PenFed: Great Rates for Everyone
Challenge
Increased consumer concern surrounding the practices and products of big banks has created a favorable environment for credit unions. However, the low awareness of credit union brands and benefits has been an impediment to membership growth.
Solution
By fine-tuning its existing “Great Rates” campaign to more clearly define its brand ethos, PenFed increased their relevance among both potential and current members. CONSUMER BELIEF I’m not eligible to join a credit union, so I can’t access their favorable rates. BELIEF INTERSECTION PenFed is the rare credit union that can actually offer great rates for everyone.
Results
• Awareness in PenFed’s local DC market increased 13% in 2017. • Surpassed “new members” goal by 129%, growing 60% from the previous year. • PenFed asset base has grown from $16 billion to $28 billion since campaign launch. • Over the past 6 years, we’ve supported growth of their overall assets by 27%.
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