By Ray Birch
O’FALLON, Mo.–Instead of spending dollars on traditional marketing, one CU is experimenting with a new way to sway consumers—paying them to read their materials.
West Community CU here has begun offering Plinqit—a brandable, savings app owned by startup Ann Arbor, Mich.-based HT Mobile Apps that pays users for engaging with content.
The Plinqit mobile platform is free, simple and easy to use, according to the credit union.
“We chose Plinqit as a better way to introduce ourselves to potential members and to work with existing members rather than relying on traditional marketing channels,” said Koren Greubel, VP of marketing for West Community. “Plinqit has a Build Skills application that pays users for engaging with content by watching a video or reading an article from the Plinqit library. Users take a short quiz and are rewarded for learning more about personal finances, creating higher user engagement.”
The $271-million West Community has approximately 26,000 members.
Greubel said the credit union can create its own information for Plinqit, and also rely on articles the app has in stock.
“We pay users five and ten cents for engaging with our content,” said Greubel, who said West Community can also share information about its products. This is just like spending traditional marketing dollars but in a different and more targeted way.”
Plans to Continue
Greubel said that based on results—and the CU just partnered Plinqit—West Community could decide the marketing channel is more effective and efficient way to spend its advertising dollars.
Koren Gruebel
“I can tell you now that Plinqit expenses will definitely be integrated into our marketing plans in the future. I don't know that it will replace anything just yet, but obviously, it's a digital channel, which we are putting more of our marketing dollars toward.”
West Community also likes that Plinqit users can refer other users.
“So they're doing our marketing for us, in some respect, and that's unique,” she said. “You can also do shares on social media and make comments. But inviting your friends to use the tool is really big, we think.”
Plinqit also allocates its own marketing dollars to support the credit union within is sponsored zip codes.
200 Early Sign-Ups
While 200 Plinqit users jumped on board in the first two weeks of West Community offering the app, Greubel said it is too early to estimate the overall expense of Plinqit, which charges a “nominal” monthly fee based on number of users. The money paid to the users for engaging with content comes directly from the credit union.
What also makes Plinqit possibly more effective than traditional advertising, said Greubel, is the data it provides.
“When members read an article, you know what they are looking for. Say they read an article on mortgages, you know they are likely interested in a home loan,” she explained. “We’ll send them information on a first mortgage.”
Members Share Own Goals
West Community can also get a good idea of what consumers need when users set up their savings goal within the application.
“Plinqit is an app that lets you set up your savings goals,” said Greubel. “Let's say you need $2,000 for the next year to go on vacation. You set your goal amount in the app, you set the timeframe for savings, and how often and how much you will save. It is totally up to you how you set up your savings goals. You set up the electronic transfer from your checking account, and it becomes—to some degree—something that is out of sight and out of mind, and forces savings.”
Greubel said Plinqit users can also set penalties for failing to save, and also bonus rewards for reaching goals in advance.
Engaging With Non-Members
Consumers who are not members of the credit union sign onto Plinqit first, and then those within the credit union’s zip codes see West Community is partnering with Plinqit in their area, and can connect with West Community and its content.
Greubel said Plinqit gives an organization dedicated zip codes, and West Community has zip codes that cover the entire state of Missouri.
“We like a lot of things about Plinqit,” said Greubel. “We like the data, the targeted marketing and the cost…The feedback and data we are receiving so far has been fantastic. You can't beat the bang for the buck.”