Take a retail approach to banking
Flash Sale Campaigns
Looking for a way to boost your sales? Try a retail approach to banking. We can help you strategically position your financial products and promote them through a limited-time flash sale to increase your offer uptake and drive better results.
Challenge
Northern Credit Union (NCU) was experiencing slowing deposit and new member growth and asked us to create a campaign to remedy the situation. We knew we had to do something to shake things up, turn heads and get people excited - the same way a good retail sale can get people lined up around the block to get the hottest gadget or best deal. But would a ‘retail approach’ work for financial products?
Solution
The answer was a resounding ‘yes’. It took some creativity and out-of-the-box thinking that sparked the launch of two flash-sale campaigns that would change the way NCU and its members would think about financial products and product delivery. Playing off the Northern brand, the flash sales took the form of Plaid Friday launched on Black Friday, and St. Plaidy’s Day launched on St. Patrick’s Day.
This innovative ‘retail approach’ to banking was combined with fun, on-brand creative and a strategic product offering: a High-Interest Savings Account (HISA) with a rate that allowed members to earn significantly more interest over a short period of time than your average HISA. And, it was promoted across brand and external channels, social networks and NCU’s technology platform to create a unique, engaging user experience that really resonated with NCU members and non-members alike.
Result
The results exceeded all our expectations with deposit volumes and new member growth surpassing the campaign targets on the very the first day of each flash sale. The KPI’s speak for themselves:
- 442 new accounts opened through Plaid Friday
- 429 new accounts opened through St. Plaidy’s Day
- Over $20 million in new money invested through Plaid Friday
- Nearly $14 million in new money invested through St. Plaidy’s Day
- 61% web traffic increase during Plaid Friday’s reveal
- 82% web traffic increase during Plaid Friday’s reveal
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