Capital Credit Union (Bismarck, ND) featured its Edge Checking account from November 1 through December 31, and focused on digital marketing to help spread the word about the product.
According to Dustin Bitz, Vice President of Member Services, the credit union’s goal was to increase deposits during the fourth quarter, and it was not disappointed.
Both Bitz and Jillian Lagasse, Vice President of Marketing, say promoting Edge Checking made sense because the product offers rewards, including cash back for purchases, which comes in handy especially around the holidays.
For example, members get up to $5 cash back per month on debit card purchases. Plus, the account is free if the member signs up for eStatements. Otherwise, the account has a $5 monthly fee.
Digital wins the race
For marketing, the credit union included some traditional elements such as direct mail pieces, local market billboards, lobby signage and existing member communications.
However, the digital was the main marketing effort.
“Our digital marketing is done through our marketing agency,” Lagasse says. “To do it right, digital marketing is far more complex and time consuming to try to do it in-house.
“We also did social media marketing too and while that can be done in-house, trying to be effective at digital marketing in-house is challenging.”
Partnering with an outside firm paid off as Lagasse says it’s efforts have helped the credit union attract customer attention, plus stay within budget. “We definitely see our best return on investment with digital marketing,” she says. “So our shift is to more digital and less print based on the results we are seeing.”
Lagasse shared some of the stats on the credit union’s digital investment for their Edge Checking campaign about half way through the campaign:
- Impressions: 685,425
- Clicks: 372
- CPC: $5.81
- Conversions: 24
- Impressions: 874,549
- Clicks: 1,666
- CPC: $2.12
Most accounts are opened in a branch
Members can apply for the account online. However, “about 70 percent of the new Edge Checking accounts come in through a branch and only 30 percent come online,” says Bitz. “Usually most qualify for the account and I haven’t seen many that haven’t.”
Additionally, in-branch account openings are important because Bitz says the account is often leveraged during a cross sell.
“The member may come in to get a loan so it gives us a great opportunity to cross sell a checking account at that time too,” he adds.
So far, results show that members are responding to the account.
“We’ve seen a 24% increase in Edge Checking fromcomparing November 2017 to November 2018,” Lagasse says. “And a 19 percent increase in overall checking, year over year.