Credit Union Podcasting – The Great Site Hype

I am going to get into so much trouble for this post. It flies in the face of so many “experts”. Here is my story…

We went to MAC this year. It was a lot of fun and we got to see all of our clients again, which is always the highlight of our time at MAC – that and the awards.

But there was something strange in the air. We set up our booth as we do every year (except we forgot our surge protector this year so I had to run around downtown Seattle until I found an office supply store). Out of nowhere a client came to me and asked “can you put podcasting on our site?”. I had to pause and consider this.

“Well sure we can, we can do anything to your website that you like. But, why do you want a podcast on your site and what do you want it to say?”. The client was surprised that I asked. I guess in all the hyping of this new podcasting revolution, no one has paused to ask why.

Over the past 6 months, almost every one of my clients has asked me about this new podcasting phenomenon that is sweeping the CU world. I think that it is likely agencies trying to dazzle their CU clients with their new Web 2.0 jargon. Frankly, think it’s a lot of hype about nothing.

You ask the typical CU marketing professional and they have fantasies of young or hip members downloading mp3’s to their iPods and listening to a lecture on home loan rates or equity loan possibilities. “Wow, my members could be downloading my commercials and listening to them at their leisure!”

Has TiVo taught us nothing? People don’t really volunteer to listen to commercials unless they get something for free in return. Maybe if there were a special code at the end of the podcast where the listener could get half a point off their equity loan, they may listen – or they may just fast-forward through the commercial. Which do you think is most likely?

The other thing that perplexed me is the logistical issues. Imagine that you go to your favorite credit union website. On the home page is a link to the latest podcast – “Fantastic! What will I learn today?”. The podcast is a 3 minute explanation on why dealer 0% financing sucks and your 4.99% new auto loan rate (on approved credit) is far superior. The website does the smart thing and give a brief synopsis of what is contained in the podcast including 5 bullet points on why CU funding is better.

I have to ask myself, why download the podcast when I just got the crib notes and now understand the benefits. I have figured out that I want my CU to preapprove my auto loan before the podcast has even downloaded. My caveat is – if you are going to podcast, dont make it an afterthought or a gimmick. Do it properly. Have something to say. Here is a freebie – do a podcast on “10 things your credit union will do to raise your credit score”. I would listen to that. That is information that is it’s own reward. Your members aren’t mindless automatons of the credit union. They are smart enough to dump their bank and switch over to your credit union – give them the benefit of the doubt.

So, I am ready to receive my ration of abuse from podcasting advocates. Bring it on – I can take it. But before you rise up with your pitchforks and axe handles, I have one question.

What ever happened to financial portals? 5 years ago they were going to revolutionize the dissemination of financial information. Every credit union had to have one. Every web service provider for credit unions were selling them. Everyone jumped on the bandwagon, then the wheels fell off.

I don’t have a single client who still pushes financial portals. I am happy though, to clean off a space next to portals on the shelf of bad ideas to make room for cu podcasts.