Putting Good Credit Into A Brand

Coast Capital Savings

 

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“What’s a credit union?” asks Mr. Li.

The Chinese market in Vancouver, particularly recent immigrants, knows what a bank is but has little awareness of credit unions. And as a credit union, Coast Capital could not call itself a bank. In addition, they lack presence amongst Chinese consumers. The key to increase awareness was to introduce a product that everyone knows — a checking account, squarely placing Coast Capital in the financial services industry.

Mrs. Singh says, “Maybe, later.”

On the other hand, the South Asian community in Vancouver had sufficient awareness of Coast Capital Savings. However, they were not placing Coast Capital Savings into their considered set of financial institutions. With the implementation and introduction of the checking account, it provided the South Asian market in Vancouver a low risk way to trial Coast Capital Savings, along with additional benefits offered.

Cultural insight and a sense of delight to the rescue.

What’s in a name?

For the Chinese market, the first thing Hamazaki Wong did was give Coast Capital Savings a Chinese name. The resulting identity, translated as ‘health and wealth credit union’ was received positively as it resonated with the Chinese community’s belief in prosperity and longevity. Plus, the name was tested with a feng shui master, including the number of strokes in the characters, all with resounding results.

TV spots that cut through the clutter.

Following the branding of Coast Capital Savings was a multimedia campaign led by TV. The ultimate goal was to engage both Chinese and South Asian audiences with the use of cultural cues, driving home the idea that Coast Capital Savings is ready to serve the two markets in Vancouver. From a dancing bhangra troupe to a local celebrity whose command of the Chinese language surpasses most native speakers, the campaign was a sheer delight across Vancouver.

Surpassing expectations.

The results of the campaign were, in a word, spectacular! The TV spots went viral on the web creating buzz that surprised us all, and customer acquisitions exceeded expectations after just the first year. How delightful!