MADISON, Wis. (2/7/11)--Even in a challenging economy--or perhaps because of it--some credit unions are participating in collaborative advertising with their state credit union leagues, other credit unions and other cooperatives, according to a new white paper from the CUNA Marketing & Business Development Council. The campaigns “extend the hopeful and practical message of credit unions as a financial alternative to many more members and potential members, at a lower cost, and with greater resources than any single credit union could accomplish alone,” said “Collective Power: How Credit Unions Collaborate to Reach More Consumers.” Credit unions have done an inadequate job of promoting themselves to nonmembers, according to a 2009 study by Forrester Research Inc., Cambridge, Mass. Forrester recommends credit unions consolidate marketing efforts to create efficiency. Many models for collaborative advertising exist, and the report provides examples of:
* State credit union leagues that have created and coordinated such programs in their regions; * League chapters with smaller-scale collaborations among member credit unions, and larger-scale efforts aimed at educating the public about credit unions’ not-for-profit nature and benefits to consumers; * Informal arrangements exist among individual credit unions, focusing on common goals such as increasing auto loans; and * Credit unions’ work with other cooperatives in mutually beneficial advertising agreements, including affinity credit cards.