free-cars-for-employees/comment-page-1/#comment-507</link>
		<dc:creator>Morriss Partee</dc:creator>
		<pubDate>Tue, 16 Sep 2008 16:47:50 +0000</pubDate>
		<guid isPermaLink="false">http://thefinancialbrand.com/?p=2049#comment-507</guid>
		<description>The NCUA shows that they spent $116,292 on Education &amp; Promotion expense in 2007, and have spent $68,120 so far on that line item for the first half of 2008, putting them on track to spend a total of $136,240 for the year. We have found that this line item is often the same as the marketing budget, or at least includes the marketing budget within it.</description>
		<content:encoded><![CDATA[<p>The NCUA shows that they spent $116,292 on Education &amp; Promotion expense in 2007, and have spent $68,120 so far on that line item for the first half of 2008, putting them on track to spend a total of $136,240 for the year. We have found that this line item is often the same as the marketing budget, or at least includes the marketing budget within it.</p>
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		<title>By: Jimmy Marks</title>
		<link>http://thefinancialbrand.com/2049/free-cars-for-employees/comment-page-1/#comment-506</link>
		<dc:creator>Jimmy Marks</dc:creator>
		<pubDate>Tue, 16 Sep 2008 16:27:49 +0000</pubDate>
		<guid isPermaLink="false">http://thefinancialbrand.com/?p=2049#comment-506</guid>
		<description>I just don&#039;t know what to think about this. As someone who&#039;s done his share of PR/Advertising research, I know you can&#039;t exclude any one venue from a marketing mix. But a fleet of cars that serve as eye-level, mobile billboards versus HALF of an advertising budget? I can&#039;t imagine where else their money is going. What did they have to do without to make this work? 

I don&#039;t know if you know this or not, Jeffry, but do these cars have air conditioning/speakers/seat belts? There&#039;s GOT to be a catch.</description>
		<content:encoded><![CDATA[<p>I just don&#8217;t know what to think about this. As someone who&#8217;s done his share of PR/Advertising research, I know you can&#8217;t exclude any one venue from a marketing mix. But a fleet of cars that serve as eye-level, mobile billboards versus HALF of an advertising budget? I can&#8217;t imagine where else their money is going. What did they have to do without to make this work? </p>
<p>I don&#8217;t know if you know this or not, Jeffry, but do these cars have air conditioning/speakers/seat belts? There&#8217;s GOT to be a catch.</p>
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