For those credit unions that have chosen not to participate in Social Media, it seems that there's a very natural and understandable tension at work: in a world where marketing campaigns are measured in terms of loans made and assets grown (ROI), how can you concretely measure the value of a blog?   

In pondering this question, I called up Marketing Diva Deb McLean of Carolina Postal Credit Union. CPCU of course originated the "I Love My Hoopty" campaign last year.

Deb describes the Hoopty campaign as, "An untraditional marketing campaign with a Social Media component." It's untraditional in that it spotlighted a product that most marketers would not conceive of focusing on (unsecured loans made so that postal employees can purchase beat up used cars for their rural letter-carrying routes).

And while the I Love My Hoopty blog has gotten a lot of attention in the blogosphere as well as the CU trade press, the truth is a lot of traditional marketing collateral (posters, mailers, bumper stickers, etc.) keyed the measurable success of the Hoopty campaign. Deb noted that unsecured loans and installment lines of credit increased a robust 325% during the Hoopty campaign last Fall - the ROI was even greater if you factor in cross-selling of other products. 

It could be argued that the blog had little tangible impact on the bottom-line ROI, but that would be selling the Social Media aspect short. In a traditional marketing campaign, something like Hoopty could have come and gone pretty quickly.

But the blog keeps the conversation going. It serves as a 24/7 reminder of a funny campaign that is relevant to the CPCU membership. The credit union has gotten so much positive feedback from members, they've begun to incorporate Hoopty into their membership pitch to postal employees. They're also mulling ways to bring the Hoopty contest back later this year.

The blog also helped the credit union gain a lot of attention outside the membership. Deb attributes much of the CU Trade press attention to the blog. The I Love My Hoopty site also got noticed by a Miami rapper, and got CPCU interviewed by an intrepid reporter from the UK who stumbled across the blog.

So what does this all mean? Deb made three points that may be of use to credit unions contemplating a dip in the Social Media pool ...

1. Whatever you come up with has to be relevant to the lives of your members. "Face it, most people go on the Internet to look at funny videos and dirty pictures*," Deb noted. “If you do a blog about your “free” checking account, or blog on the acute differences between secured & unsecured loans, no one is going to care … or comment.”  (*Ummm, OK Deb.)  :)  
2. Avoid "cluster-hugging**." We credit union types tend to be cooperative, supportive types -- so it's sometimes hard to get direct feedback from peers that you can really use in the development of effective campaigns.  In other words, you & your CU Peers are aware of your campaign - but what about your target-market?” **Note: "cluster-hugging” has been copy-righted by Diva Deb – no lifting/ripping/or borrowing without credit (or cash)!
3. Make sure the campaign does what it’s supposed to do.  “If it’s about opening new checking accounts – did that happen?  If it’s about adding new members – did that happen?"  Don’t get so “caught up in your own performance” (as Deb relates that Paula Abdul said in a rare lucid moment) and forget your intent was to reach your target-market and impact the bottom-line.”

 Of course, Hoopty won't work everywhere and for just any credit union. But if you're wondering how to leap into the Social Media waters, consider the key lesson of I Love My Hoopty: CPCU combined ugly cars with financial services, and struck a chord with its membership in the process.     

•  Much of the subprime mortgage mess has emerged in the headlines the past few months, but the Center for Responsible Lending in Durham studied the problem carefully long before most people were aware that a crisis loomed. Self Help CU's Martin Eakes testified before the Senate in February this year, and a number of credit unions stepped up with specific product solutions to the problem in the months that followed. It's great that we have such passionate advocates for consumers in the NC CU movement!
• State Employees' Credit Union and Local Government FCU were two such credit unions that developed specific solutions to help refinance members out of these mortgages made by other lenders. As a result of their efforts, "Home for the Holidays" will have a special meaning for more than 500 NC families.
• While those 500 families no doubt love their credit union, a more fun marketing effort happened this year for people who love their hoopty! Carolina Postal Credit Union's I Love My Hoopty campaign and blog generated a lot of attention, and gave owners of beat up cars everywhere a virtual hangout.
• Matt Davis, the Credit Union Warrior, gets the nod for most creative and cost-effective marketing campaign. Matt created a series of videos to run in conjunction with the credit union's Football Pick 'Em contest. As part of the video pitch, Matt encouraged credit union members to sign up for e-statements, offering a chance to win a cash prize. Members increased e-statement participation by 35% in a little more than two months, signing up more than 1,000 members. Total dollar cost of the campaign? A little less than $2,300 - which was the cash prize!       
• Team Little Guy, the rascally band of twelve credit union runners, ran the 208-mile Blue Ridge Relay Race in September. Thanks to the generosity of credit unions and credit union people, TLG raised more than $70,000 for the Micro Community Grants program of the Carolinas Credit Union Foundation! The TLG blog, which chronicled the team's preparation for and running in the race, received more than 12,000 hits in three months.
• Cooperative award - to the multiple credit unions who linked up with Carolina Postal Credit Union to support Operation CU Troop. Thanks to the efforts of credit unions of all sizes from Charlotte to Reidsville, the holidays will be a little brighter for troops stationed overseas.
• Coolest Social Media Campaign - Young & Free, produced by Currency Marketing for Common Wealth Credit Union in Alberta. We've blogged about Y&F in this space before, but check out the site - as they have announced the Young & Free spokesperson - now the real fun begins heading into 2008!
• Coolest CU blogs: Hopewell FCU (OH), Piedmont CU (Danville, VA), Tinfoiling (Mt Lehman, BC CU CEO Gene Blishen) and Verity CU (WA). Credit unions entertaining the idea of starting a blog should check these folks out!  

That's just a few of my personal favorites from the year that is wrapping up. Feel free to share your own highlights & award list in the comments section!

Finally, I heard a great song performed at a holiday concert this past weekend. It's a Kwanzaa song titled Eya Ache.  The term Eya Ache, while not directly translatable, means "to bring forth one's good." Thank you for bringing forth your good through your work in the credit union industry. Your efforts have great impact on the lives of millions. For this fact and for you, I am very thankful.