Assignment #3: Motor City Community Credit Union

This is an exercise in gathering and interpreting data, drawing conclusions that help formulate objectives and strategies.The marketing team will generate data to support their revenue projections, which can later form the basis of their post analysis.Your analysis will contribute to the success or failure of MCCCU.Any and all conclusions or recommendations should be fact based where possible. Perform the following three stages of analysis, leading to a PR & SM recommendation.

1.Market Analysis:Provide a perspective on Windsor (municipal data) on key attributes relevant to financial services, as compared to Ontario (provincial data) and Canada (country data).The purpose is to understand Windsor from a socio-economic perspective.

Draw conclusions from your data which will help MCCCU understand their target customers.

2.Research:To determine the best brand communications, what information should the marketing team collect?MCCCU is interested in understanding their current customers better, to determine their satisfaction level with MCCCU as compared to 'other' institution.They are also interested in understanding potential customers to determine their impression of MCCCU and their intent to give MCCCU a try.MCCCU doesn't want to take current customers for granted (retention vs attrition) but also wants to target new customers (attraction).

Assume two surveys.For each, list 5 questions you would propose to better understand the loyalty of current customers and the receptivity of MCCCU of new customers.

3.SWOT:Prepare top line analysis of MCCCU: their strengths and weaknesses, opportunities and threats.Compared MCCCU to other local credit unions and also the major chartered banks in Windsor.Take into account the current financial climate. Assume RBC and TD are the main competitors in Windsor.

Your SWOT analysis should include 3 points for each element. Be sure to draw a conclusion about the challenge MCCCU faces, in attempting to retain current older customers while attracting younger customers.

4.PR & SM Recommendation:You may not have all the answers yet because you are waiting for the results of the research you've planned.Based on your knowledge of the market place that MCCCU operates in, and what you know of their current customers and targeted new customers.Recommend a public relations campaign targeting the media that best reaches your target customers.In addition, recommend a social media campaign, including an offer targeted to your target customers.

Two recommendations are required and they must be integrated.Be sure to draw on the data you've collected as well as your intuition about what will generate attention as well as action.Be sure to include what you want your target group(s) to think, say and do.You can measure what people think with research. You can measure what people do by monitoring results.Part of your recommendation should be how you will measure the success of the Public Relations and Social Media campaign.

Motor City Community Credit Union

Motor City Community Credit Union (MCCU) is a Windsor-based community Credit Union poised to celebrate their 75th anniversary business next year. Credit Unions have been around since the early 1900's and these"co-operative banking"financial institutions have operated on the basis of ownership and control by their members which is a fundamental principle of the credit union model.

As shareholders, all credit union members have a voice in setting their credit union's direction at the local level. Each credit union member has one vote, regardless of the amount of deposits or shares they have in the credit union. Members also elect their credit union's Board of Directors, who is responsible for governing their credit union. While each credit union is an independent, member-driven, democratic, and locally-controlled financial institution, all credit unions share a common bond: their dedication to the people and communities they serve (a percentage of all revenues must go back to the community). About one third of the Canadian population belongs to a credit union.

Motor City started operation as a Ford Motor Company Credit Union, eventually merging with several smaller credit unions surrounding the automotive industry and its workers in the city of Windsor. Now it is a full service financial institution open to everyone in the entire community, representing a diverse workforce consisting of both blue and white collar workers. Motor City currently has three retail and one commercial lending credit union office throughout the city of Windsor. Like most financial institutions MCCCU offers their members a wide variety of banking services including: saving accounts, chequing accounts, loans, lines of credit, full commercial banking, E-banking, mobile banking, insurance, student loans, and various investment options. Their mission is to'enhance the quality of life of our community by delivering quality financial products and services effectively, efficiently and with excellence'.As Charles Janisse, the CEO, likes to say"we are people helping people help themselves all the time while keeping processes simple and easy".

The recession of 2008 posed a challenge for MCCCU to remain competitive in the market and still remain committed to the member's needs. Many members were faced with job loss and underemployment therefore affecting their ability to pay their loans and mortgages. MCCCU continued to reach out to their members and the community by making arrangements for deferred payments on loans and mortgages. Windsor had the highest unemployment rate of any Ontario city compounded by the departure of many members from the city for more job opportunities in other parts of the country. Motor City's team feels strongly that they need to be seen out in the community and support many local non-profits, sports teams, scholarships, and other local organizations so their money stays and works for the members in the community.

However, the challenge is how to allocate the institution's resources to ensure sufficient return on investment. In fact, many of their marketing decisions are made by asking:"Is this money going to help us get new members? Keep members? Or help our members?"While they like to refer to other credit unions as their"co-opetition"and try not to compete directly with other credit unions, they believe their members often confuse them with other major credit unions in the city, because the co-opetition's marketing budget is substantially larger than MCCCU.Branding is evidently a key challenge as they attempt to differentiate themselves from competition or'co-opetition'in their industry.

In order to improve their membership among the youth market and grow their business, they feel a strong grassroots promotional campaign is needed. They want to see a collaborated marketing communications plan across all media including TV, print, radio, social media and internal communications with staff and credit union members, website and social responsibility initiatives.

Some marketing efforts that have worked well in the past include testimonial campaigns, loyalty programs, and membership referral programs. Would these efforts work for the youth market? Is there a sense of loyalty or is there apathy regarding their commitment to the community? Or are they just concerned about rates? Humour seems to resonate with the younger demographic and since they are an organic company, they can utilize viral and buzz marketing initiatives to attract the younger market in Windsor. They are interested in humorous ways to target the youth and'get their clients when they are young'. How best to keep their brand current and update their image in a market where their average member is 52 years old?

What type of grassroots efforts would you recommend to translate to new members and grow their business? They really want to attract the millennial and Gen Z generations and are looking to you and your company for help achieving this objective.

As a financial institution founded as a grassroots community organization built around the city's autoworkers, Motor City Community Credit Union would like their 75^thyear to be a fitting highlight to their foundation as well as a spring board to a bright future in the community. Their decisions are made locally, they support the community and they are a grassroots organization looking to beef up their marketing initiatives.

MCCCU needs to rebuild their brand communications to increase membership.The objective is to encouraging residents of Windsor to switch from banks to credit unions.They want to attract younger members while retaining their existing customers, but budgets are limited.