In this short Q&A with Pati Maguy, Marketing Administration Coordinator of IC Federal Credit Union ($545M, Fitchburg, MA), Maguy shares the inspiration and results from “Budgeting in B Minor,” the newest addition to the credit union’s series of viral video promotions targeting Gen Y members.
What are your goals for this video and for the series?
Pati Maguy: Our goal with the educational series is to touch upon topics that may help improve the financial well-being of those who watch them. It is part of our mission. In the beginning, we introduced the concept about the differences between credit unions versus big banks. Coming out of Bank Transfer Day, we felt it an appropriate way to start.
The videos are also very whimsical and edgy. Again, finding relatable ground for our younger audience. Gen Y spends over 80% of their time online, on Facebook and YouTube especially. We wanted to reach out to them in a setting they enjoy and are comfortable with. Newspaper ads and direct mail, though they can be effective in an overall marketing plan, was not the best outreach for Gen Y for us.
How did you decide to on the topic of saving budgeting for the latest promotional video?
PM: The new video, “Budgeting in B Minor,” continues with the notion that if you balance your checkbook, set some goals, and make a plan, you will ultimately take control of your finances and be able to have and do the things you want. Maybe it’s to save for a home? The next topic, mortgage/homebuying, will be out in a few weeks or so. We like each video to run about a month or so before the next one is introduced. There are six total videos planned for 2012.
What results have you seen so far with this marketing campaign?
PM: After the first release on in February, we had a 33% increase in Gen Y accounts in a month, which translates to 704 new Gen Y members and $1,558,366 of new deposit dollars.