Sarasota Coastal Credit Union
Marketing Challenge
The directive was to expand membership and utilization into a marketplace where people didn’t think they were eligible to join.
Secondary Challenge
With no prior experience or track record, the credit union was introducing banking services for small businesses for the first time in its sixty-year history.
Obstacles to Success
Competition - The greater Sarasota area had been experiencing tremendous growth, attracting affluent newcomers, and enjoying a robust business climate with less than 2% unemployment. These dynamics prompted the largest mega-banks in the country to declare Sarasota a battleground market that had to be won. And so, with every national player, several regional banks, and a handful of local banking institutions all competing for business, the cost of marketing became staggering. Wachovia announced in the Wall Street Journal that it would devote whatever resources necessary to become the largest bank in the region.
Perception - Although Sarasota Coastal was a community-based credit union, the perception was that only teachers could be members and avail themselves to the banking services.
Size - Among the other barriers was its size compared to the competition. Sarasota Coastal had only six branches to serve a three-county area, while some of the competitors had upwards of 100 branches. And it also had poor brand recognition.
Solution
When Sisti & Others was awarded the account, it immediately commissioned a survey to determine the credit union’s strengths and weaknesses, as well as its position in the marketplace among the various constituencies. It would use this study as a benchmark to determine the effectiveness of it marketing programs against like surveys that would be taken each subsequent year.
The survey confirmed what was expected, that Sarasota Coastal had almost no brand presence in the region. There were only a tiny segment of the respondents who had even heard of the credit union. That group did have a positive perception of the credit union, but the other participants had no real knowledge of the products and services offered; that they were eligible to join; or that it was a not-for profit organization, owned by the members.
While the survey was being conducted, Mike Sisti worked with senior management to develop a brand foundation. This document would be the standard by which every communication and every customer touch point would be measured.
Once the survey and other ancillary research data was available, Sisti prepared and delivered a series of seminars to groups of employees, starting with the Board of Directors, and including the Executive Leadership Team, middle management and the rank and file staff. These seminars provided the details of the brand foundation, and described each employee’s role, from the Chairman of the Board to the newest back office hire, in the enhancement and projection of the credit union’s brand.
The next step in the process was to tweak the brand identity and create a new brand awareness marketing campaign. This multi-faceted campaign included print, radio and TV advertising, public relations, a revamped website, events, and upgraded signage and collateral. The campaign evolved into product advertising, while maintaining the brand image.
Results
At the end of the first year, Sarasota Coastal’s name recognition jumped from virtually unknown to a statistical tie for second place with Wachovia and SunTrust. Its “profit” or the amount returned to members in the form of free services and reduced rates and fees increased from $2.1 million to $3.2 million, a 50% increase. Mortgage volume grew by 14% as the real estate market was in a severe downturn. And 410 companies moved their business accounts to Sarasota Coastal.
All of the above, and more were accomplished with a slightly smaller budget than the previous year, including the fees paid to Sisti & Others. In addition, the management structure implemented by S&O allowed the credit union to eliminate a vice president’s position, affecting a dramatic saving in salary and benefits.
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