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March 09, 2006

Teens and Credit: a promotion made in heaven

Here's a great promotion story: a credit union partnered with a high school marketing program, by which the school acquired a credit union branch, run by students (who were trained by the credit union). The class was responsible to bring in customers by using promotions – and they did just that with fliers, prizes and even food gifts for every new account holder.


This is an interesting case study on so many levels, it's hard to know where to start. Through educating students about financial responsibility (and providing possible career opportunities)—both good deeds in terms of community perception—the credit union's school partnership is also attracting a segment of society not usually even aware of banks or credit unions, financing or responsible credit use. The high level of interaction between the professional organization and students as customers and as employees will go a long way to building lifelong customer loyalty.

Promotional items were invaluable to the success of the partnership: printed pamphlets were distributed:
• describing the venture;
• addressing confidentiality concerns—especially worrisome to teachers; and,
• providing teen-friendly "how-to" material about managing money, loans and credit.

Gifts were given to new-account holders—not a new idea, by any means, but when you're dealing with freebie-loving adolescent students, you'd be sure to make a hit with promotional items such as bright crayon-shaped banks, translucent calculators, and a line of quality cotton t-shirts.


Posted by farfromboring at March 9, 2006 12:56 PM