Creativity and Online Technology: A Smart Approach to Recession Marketing

Ron Daly
April 1, 2009 | COMMENTS

Solidarity Federal Credit Union knows the value of creative marketing in a competitive environment. And it knows that keeping its brand in the public's eye—especially during tough economic times—is a smart business strategy. So what is its innovative approach to recession marketing? YouTube-style videos.

The Kokomo, Indiana-based credit union is e-mailing promotional clips to targeted members, using short videos created in-house.

“With banks on all three corners opposite our main branch, we are always looking for new ways to promote our products,” said Diana Tenbrook, vice president of marketing at Solidarity. “We've used e-mail alerts service for several years, so it was natural to turn to them for help with our latest e-marketing program.”

The video program features members telling their own stories about using the credit union's services, such as electronic checking or at-home check deposit. The videos have been well-received, says Tenbrook, and members' personal recommendations have gone a long way to boost the credit union's credibility.

“E-mailing video clips is a cost-effective strategy that has actually resulted in some viral marketing, with members spreading the word after viewing them,” she said. “One of our members, who owns a home-based business, told us people come up to her in the grocery store and say they've seen her in the Solidarity video.”

While the video program was originally initiated to differentiate Solidarity from its banking competitors, it's been an effective strategy during today's slowing economy. Although needing to tighten its purse strings for 2009, the credit union has found e-mail extends its marketing efforts without draining its resources.

“E-marketing is easy to use and easy on our budget,” said Tenbrook. “And without the need for packaging, we're also saving a few trees. That advances our commitment to ‘go green.'”

Solidarity targets its online messages to members' preferences. Credit union members choose the types of messages they want receive, and Solidarity receives confirmation that the messages were delivered to the members' inboxes (and not caught in spam filters). It's an effective strategy, as Solidarity's open rate is nearly 30 percent—high by most e-mail standards.

“We always make sure the promotions we send are geared to members' specific interests,” Tenbrook said. “For example, if a member just took out a mortgage with us, we don't turn around and send him a home-loan promotion.”

Along with promotional e-mails, Solidarity is responding to the tough economy by using e-mail alerts to notify members of due dates for upcoming loan payments.

“Most institutions mail out late notices four or five days after missing a payment,” said Tenbrook. “No only does this waste paper, but it doesn't help members who have gotten behind, especially in recessionary times. We think it makes more sense to e-mail payment notices 10 days before they're due. That way, members are reminded to plan their money; and if they have a problem, they can make alternate arrangements ahead of the scheduled due date.”

Many marketing professionals like Tenbrook know that using e-mail engines is a highly effective tool to growing business— especially during recessionary times. E-mail is quick, very cost-effective, and offers the ability target your messages and measure their impact. Whether it's promoting new products, cross-selling services, or alerting members to account notices, e-mail provides great recession marketing opportunities.

Ron Daly is president/CEO of DigitalMailer. Contact DigitalMailer at 866- 994-4900 or e-mail Daly at rdaly@digitalmailer.com.