The media falls in love with credit unions
October 6, 2008
Here are over a dozen references to credit unions in the mainstream media in recent weeks. Most of them stop shy of outright endorsements, but many of them unabashedly urge people to make the switch.
[The Financial Brand has a similar article on the media's newfound love for credit unions: As if credit unions need another reminder...]
“Credit unions, not-for-profit financial institutions owned by their members, may be among the safest financial institutions in the nation, despite our nation’s current economic struggles.
— West Orlando News
“As banks fail, credit unions deserve a look.”
“Forget banks, join the credit union.”
“Ditch your bank for a credit union.”
“Wall Street turmoil is credit unions’ ‘golden opportunity.’”
“Who says you have to settle for a bank? Relief could be as close as the nearest credit union.”
“Oregon credit unions boom as lenders flee some banks.”
“Anxious consumers, looking for save havens for their money, are steering millions of dollars into Oregon’s credit unions.”
“Credit unions are gaining recognition among consumers for not only having avoided the problems that created today’s financial mess, but for being a huge part of the solution.
— West Orlando News
“Local credit unions benefit from customer ‘exodus’ from national banks.”
“Credit unions, having escaped the financial crisis, are chipping away at their larger rivals’ customer base.”
“If there’s a calm in the economic storm, it may be credit unions, whose investors are sleeping through the night.”
“Most of the folks I talk to who have abandoned banks for credit unions are thrilled they made the switch. If you’re sick of your bank, why don’t you follow suit?”
“If you want to own part of the financial institution that you do business with without buying their stock, it’s time to look at a credit union.”
“Data show credit unions to be an appropriate, safe choice among financial institutions.”
“This is a good time to consider an alternative to for-profit private banks—like credit unions.”
— Lifehacker (the 6th most-respected website on the internet)
Oh, how times have changed. Less than a year ago, you’d almost never see an article about credit unions in the mainstream media. These days, in the wake of a massive economic meltdown, it seems the press can’t stop itself from singing the praises of credit unions’ “safety and stability.”
To the Credit Union Industry: This is your wake-up call. Market conditions for credit unions have never been more ripe. (If there was ever a time for a national credit union campaign, this is it.)
Bottom Line: If you’re a credit union, the smartest thing you could do is double your marketing efforts — right now — including the budget.
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Previous related stories from The Financial Brand:
- Credit unions glow in media spotlight (Part IV)
- When will the media’s infatuation with credit unions end?
- Credit unions, welcome to the TARP bailout…
- Credit unions to pay for their day in the sun
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Filed Under: Public Relations, Quotes & Interviews
Tags: banks, Credit Unions, meltdown, safety, stability
October 6th, 2008 at 7:57 am
This is something that was talked about at the Symposium last week. While credit unions are getting all of this free press from the mainstream media, now is the opportune time to be getting active with marketing.
When someone reads the Washington Post and it tells them to find a credit union, local institutions need to make sure people in that area can find them.
October 7th, 2008 at 9:26 am
These headlines and articles have the potential to do more for credit unions than any paid national brand campaign. They just have to be seen.
Credit unions should be copying this blog post and distributing these messages any way they can. Put then in an e-newsletter and encourage recipients to forward to a friend. They should be reprinting this info on their own blogs and websites (with a link back to The Financial Brand, of course
And if CUs did get it together to do a mass media campaign, these headlines should be the creative surrounded by lots of white space. Forget about the Mac Vs. PC thing, these headlines say it all and have third-party credibility.
October 7th, 2008 at 9:57 am
Arguably, the type of ad Tim suggests would be a way more effective ad than what
CUNANCUA recently released.October 7th, 2008 at 1:03 pm
To clarify Jeffrey, those Uncle Sam ads are from NCUA (the regulator) not CUNA (the trade association).
CUNA’s new ads for leagues and CUs are here:
http://www.cuna.org/initiatives/secure_strong/member/index.html
October 7th, 2008 at 1:53 pm
Sorry Christopher. The CUNA story had me confused. Indeed, the ads are from NCUA (comment modified accordingly).
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