Putting Good Credit Into A Brand
Coast Capital Savings
“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.
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!