Jordan Kowalkowski is a 29-year-old Financial Analyst of Filer Credit Union ($119M) in Mansitee, Michigan, United States.
Rebranding: Internal and External
Penetration into new demographics was low, loans/assets were terrible, and staff buy in was dismal, so we combined an external rebranding with an internal cross sale overhaul in an attempt to totally recreate our image and our performance.
During spring 2014, our credit union went through some rapid staff changes that left a void in the marketing department. Even though I was not initially hired for marketing, the CEO asked if I would take over the department in addition to my current responsibilities after those staff transitions were completed.
We had known for some time that our marketing was in trouble. External advertising was inconsistent and generally lacked appeal. Surveys showed that the growth we were experiencing was almost entirely grass roots and primarily the result of a very loyal member base. We also struggled attracting target demographics, such as Millennials. Internally, we were not getting buy in from the staff to help generate cross sales, and our loans to assets were materially below peer.
Shortly after the staff transition, we began reevaluating our approach. We made major changes to our strategy, our budget, and we realigned staff goals with the larger credit union strategy. We officially launched our new brand in January 2015 bringing a new look – website, lobby, and consistent overall advertising – and implementation of the new staff goals.
So far, things have been going really well. New Auto Loans are up 35% YOY, Rec Vehicle Loans are up 15%, Total New Loans are up 14%, and New Memberships are up 37%! I would also like to add that Millennials make up the largest percentage of new accounts in 2015.
But the best part about all of this is that we’re just getting started!