Comments on: Pay It Forward: The Ripple Effect

By: Credit Unions, Here’s That Awareness Campaign Everyone’s Been Waiting For | The Financial Brand: Marketing Insights for Banks & Credit Unions

Wed, 28 Sep 2011 16:09:05 +0000

[...] Credit Union’s ‘Feel Good Ripple’ invited people to share their “feel good deeds.” Similarly, Land of Lincoln Credit Union has [...]

By: 15 of the Best Guerilla Promotions in Banking : The Financial Brand: Marketing Insights for Banks & Credit Unions

Sat, 30 Oct 2010 17:48:38 +0000

[...] The Canadian credit union invited people to share their “feel-good deeds” on a specially built Servus microsite (shown below). For each story someone shared, they were entered to win one of ten $500 donations. READ MORE [...]

By: The Financial Brand » 12 technology trends shaping financial marketing

The Financial Brand » 12 technology trends shaping financial marketing — Mon, 11 Jan 2010 15:47:28 +0000

[...] they can be making engaging online promotions out of their charitable donations. Just look at what Servus Credit Union and Wells Fargo have done. None of this was really feasible before social media tools came along. [...]

By: The Financial Brand » Blog Archive » Guerilla good deeds promote new branch

Tue, 17 Nov 2009 17:30:13 +0000

[...] Servus Credit Union – “Feel Good Ripple” This article looks at the recent trend of “pay it forward” promotions sweeping the credit union industry. [...]

By: Christopher Morris

Christopher Morris — Tue, 13 Oct 2009 19:55:24 +0000

Great post. Summit Credit Union here in Madison is also doing something similar – http://payitforward.summitcreditunion.com/

By: Jeffry Pilcher

Jeffry Pilcher — Tue, 13 Oct 2009 15:58:22 +0000

The timing of these events was scheduled to coincide with International Credit Union Day, which is October 15. Do consumers care about Int'l Credit Union Day? No (despite all the effort credit unions put into it). But if you need a date to hold an event, I suppose Int'l Credit Union Day is as good as any. And you're right Brady. There will be credit unions who deploy the "Pay It Forward" blueprint without looking at how it fits with their brand, their audience or their market. For some, like SMCU, it is a reflection of their true character. But for others, "Pay It Forward" could be more of a PR stunt. I wonder if Servus could get this guy to Pay It Forward?

By: Brady Walen

Brady Walen — Tue, 13 Oct 2009 15:45:05 +0000

Thanks for writing about this Jeffry.

In my mind, the most interesting aspect of these three initiatives is the fact that all three are launching or holding special events this week. I saw this and couldn’t help but think why now? And, why is all of this happening at the same time?

After hearing about two of these (Servus and Tonawanda), I did Google search and learned about Educational Credit Union’s efforts and a similar effort from Summit Credit Union (Madison, WI) that was launched in May of this year. You can read more about Summit CU’s efforts on SMCU’s website here:

http://www.7principles.coop/pay-it-forward-a-growing-phenomenon/

While I can see the value here, and it’s obviously been successful for Seattle Metropolitan Credit Union, it does sound like this could easily turn into a bandwagon trend – where other institutions try to replicate all or parts of the initiative. Even within the three listed above, you can see the variances – some of which sound like they could really diminish the overall impact of the campaign – especially when you compare each to SMCU’s effort.

I can see how replicating the SMCU Pay it Forward campaign could work in many other markets, but I’m concerned that marketers may try to apply the concept without making the direct connection with their specific markets. And as with any copy-cat effort, that can really mean the difference between success and failure.