Videos: Humor Is Serious Business

Bill Merrick, Credit Union Magazine
August 22, 2007 | COMMENTS

Humor is the most versatile tool in the community credit union's marketing arsenal, says Stan Baron, CEO of $305-million-asset Chetco Federal Credit Union in Harbor, Oregon.

“Members want to be informed and entertained,” says Baron. “Humor is the foundation for everything we do.”

Baron attributes the former lumberyard credit union's success during the past several years to its use of humor and fun in its advertisements, member programs, community involvement activities, and workplace. Its innovative television ads have struck a chord and a funny bone with members.

Of course, competitive pricing and innovative programs must accompany the yuks. Successful Chetco Federal initiatives include:

New baby/parent program. This features a care package welcoming new babies and parents. “Grandparents especially like the program,” Baron says. “They open accounts for the baby, its siblings, and themselves.”

Youth programs. Kids' club mascot “Dollar Dog” is a local celebrity among the Blues Clues set, encouraging students to save. Television commercials highlighting the club feature local students.

Prime Time account. Images from the 1940s and 1950s appeal to members age 60-plus. Prime Time account features include free basic checks, no fees (including overdrafts), free bill payment, and a money market account paying 5%.

Community involvement. Efforts include a local “Thank You, Firefighters” day, a “Stuff the Bus” promotion to accumulate school supplies, sponsorship of a concert by The Platters after a major bank withdrew its support, in-school branches, and college scholarships totaling $60,000 per year. Chetco Federal also donates $90,000 per year to worthy causes, including a high-profile golf tournament sponsorship benefiting a local food bank.

Branches. The credit union built a 1950s-themed branch with working retro appliances, freshly baked cookies, and retro television shows on a continuous loop.

Staff involvement. A fun work environment and incentives for meeting goals for return on assets and household service use gain staff buy-in. Employees also receive educational benefits and a two-percentage-point interest rate reduction on loans.

This story first appeared at www.creditunionmagazine.com and is reprinted with permission.