Southland CU Leverages MSL Cooperative Marketing Program to Promote CUDL Dealer Relationships, Coupon Offer

LOS ANGELES – The idea of running a full-page ad in the Los Angeles Times is well beyond the means of most credit unions, but Southland Credit Union was one of a group of credit unions that were able to do just that on May 25 through their relationship with Market and Sales Logic Inc., Redondo Beach, Calif. and the company’s unique cooperative marketing program. MSL’s “Cooperative Media” program is specifically designed for credit unions to pool advertising and public relations dollar for the power of mass media, while at the same time providing each credit union individual brand exposure and choice. Southland’s VP of Marketing Lynne Crother said she was contacted by MSL’s Kristie Greenleaf about a year-and-a-half ago about the program, but at the time Southland wasn’t ready to do any advertising in the mass media such as the Los Angeles Time or Money Magazine. When Greenleaf got back in touch with Crother earlier this year, Southland was ready to make the jump. Greenleaf explained to Crother that the Los Angeles Times had a blank page available for an ad in the paper – the space would typically cost an advertiser $25,000. The newspaper sold the space to MSL for $8,000 “which guaranteed Southland Credit Union being in the main news section of the paper, towards the front,” said Crother. That was an offer hard to refuse, and Crother said it sparked the idea of Southland running an advertisement that incorporated the Credit Union Direct Lending program it participates in and four of its participating dealerships with an interest-savings coupon. Crother explained that each of the four dealerships paid a percentage towards the cost of the ad, and CUDL paid a percentage also. Southland wound up paying $4,000 towards the total cost. “We joined MSL about six months ago because they afforded the credit union advertising space in media that I couldn’t afford otherwise because of the cost,” said Crother. Southland designed the ad and put it together in three working days. “We do what we need to do when we need to do it,” Crother quipped. The ad includes copy that reads: “Southland Credit Union, Bringing Your Dreams to Reality.1.00% APR Discount Off a Low-Rate Vehicle Loan.Let Southland Credit Union put you in the driver’s seat. Southland Credit Union has partnered with Credit Union Direct Lending (CUDL) to make your next new or used vehicle purchase, fast and convenient. Open until midnight, seven days a week, participating CUDL dealerships can approve your Southland Credit Union Vehicle Loan right at the dealership! Plus, if you bring this advertisement to a participating CUDL dealership, you will receive a 1% annual percentage rate discount at the time of purchase when you finance with and join Southland Credit Union.” The ad names the four dealerships and their locations The promotion ran for two weeks, May 25 -June 6 in the Orange County edition of the Los Angeles Times which has an estimated 190,000 circulation in that area. At press time, Crother said the ad and coupon had generated 27 loans to members worth over $600,000. “The ad was a win for everyone,” said Crother. “It deepened our relationship with the dealerships, it brought us loans, it sold cars for the dealerships, and it let our members buy vehicles at an affordable rate.” MSL CEO Kristin Witzenburg said she likes to think of MSL’s “Cooperative Media” program as “an ongoing Campaign for Consumers’ Choice because it provides credit unions an affordable means to brand and achieve results and gets the word out about credit unions.” MSL is planning on holding a Media Planning Retreat Sept. 10-11 at the Portofino Hotel & Conference Center in Redondo Beach, Calif. Information about the retreat and MSL’s program is available on their Web site, ww.marketandsaleslogic.com. -