How On Ideas Helped First Federal Bank Cash-In
First Federal—a Southern US-based savings and loan with some 60 branches throughout out its populous footprint—committed to staying at their industry’s forefront by developing a free, high-interest checking account for its customers. Designed as an attractive alternative to standard and even competing high yield checking accounts, this concept differed from any similar products on the market in several key ways, among them an industry first: No minimum balance required for interest-bearing checking.
On Ideas was tasked with developing a name for this new product, as well as an advertising and promotional campaign and media schedule for the launch.
Since the account type was brand new and genuinely different, it needed a name that would not only communicate the moneymaking opportunity but also garner the attention it deserved. Moolah Checking™ was chosen as the name, accompanied by fearlessly lighthearted “flying cow” graphics and a copy strategy built around the truth…“This Changes Everything.”
In print, TV, radio and web media, the First Federal introduction of Moolah Checking was on all levels a roaring (or rather mooing) success. And it continues to be.
During the first month of availability, nearly 50% of First Federal’s new checking income flowed directly from this new product. Current customers continue to switch to Moolah while the number of new customers being attracted by the product climbs daily. All of which affirms that with a strong product offer and the right communication tactics to herald it, even a cow with wings (or zebra stripes or dollar-sign spots) can bring home the bacon.
BACK TO TOP |
