FITCHBURG, Mass.-A new video from IC FCU here aims to educate young consumers on the importance of life insurance--in the event that they become zombies.
The animated video (which can be seen here) features a young credit union member learning the basics of life insurance-chiefly how life insurance can provide for family members in the event that the policy holder is attacked by zombies. The video is one in a series IC FCU is creating in conjunction with creative services agency Compassed, all with the intent of reaching potential Gen Y members.
"One of the strategies for the credit union going forward this year was to attract more Gen Y (members) and to educate the Gen Y population on some of the things that we feel should be important to them," explained Judy Kaddy, SVP of lending & marketing at the 21,000-member, $452-million credit union. "By doing it in a manner in which some of the Gen Y think, it appears that's attracting them to watch these videos."
The Zombie Insurance video was viewed 585 times in its first two weeks on YouTube, and the credit union put it out on social networking sites, where it has since gone viral. The CU is also handing out cards with a scannable QR code so the video can be watched on mobile devices.
The Goal: Get Watched
"What we shoot for is producing something that is actually worth watching, because in the end, when you look at the literally millions of hours of content that are produced every single year on the Internet, most of it is not watched," said Jim Pond, the Compassed strategist that worked with IC FCU on the video. "There's really no point in producing something that someone isn't going to watch, actively engage with it and share. That was our goal; because if they're not doing that, it really does not serve its purpose."
Zombie Insurance is the second video IC FCU has released-the first was an animated clip about the difference between big banks and CUs-and the credit union plans to release three more videos on a bimonthly schedule. Future videos will touch on topics like savings and budgeting, and one video will be claymation.
"With the third one coming up, we'll push the envelope even further than the zombie video did," said Pond. "If you look at our first production (on banks versus CUs), we're having robots fighting each other over banking matters and the next one is zombies. Each time we have to top the previous one, both in the envelope that we're pushing and how we're presenting the information, because if people are watching multiple videos, we don't want them to get bored."
So far the video strategy seems to be working. The first video debuted in February, and between February and the end of May, IC FCU saw a 35% increase in new Gen Y memberships over the previous year. That translates to 365 new memberships, 744 new accounts and 237 new loans.
'They Want To Be Entertained'
Kaddy credited the light-hearted tone of the videos with helping attract Gen Y members. "I could've said the same thing sitting at a desk and trying to educate Gen Y, but after a couple seconds they would've switched me off, because you're not going to get the same feeling by looking at a person sitting at a desk. They want to be entertained."
Monica Turner, IC FCU marketing coordinator, noted that attracting Gen Y members is just step one. "Gen Y is not known for being a loyal generation that we tend to be used to in the financial world, so our biggest challenge is to retain these people and keep them happy and try to get more of them."
For that task, IC FCU is meeting with new members and trying to fit products to the members' lifecycle, whether that means planning for a house or saving for a child's education.
"Power of Zombies Tapped in Promo", October 24, 2011