Posted by Lisa Hochgraf
Mary Arnold and I have noticed a trend. Last week, we got several press releases from credit unions promoting their safety and soundness. And we saw a blog post that did the same. It seems credit unions are seizing the day to talk about their financial and structural (cooperative) strengths.
I say great idea! Amidst the subprime mess, the sliding economy, and the fall of Countrywide, Bear Stearns and now IndyMac Bank, most credit unions are in a good position. What better time to talk with members and potential members about the benefits of doing business with a credit union?
Since I'm in the news business, I have a couple of suggestions for credit unions planning to launch such a campaign:
- Pitch the consumer press. As a member of the CU trade press, I'm glad to know that your credit union is doing well financially and living out the credit union philosophy. But what really matters is that consumers know it and believe it. That means reaching them through local media, such as local newspapers and TV news programs.
- Make your pitch easy to access. I've said this before in a Nexus post: "Make it Easy for the Editor." Use the subject line in your e-mail to tell the editor right away what your message is. Then, say a bit more about your message in the main body of the e-mail. Finally, attach your release. Whatever you do, don't make the editor go all the way to opening an attachment before he or she knows why you're writing.
- Be clear. One of the releases we got last week came attached to an e-mail that said, "Please find the attached press release relating to the ongoing banking crisis and the stability of" XYZ Credit Union. An editor that's reading fast (like I was) could take that message the wrong way and think the credit union's in trouble (like I did at first). Clarity is your friend in this case especially.
- Do as the credit unions we heard from did--pitch the CU difference. With other financial institutions having problems, it's a perfect time to talk about the cooperative nature of credit unions and why that makes them stand out. For once, people may be interested and listening!
