CUNA Marketing & Business Development Council Offers Snapshot of Collaborative Advertising

February 3, 2011

Even in this challenging economy—or perhaps because of it—some credit unions are participating in collaborative advertising with their state credit union leagues, other credit unions, and other types of cooperatives, says "Collective Power: How Credit Unions Collaborate to Reach More Consumers," a new white paper from the CUNA Marketing & Business Development Council.

These campaigns "extend the hopeful and practical message of credit unions as a financial alternative to many more members and potential members, at a lower cost, and with greater resources than any single credit union could accomplish alone," the report says.

A 2009 study by Forrester Research Inc., Cambridge, Mass., found that credit unions have done an inadequate job of promoting themselves to nonmembers. Among Forrester's recommendations for credit unions: Consolidate marketing efforts to create efficiency.

Many different models for collaborative advertising exist, and this report provides a sampling of these:

• A number of state credit union leagues have created and coordinate such programs in their regions;
• Some league chapters have smaller-scale collaborations among member credit unions, and larger-scale efforts aim to educate the public about credit unions' not-for-profit nature and benefits to consumers;
• Informal arrangements exist among individual credit unions, focusing on common goals, such as increasing auto loans; and
• Some credit unions work with other cooperatives in mutually beneficial advertising agreements, including affinity credit cards.

Click here to access this and other informative white papers.

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