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February 19, 2008

If Radio Advertising Works For Credit Unions...

What works in radio advertising?

We hear this question a lot. What the person asking it really wants to know is "will radio advertising work for my business?"

They usually want a yes or no answer.

We used to say "yes, radio works for these kinds of businesses, and it doesn't work for those kinds."

But we've been around long enough (Jeff's hair is getting gray -- love to kid him about that) that quite a few of the businesses/services we used to list as "radio doesn't work for these" have become successful categories of radio advertising.

So we love hearing about yet another type of business experiencing success with radio advertising, especially one also leveraging the acumen of direct response radio.

This week it is the glamorous business of .... credit unions!

This post by Lisa Hochgraf is a wonderful window into the world of credit union marketers and how they approach radio advertising with admirable discipline and analytical rigor.

"Where's the calculator?" they keep asking.They have used the tool to compute how much one credit union paid for every new member a particular radio campaign brought in (dividing the total cost of the radio spots by the number of new members). They've used it to figure how many credit cards per month the credit union gets regularly (dividing a six-month figure by six), so they can compare it to how many it got with the radio campaign in place. They've used it to consider how a certain level of new deposits compares to a credit union's overall asset size.

Posted by Jeff Small & Brett Astor at 01:58 PM | Permalink