I just watched an interesting video produced by/for Innovations Credit Union. The credit union looks to highlight the difference between the credit union and its bank competitors. You can watch it here:
I have to say I do like the creativity of the effort. It is definitely different than “traditional” credit union media efforts which tend to feature CEOs sitting at or on the edge of their desks while stiffly describing credit union value. Hardly an inspiration with regard to moving consumers to new credit union relationships.
I do have some concern with Innovation’s video, however, reflecting the greater brand risk associated with social media tools and ad placement. While I was watching this video the first time, on YouTube, an ad for Pentagon Federal Credit Union was in prominent position, overlaying the bottom of the video. The next few times I watched the video, other ads were displayed, including this one for a finance company:
Reflecting on my first viewing, the one with the overlay ad for Pentagon, I think is it is worth pointing out that both Innovations and Pentagon are exposed to a certain degree of brand risk. While they may have already acknowledged this risk while drafting their social media and advertising strategies, other credit unions new to social media activities may not be so enlightened – hence the need to explore the risk.
So what is the risk? For Innovations, the content creator, the risk is that the creative effort actually drives business to competitors. For Pentagon, the risk is that the tone of the video may not be reflective of Pentagon’s desired brand image.
In the days of “old media,” advertisers pulled, or threatened to pull, advertisements from TV networks, shows, newspapers, etc. that did not reflect their brand sensibilities. Specifically with regard to TV, back when there were only 3 channels to choose from, brands had a much better ability to coordinate and control how and where their image was being used.
In the dynamic world of “new media” advertisement, that control, as we see in the case of the Innovations video, is not so easy to come by.
It is possible that innovations set up their YouTube video channel to profit from the ads that show on their video, but that small profit may come at the expense of lost business.