Forum Credit Union ($924M, Indianapolis, IN) recently created a marketing campaign that draws from members’ service needs. In this short Q&A with Chief Operating Officer Andy Mattingly, he shares the strategies and inspiration behind the video campaign.
What is the goal for this commercial campaign?
Andy Mattingly: Our goal is to create two messages. One, that consumers shouldn’t be happy with what they are getting from their current financial institution. The second message was that a credit union has everything a bank has, but it’s not a bank, rather something much better. Our purpose statement is “Helping Members Live their Financial Lives” so we wanted the spots to also focus on how we can help them no matter what stage of life they are in or unique need they may have.
Where did the inspiration for the commercial’s megaphone concept come from?
Mattingly: The megaphone concept evolved from our brand tagline of Your Money Your Voice. We felt like the megaphone captured the essence of the Your Voice and the focus of the spots captured the Your Money concept. Adding the megaphone helped us further the point that many banks are not listening to their customers even if they are shouting for help, figuratively of course.
We have a decent brand image in the market, but know that people still struggle with the concept of a credit union. We are hoping to differentiate ourselves from the banks without creating more confusion with consumers on what a credit union is, but rather focus on what a credit union can do for them. Our goal is to create awareness of the many different products we offer (mortgages, car loans, online budgeting, mobile apps, college/student accounts, kids accounts, free checking, etc) without specifically naming each account in a commercial. Our goal is to build market share by adding new members and creating awareness with our current members of our full product offering so that we can build wallet share as well.