Marketing Construction Loans On a Shoestring Budget
Here’s another creative marketing effort from the folks at Arizona State Credit Union. (If you missed The Financial Brand’s previous coverage, check out their LOL Cats poster.)
With around $100 in supplies, the credit union made this merchandising display to promote its financing for construction projects:
They also made wood blocks that were displayed on desks of member service reps and teller stations:
"Merchandising is a retailer’s tool. Just visit the grocery store or Macy’s. Even Walgreens does it. You just don’t see it in a financial institution."
– Paul Stull, SVP/Marketing
Arizona State Credit Union
This campaign ran in branches only. No other media was used to support the promotion.
In an interview with The Financial Brand, Paul Stull, SVP/Marketing for Arizona State CU, said, traditional media has its place, "but doing something simple with big impact has more power with members who are right there in front of your sales team. It starts conversations and drives sales."
"It was fresh, unique and made our point at a low cost," he added.
Arizona State Credit Union has $1.1 billion in assets.
Bottom Line: The $5,563 campaign helped the bring in $2.3 million in new loans in four months. That’s a return of over 40,000%.
In recognition of the promotion’s phenomenal results, the Credit Union Executive Society bestowed this year’s GMA Golden Shoestring Award to Arizona State CU.
Key Takeaway: You don’t need big bucks to generate big results when you have a good idea.
