By Joline Epple
When the management team at Target Credit Union set out to reinvent our checking account and solve our problem of dwindling account numbers, we jokingly titled the project "Best Checking Account Ever implementation." It seems fitting in hindsight, considering this account reinvention recently landed us the GMA Best of Show honor in the annual CUES Golden Mirror Awards.
If you asked me how we ensured success from the beginning of the campaign, my answer would be two-fold: We asked the right questions and we took advantage of our resources.
Looking back it seemed pretty simple. To create the "Best Checking Account Ever," we should ask the right people what they want, right? We crafted a simple survey and delivered it electronically to the masses through Target's employee intranet. Over 1,000 Target team members took our four-question survey over a one-week period. The feedback we received directly shaped the features of the new checking account, focusing on electronic everything. The idea of a checking account without checks at all seemed a little out there, but was perfect for our audience. They also wanted no monthly service fees or minimum balances, free ATM access, interest earned, and free online bill-pay.
A closer look at who our target demographic was spurred a brainstorming session on what to call it and a name was developed: Total eChecking. The "e" signified electronic and the fun play on words, reading "totally," resonated with our target audience.
The first half of our work was done and we had an account with great features and a clever name. Now we just needed some attractive branding to connect with our audience across all our delivery channels. We enlisted the help of Target's inHouse Creative team (learn more about this relationship in Target CU's GMA entry), considered several possible concepts, and landed on a fun '80s theme to tie into the "totally" in the account's name.
From there the team went to work and sourced props, set up in house photo shoots, and developed key messages to accompany the graphics. They created a set of photos and standard text that I used to create posters, Web ads, newsletter ads, and many other communication pieces. In addition, they helped design the art for our customized red-core plastic for the debit card that accompanied Total eChecking.
Aside from prop costs, this was a completely inside resource that allowed us to develop a wide variety of successful marketing materials. This process was not only low cost and highly catchy, but appealed to Target team members because they were obviously developed by team members. What a powerful resource!
In the end, it's hard to say what balance of account features and creative marketing allowed for such rapid growth and success. Regardless, the team dedicated to onboarding all the new accounts surely made an impact as well. Being open minded, asking the right questions, and taking advantage of the resources at our disposal allowed us to spend close to nothing on an account reinvention that boosted checking account growth 700 percent in 2010 over 2009. So did we create the "Best Checking Account Ever"? I am sure some could argue no, but we did produce one that works for our target audience and has the numbers to prove it.
Joline Epple is director of marketing at $61 million Target Credit Union, Minneapolis.
View the full list of GMA winners.
