By Ray Birch
WESTBURY, N.Y.—One credit union that advertised during this year’s Super Bowl contends the move is a good one, especially as part of a broader effort to promote itself nationally and as the benefits from the ad continue to roll in.
The $4.4-billion Jovia Financial created a 30-second TV commercial that ran on regional networks during this year’s NFL championship game between the Kansas City Chiefs and San Francisco 49ers. The credit union said it was seeking to make a “big splash” outside its existing markets and felt the Super Bowl ad was the best way to do that.
Chief Marketing Officer Renu Dalessandro told CUToday.info the commercial, which took a fun approach with a message saying people across the country are catching “Joviatus,” has succeeded in attracting new members at a steady pace from the credit union’s new markets.
“The new member activity has been very good since the commercial ran. At the end of the day, we're able to effectively measure and get our message out,” explained Dalessandro, who said Jovia Credit Union expects to soon have definitive member growth figures. “We're looking at activity. Obviously, new membership growth outside of our traditional territories—beyond just Nassau and Suffolk counties of Long Island, which is where we are located. Those are our traditional markets. But this ad went beyond that. Again, we are measuring just new membership and growth outside of our current territories.”
Part of Longer-Term Plan
Dalessandro said the commercial is part of the credit union’s long-term strategic growth initiative to market to potential members across the nation.
“It was a change in our charter which really allowed us to market and attract members from across the country,” Dalessandro said. “Now, anyone can become a member of Jovia within the U.S through our digital platforms.”
Jovia has added to its field of membership the Cross-State Foundation, an organization that promotes financial education, contributes to disaster relief and helps community development in underserved areas across the country. Anyone who joins Cross-State can be a Jovia member.
Dalessandro said the regional Super Bowl ad is an investment in the credit union’s future.
People catching 'Joviatus' during CU's TV spot.
Seeking to Make ‘Bold Statement’
“We wanted to leverage the media power of the big game. We wanted to make a bold statement, to showcase our brand and increase our visibility and our awareness,” Dalessandro said. “Most importantly, the commercial is a way to educate a larger audience about the value of what a credit union brings—the value of not-for-profit banking, which is what Jovia is all about. This was the biggest stage that we could find to be able to get in front of a large viewing audience.”
The 30-second spot features a young woman visiting a doctor’s office. She says, “This may seem strange but my money just keeps growing. When I'm buying a new car. Renovating my home. When I'm running errands, shopping. Not only am I getting great rates but it's also easy.”
The physician replies, “That's Joviatus, and it comes from not-for-profit banking.”
“Is it contagious?” she asks.
“It is,” the doctor replies, adding, “The best thing you can do is spread the word.”
The spot concludes with a voiceover noting that symptoms of Joviatus “may include feelings of happiness, reduced stress and general feelings of financial freedom.”
‘Critical Understanding’
“It's so critical for everyone to understand the benefits of what a credit union can offer versus a bank,” said Dalessandro. “Although we didn't get into the credit union versus bank argument, I think the not-for-profit banking really touches on that. That is one of the main reasons we wanted to take advantage of getting in front of such a large audience.”
Dalessandro said Jovia has also been seeing increased traffic on its website. It created a dedicated landing page in conjunction with the commercial for its social media presence.
Jovia further backed the commercials with print ads.
Dalessandro declined to share what the CU paid for the TV commercial and the advertising time.
“As for cost, what I can tell you is that it's an investment in our future. This was a big part of it,” Dalessandro said. “The campaign itself that we produced, and the advertising expenses, all fit within our media budget. Every company has their own unique way of allocating funds and making sure they spend their marketing dollars wisely. What I can tell you is that when it comes to us, we look at every dollar that's spent. But we want to make sure that our marketing dollars and whatever efforts we put forth are cost efficient.”