KALAMAZOO, Mich.— Educational Community Credit Union is reporting that a loan campaign that focused on Gen Y helped drive more than $8 million in loans over a 10-week period.
The campaign, called “Get a New Ride,” avoided using rate as the driver and instead relied on humor and bold graphics, with copy written to appeal to younger borrowers.
In all, the credit union made 588 vehicle loans at a median rate of 2.99% APR on average loan balances of $14,521.
“To appeal to a younger audience, we decided to depart from our traditional approach,” says ECCU VP-Marketing Christine Camp. “We wanted something unique, not cliché and not focused on rate. Our goal was to create an eye-catching campaign that would cut through the clutter, and emphasize member benefits.”
Although the ad campaign targeted Gen Y, it was actually Baby Boomers who were the most frequent borrowers (162 loans), followed by members of Gen Y (123 loans), which could simply be a reflection of Boomers having more income.
“With an edgier feel designed for a less conservative audience, it was interesting to watch members react to the concept,” says ECCU CEO Chuck Cornelius, who said some members wondered about ECCU’s change in direction. “I explained that its very success was because people were talking about it. And that’s the objective for any successful campaign.”
Creative for the campaign, including the memes, were largely devised internally, according to the credit union. That creative included billboards, radio, website banners, its newsletter, POS, social media ads and email.