Established in 1954, General Electric Credit Union (GECU) is the largest credit union and third-largest financial institution in Greater Cincinnati. Although they had a great value proposition and strong membership, GECU needed to significantly increase their deposits. They decided to offer a new “bump-up” certificate, entitling the bearer to take advantage of rising interest rates with a one-time bump-up of the rate they receive.
We learned that people were not aware that anyone who lives or works in the Greater Cincinnati area could be a member of the credit union—working at General Electric was not a requirement. So we knew we needed to address this misconception, while making this bump-up certificate relevant and appealing. Analysis revealed the ideal target for this campaign were people who lived within 10 miles of a GECU branch and had a household income of more than $250k, giving the team solid targeting criteria for the campaign.
Using a multichannel launch plan, we were able to reach the targeted demographic in a cost-effective fashion with direct marketing and paid social (Facebook). We also wove in some broadcast buys to help raise awareness of the requirements of GECU membership and created in-branch posters and clings to encourage additional deposits from existing members.
The campaign was successful, with one-month KPIs performing better than industry benchmarks:
More importantly, just five hours after launch, GECU had opened 27 bump-up certificates for a total of $1.97M, $250k of it new deposits.
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