As a $1.2 billion credit union, Greylock Federal Credit Union has created some very successful marketing campaigns over the years. Several years ago, the credit union’s marketing team realized that Greylock’s successes might help other credit unions achieve their goals, too.
Recognizing the need for marketing support in the credit union industry, Greylock Federal Credit Union launched a full service in-house advertising and marketing agency in 2008, called the Greylock Marketing Group (GMG) (http://www.greylockmarketing.com).
“Every credit union has a unique ‘personality’ or something that sets them apart, but surprisingly, their marketing goals are often quite similar,” said Robert Maxwell, assistant vice president and creative director of GMG.
GMG recognized that smaller credit unions often lack the resources to hire their own marketing people, or, worse, have wasted money on ad agency campaigns that do not reflect the credit union philosophy.
“Some need advice to point them in the right direction, others just need help producing ads, while still others may need us to develop and execute a comprehensive marketing plan. Whatever the need, we have the depth and experience to help them,” said Maxwell.
GMG services a number of credit unions, including one in Boston, one in Springfield and its parent company, Greylock Federal Credit Union. GMG has created custom programs and also recycled campaigns that have worked for Greylock Federal Credit Union.
The agency has also worked on a variety of projects for credit union leagues, including a complete redesign of a website.
GMG has also been instrumental in assisting the needs of some of credit union’s business banking members.
‘Depth Of Material’
“On many occasions we’ve been able to help a start-up business or nonprofit agency,” Maxwell said. “We know if they are successful, we all win – so it’s a no-brainer. We help where we can.”
Clients include several nonprofit agencies and small businesses, ranging from a heating and plumbing company to a specialty bakery.
GMG’s rates are kept low as a service to fellow credit unions and local businesses and nonprofits.
John Bissell, the agency’s executive vice president, said the GMG business model is well-suited to the credit union industry.
“Each credit union is a financial cooperative, and you find that sense of cooperation throughout the entire industry,” he said. “People share ideas freely, like no other business I have seen.”
Bissell said that credit unions elicit strong loyalty from their customers: “You rarely meet anyone who loves their bank, but it is common to find members/owners who rave about their credit union. That passion provides a great depth of material for us as marketers.”
Greylock has successfully used unscripted testimonials from its customers as the basis for TV, radio and print campaigns.
GMG is a Credit Union Service Organization (CUSO) and subsidiary of Greylock Federal Credit Union.
Joanne Billow is Greylock Marketing Group’s account services coordinator. E-mail: Jbillow@greylock.org
