 
Custom Solutions for the Financial
Industry
CHALLENGE
USAlliance Federal Credit Union
was opening a new branch in Cambridge, MA, a town with a large
student/faculty population. The credit union's senior management wanted to
approach this group of prospects to generate business among
this customer demographic. Historically, larger, more mainstream banks had held
control on this population demographic with their existing branches
throughout the campuses. The credit union decided to contact Proforma for
an outside perspective on the opportunities:
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Conduct a successful program launch in a "locked" market
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The challenge presented by an organization with a small number
of branches
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Generate accurate information regarding opening an account and
gaining account access through an effective communication vehicle
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The opening of a new USAlliance branch in the area
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SOLUTION
We knew that appealing to
this demographic, the academic students, would be a challenge. In an effort to investigate
all potential 'new customer' demographics, we decided it would be
beneficial to determine the opportunity among the entire market segment
and challenge the initial perception that the student population was
the best opportunity for growth.
By researching the demographics, it was determined that
approximately 35% of the town's total population was school faculty,
students and administrative personnel. The remaining 65% of the
population were "other" people. Additionally, the majority of these
people leaned heavily towards the liberals, were anti-establishment,
many 50+ in age, and commonly referred to as former "hippies".
By focusing on the obvious student population, the credit
union's previous marketing ideas would not make as significant an
impact as with the majority of its potential customers. Proforma
presented a very edgy campaign with the marketing slogan, "Power to
the People" with the subhead "Member-Driven, Not Profit-Driven" to
further enhance the anti-establishment feeling.
RESULTS
USAlliance shared with Proforma their goals for new
deposits at the Cambridge branch over the next quarter. With
Proforma's help, USAlliance achieved double their goal in a single
month! While the credit union advertised a great Certificate Rate,
"Power to the People" generated the type of response that hits
peoples’ souls and delivered powerful results.
If you need immediate help with your financial custom print
& promotional products needs, please contact us today. |
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