FedChoice members have a real reason to say “Thank God It’s Friday.”
By Joyce Moed, Reporter
WASHINGTON–New FedChoice Federal Credit Union members have a real reason to say “Thank God It’s Friday.”
FedChoice FCU here is offering anyone who joins the CU on a Friday a $10 gift card to T.G.I.Friday’s throughout the remainder of 2008.
“We are always looking for ways to reach out and help federal employees and their families with all aspects of finance,” said Kevin Roland, sales and service manager for the $240-million FedChoice FCU.
Since its inception on April 4, this new promotion, dubbed FedChoice Fridays, has generated 129 new members or an average of 10 new members per Friday, Roland said.
“That is right on target as we projected that it would bring in an average of 10 new members per Friday,” he said. “The acquisition cost per new member has been about $75 to date. The approximate cost of the program to-date has been about $7,500. That covers the design, production, and printing of in-branch merchandising, and statement inserts.”
“The cost does not include the $3,000 we have spent on the actual $10 T.G.I.Friday’s gift cards,” Roland noted.
T.G.I.Friday’s is not affiliated with FedChoice, and is not a sponsor or co-sponsor of this promotion.
“It’s interesting though that we have noticed a drop off in our Federal agency branches starting this month–due to folks taking off on Fridays,” Roland continued. “With that in mind, during the months of July and August, this special offer will be available on Thursdays. Our new tag line will be ‘Thursdays are the new Fridays.’”
The offer is also featured in the credit union’s quarterly magazine–Financial Concierge–and on its website.
One of the reasons FedChoice began this program is because although the CU opened its doors to all federal civilian employees and their families in the D.C., Baltimore and Philadelphia metropolitan areas in 1006, some people still weren’t taking advantage of the opportunity to join the credit union, Roland said.
“The promotional idea came from something I just dreamed up,” he said. “We started wearing out logo wear on Fridays and I inadvertently called it ‘FedChoice Fridays’ and then built this promotional twist around it.”