11 minutes
Think of digital signage as one more extension of how a CU can serve its member—another avenue to educate and motivate members with any number of messages.
“Credit unions, because of their exceptional focus on member service, were among the earliest adopters and are today among the most intelligent and competent users of digital signage,” says Doug Braun, senior vice president of CUES Supplier member inLighten, Clarence, N.Y. “They’re using digital signage to engage members, staff and the public.”
The most common use is strategically placing digital displays within the branch. “A CU should use placement to capture the greatest aggregated viewing time and deliver the highest number of impressions for messages, including the traditional teller line,” says Braun. “But waiting areas, coffee bars and greeter stations also serve as valuable points of engagement.”
Today’s ultra-bright displays with messaging visible in direct sunlight, both inside the lobby and outside, are now part of CUs’ messaging artillery, adding versatility to any size space. The new tablet alternatives offer similar advantages, providing more one-on-one control to the user. iPads and tablets are gaining momentum as online banking “demonstration” screens, lobby queue management systems and even tools to entertain the kids.
Tablets can also complement information delivered originally via a credit union’s larger digital signage. “Digital signage creates the awareness, while tablets can deliver the detail or close the sale for product acquisition,” explains Braun.
Paper is Going Away
A reduction in technology costs is also making it cost-effective for CUs to replace much if not all of their paper merchandising with digital media.
“It saves in production costs and execution time while dramatically increasing member participation,” says Braun. It also extends a CU’s reach outside the confines of a branch: “CUs have successfully deployed digital signage in sponsor locations, on college campuses, in medical centers—even in governmental facilities—often sharing screen time in exchange for the placement opportunity, creating a win-win relationship with vendors, SEGs or other community partners.
“Today the most robust digital signage solutions available can cost less than the monthly price for basic cable,” says Braun.
Be Creative and Strategic
While many CUs are embracing digital, Jon VanderMeer, president of Kiosk & Display Company, Atlanta, sees a great divide in the level of sophistication of CUs’ digital sign messaging.
“On one side, there are CUs creating unmeaningful, half-branded messages by interns when they ‘have time,’ often without a plan or schedule,” says VanderMeer. “On the other, there are CUs creating meaningful, branded and highly strategic messaging that integrates seamlessly into all media. Most fall somewhere in the middle. The ultimate goal is frequency or repetitive message recognition across multiple channels.”
Current promotions, limited time offers and education about core products encompass the primary messaging for most CUs and, when correctly done, deliver the greatest return, adds Braun. He says digital merchandising is often integrated with specialized, high-quality news and information to ensure viewer participation and to build a viewership habit that produces more impressions for the CU’s messages than display advertising alone.
Still, VanderMeer and Braun concur it’s the creative messaging that will stand out.
Memorable Messages
“Producing original, clever, animated, eye-catching messages that aren’t like the CU down the street is imperative,” continues VanderMeer. “It means being thoughtful with the messages you’re playing. For example, are your digital lobby screens running forgettable nationwide feeds? Brand-forward CUs show local, relevant and compelling messages that personalize their brand, stimulate roots in the community and keep members’ eyes on the screens.”
Braun asserts that text-laden, slideshow type of content or simple animations are no longer compelling. “Instead, CUs are finding success with ‘slice-of-life,’ full-motion video presentations that offer mini-stories members relate to and remember,” he says.
Credit unions can also increase the relevance of their onscreen content by incorporating local information resources, such as RSS feeds or Twitter postings, or even by linking to YouTube videos.
“Digital signage provides a platform for credit union advocacy as well as alerting members to security updates, such as PIN card upgrades and Apple Pay availability,” maintains Braun. “It can also create awareness of convenience services, such as mobile banking, ATM or remote check deposits.”
Bringing Offices to Life
CUES member Lou Ann Schafer, director/advertising and public relations for $2 billion/140,000-member United Federal Credit Union, St. Joseph, Mich., says digital advertising has impacted not only her CU’s flagship office but all 28 branch offices.
United FCU is an inLighten client, Schafer reports, adding, “We use a large digital wall area (nine screens total, measuring 12 feet by 6 feet) in our flagship office to promote branding and support current promotions. It has brought a large space in our lobby to life.” The Redmond Company, Waukesha, Wis., created the wall’s original design around branch flow for maximum influence and visibility.
Today, CU-specific messages intertwine among weather, news and current promotions, with United FCU content more heavily weighted. “Our digital signage supports promotions but also provides ongoing news relevant to United FCU, such as our ‘Refer a Friend’ messaging, educational or other CU-specific news or opportunities,” says Schafer.
Schafer explains that part of the challenge when converting to digital is upgrading all the equipment at varying branches. “Every office seems to have its own set of circumstances when it comes to cabling, TVs, space and other unknowns. The best plan is to prepare appropriately and recognize no two offices are alike in design or needs.”
With digital, promotional messaging can also stay consistent within every branch or be personalized by region or even individual office. “Since we control the messaging centrally, it makes it much easier for branches to display the correct messages during fixed time parameters,” says Schafer. “Not only is paper clutter eliminated, but the messages are stronger with cleaner and more attractive supporting images or video.”
External signage can offer particular challenges, and Schafer suggests credit unions be prudent in their messaging in outdoor or offsite advertising. “Compliance needs are different for items that are outside the branch vs. inside, where you can include a tagline of ‘Ask for details.’ Externally, a passerby can’t just ask for details or pick up supporting materials,” she explains.
Schafer recommends that CUs avoid advertising rates externally or using “trigger” words. Instead, go for interest and intrigue. “We stay focused on compliance to reduce the potential for risk. External ads can be highly successful without featuring rates in the message,” she suggests.
Video and the Power of Puppies
United FCU uses stock video content as well as proprietary visuals. In a recently featured short video, the CU tapped into everyone’s love for puppies. “We incorporated the theme of multiplying returns for a certificate promotion this past spring,” says Schafer. “It featured a golden retriever showing off her puppies, representing our certificate’s ‘multiplying returns.’ There was no sound with the video, but it had messaging overlaying the graphics. The images of puppies relayed both a positive and memorable message.” (View it.)
Schafer reiterates that paper and print media are going away. “No branch can have posters everywhere. Lobbies are busy places and can get cluttered; going digital creates a much more seamless experience. It’s also one less component for staff to manage. Digital signs are managed centrally by marketing; messages go up and come down on accurate dates. The screens and art are highly attractive, engaging and clean.”
Strategic, not Random
Brian Nutt, president of Codigo, Louisville, Ky., agrees that space is limited in the branches and that today signage must contribute strategically.
“Credit unions should forget the ‘hang and bang’ scenario that uses too little strategy,” says Nutt. “With today’s analytics and software, digital signage can take on a much more refined role and integrate messages into many marketing channels. CUs are using digital messaging at the MSR desk, with tablets for one-to-one interaction, and at kiosks, including new large-format kiosks that give a tremendous interactive experience, including a bigger screen to display relevant messages.”
Messages need to be creative and experiential but also reinforce the marketing objectives the credit union is trying to achieve. “Use your signage to support your conversations,” Nutt continues. “Your ultimate goal is to elevate the branch experience. Treat digital signage as you would any other credible marketing channel.”
He adds that, for sustained viewership, digital signage is not unlike any other marketing medium in that it needs to be fresh to maintain interest. “An opportunity we see clients miss is for employee relations. Because digital signage is flexible, we advocate for its usage to congratulate employees or simply recognize important dates like tenure and birthdays. This gets employees engaged and reinforces the culture of the institution. The screens are in place, so why not utilize them for internal communication before and after hours?”
Nutt stresses that there isn’t a gap anymore between how other retailers are using their (digital) signage and financial institutions. “The consumer expects the same technology at their credit union, just like any other retail buying experience. A credit union should integrate digital signage with its on-hold messages, social media channels, website pages and other advertising mediums—which collectively magnify the branch experience. It needs to be the right message, at the right time, at the right place for maximum effectiveness.”
Placement and Content
Placement, programming and content freshness are all factors that determine the success of a member’s digital experience. “First, no matter how appealing, relevant or fresh the digital signage content, if the screen on which the CU presents the content isn’t in the member’s field of vision, it runs the risk of going unnoticed,” says Braun.
“A CU must consider the display’s location so members can easily see the screen during their visit,” Braun adds. And because members spend most of their visit at the point of transaction, displays to the side of or behind the tellers may have little impact. Displays placed too high or too low for comfortable, natural viewing can diminish viewership. Displays should also be sizable enough so on-screen content is legible from a distance.
Secondly, content must offer value to build and sustain viewership and aggregate impressions. “CUs that present only promotional content or announcements ignore the terms under which consumers are willing to encounter advertising,” says Braun. “Instead, CUs must provide rich, relevant and appealing content they find valuable and entertaining.”
He stresses that the TV on a CU’s wall is no different from the TV in a consumer’s home, where “commercials” are the price to watch a favorite football team, sitcom or late-night talk show. Regularly updated content is also critical so that product and service messages do not lose their appeal.
Can ROI be Measured?
Return on investment for digital signage is measured differently for each industry. “For example, CUs differ from [quick service restaurants], where a direct impact of sales uplift can be measured due to menu price changes or promotions,” notes Nutt. “In the branch space, digital signage is one component of many to close a loan or bring in new deposits. Codigo helps CUs measure success based on Net Promoter Score vs. locations without screens as well as experience indicators and member feedback, but the direct tie to sales can be less clear than in other industries.”
VanderMeer concurs that attributing ROI specifically to digital signage can be difficult because of the many factors in a retail setting. “However, whatever metrics you use, implement a baseline before measuring the lift you receive from a digital messaging system. Are you trying to increase product penetration? Is the goal to sell more products during a promotional period? Are you trying to drive traffic to other sales channels? Or emphasize your role in the community? The conversation isn’t about ROI for the whole system, but rather achieving specific goals that are critical to success.”
Conversely, Braun believes a CU can measure ROI: “One of the most effective ways to evaluate the success of a CU’s digital signage is by member surveys at locations where screens are highly visible and service and wait times can be captured,” he says. Carefully developed surveys can assess viewing times, ad recall and incidences of member inquiry related to information they’ve seen on screen. Time studies can also be conducted to evaluate the impact of digital signage engagement on service quality and member satisfaction perceptions.
A Final Word
Like any professional marketing channel, digital signs should be treated with thoughtfulness and strategic insight. “If that’s not possible, delay the project until you can give it the resources it needs,” concludes VanderMeer. “Vendors can bridge that gap. Seek demonstrations from a variety of suppliers before choosing a multichannel messaging partner. And just because an intern can update the messaging, doesn’t always mean they should.”
Stephanie Schwenn Sebring established and managed the marketing departments for three credit unions and served in mentorship roles before launching her business. As owner of Fab Prose & Professional Writing, she assists credit unions, industry suppliers and any company wanting great content and a clear brand voice. Follow her on Twitter @fabprose.
