Case Study: Allegiance Credit Union
Rewards Checking
Product Focused Campaign:
Allegiance Credit Union wanted to launch a new Rewards Checking product to increase membership and also grow checking accounts with members who perhaps only had one or two products with ACU (like a home or auto loan), but didn't necessarily consider the credit union their primary financial institution.
Product Offering:
The new high yield checking account offered 5.01% interest with criteria like a minimum number of debit card transactions, required usage of online banking and direct deposits. It not only pays a high rate of interest, but also refunds ATM fees up to $25 per month.
Poster
Campaign Theme:
Third Degree team developed an eye-catching look and feel that had ties to the ACU brand positioning, but with a bold edge (offbeat eye-glass imagery, electrifying colors and quirky exclamatory headlines) to grab more promotional interest.
The idea was to really cut to the chase of why people should sign up for this product, it would be silly not to get a higher interest on money you use every day, scary to continue losing money to ATM fees, and smart to choose rewards checking.
Door Hanger, Direct Mail
Launch Strategy:
The marketing staff at Allegiance was really enthusiastic about getting the most bang for their buck out of the campaign components created by Third Degree. While the promotion did not include any mass media like TV or outdoor, they hit the grass roots efforts hard, canvassing neighborhoods close to the branches, distributing door hangers – in addition to statement stuffers, direct mail, multi-media screens, teller pads and posters in the branches.
Results:
Allegiance Rewards Checking was launched the first week of November 2008 and as of the end of December 2008 they had grown $3.8 million in total checking accounts and now have over 800 Rewards Checking accounts. As a small to mid-size credit union with a cost-conscious marketing budget, Allegiance felt this promotion has gone a long way for them, and is a big success.