Media and Communications
Tuesday 9 January 2024
Why do you need to know?
You will need to establish and maintain good media relations to promote the values and principles of your credit union.
The Key Points
- Working with the media will increase your profile within your “common bond” and help your credit union to grow.
- You can maximise positive coverage in the media without having to pay for expensive advertising.
- You can do your own media relations or you can do it out of house. Find out if one of your sponsors, e.g. sponsoring employer, local authority etc, can help. They will also benefit from the publicity.
Putting into Practice
What story have you got?
To get in the news, you need to have a story. What constitutes a story depends on the audience; some are quite obvious, whereas others will need a little teasing out. Some examples are below.
Let the local media know if you hold any events, and have media coverage in mind when you plan events – think what would make a good photo; who you could invite who already attracts attention in the local media; and can you involve a local school or other organisation.
Invite journalists a couple of weeks in advance with an advance notice, see sample letter, and follow this up with a phone call a week or so before the event.
Find out if a photographer can be sent along, if this isn’t possible, offer to provide some photos yourself.
A launch
A new credit union, a new expanded common bond, a new service to members; all these can be promoted through the local media. Journalists are on the whole more interested in people than things, so stress how the new service will affect local people. A member could write up a case study to show how they have been helped, attach this to the press release.
An anniversary
If you’ve been operating for a year, 5 years or any figure you feel is worth shouting about, let people know. Back up with how many people have benefited from your services, how you’ve expanded, and what money you’ve assisted people to save and borrow.
- How much would people have spent on loans if the credit union hadn’t been around and they had to use other local lenders?
- Are there any unusual items that people have bought with money you’ve lent?
- Any dreams come true?
A figure reached
Milestones such as a 1000th member or first million pounds out on loan can make great stories, especially if your 1000th member is willing to be photographed and quoted. Again, you can compare what local people would have spent if you hadn’t been around.
A campaign or opinion
You can often stir up a bit of interest with some well-timed comments. If a national report has raised concerns about the cost of credit, let your local media know that the credit union offers great value.
If a pawnbroker’s or cheque cashing shop has opened up locally, send out a release quoting your president or manager warning people not to get drawn into high interest rate agreements.
Keep an eye out for opportunities like this and be ready to respond.
How to promote your credit union to the media
The press release
The press release is the most common tool for getting information out to the media. There are some basic rules, which can help you to plan out your release.
1. In the first few paragraphs try and get the basics of the information over – think of the 5 Ws –
- Who (is the story about)
- Where (is it happening, did it happen)
- Why (is it interesting, why is it happening)
- What (has happened, what is going to happen)
- When (is it happening, or when did it happen)
2. Unless the story is about a statistic or a technical piece of information, try and keep this sort of information out of the main body of the press release. You can put some general information, statistics and figures in Notes for Editors, see the sample press releases.
3. Use at least 1 quote in the body of the release. It makes for more interesting reading and you can project opinions more easily if the words are from a named person.
If you have supporters who have a high profile in your community, ask them you can use a quote from them. They may be happy for you to write something that they can approve before you issue it, or they may wish to write something themselves.
4. Always include at least 1 contact number, for someone within the credit union who can confidently provide more information to the journalist. This should preferably include a mobile and/or home phone number; journalists don’t always work normal office hours and may give up if contacts are difficult to get hold of. Let ABCUL know if you would like us to be one of the contacts for broader credit union information and we will give you the contact details to add in.
5. Keep the more important information towards the top of the release. If a release is being edited for publication in a hurry, it will usually be cut from the bottom up.
6. Be prepared to follow up the release with a phone call. Journalists receive a lot of information, much of which may be binned if it initially seems irrelevant. If you are on the end of the phone and can “sell” your story, you may have a better chance of getting your information in print. It is also a good way to build up contacts with local journalists.
7. Find out how different journalists prefer to receive their information. Emails are a great tool for communicating, but if the journalist you are trying to reach still relies on a fax machine, an email may be ignored.
8. If you are holding an event that provides opportunities for photos, make sure you state this. Always follow up photo opportunity announcements with a phone call if you can. You can also arrange for your own good quality photos to be taken and provide them to the paper yourself, which may increase your chance of getting in print. If you are using digital photos, make sure they are of a high enough resolution for print.
You can also provide copies of your logo to illustrate the article.
9. If relevant, make sure you know what other organisations with something to say about your story are doing. If for instance you are launching a project which has been paid for by your local authority, find out what their press office is doing to promote it. You may be able to do a joint press release, or have yours distributed alongside the local authority one. Even if you are distributing the press release yourself, you need to liaise.
Building up a contact list
Before you start from scratch in getting a list together, find out if one of your sponsors – e.g. local authority, sponsoring employer, housing association – will help in the distribution of your release, or provide you with a contact list.
Local Contacts
- Local papers – get a list together of all the local daily, weekly and free papers that are distributed in your common bond area. Some papers may publish a list of reporters and the areas they cover; others may have contact details for the news desk. In other cases address the release to the Editor.
- Local radio – local radio stations have a lot of airtime to fill up and are a good contact to make, especially if you have a large common bond area. Get to know what shows are broadcast, and what different presenters are interested in. If, for example there is a personal finance or community slot, get in touch with the producer, or invite them along to see your credit union in action.
- Local television – there are obviously less opportunities for promotion on television, as fewer stories are covered and more people are vying for attention. Nevertheless, it is worth getting in touch with them if you have an event or project to promote. All the local BBC production teams make documentaries; make a point of finding out who the producer is and send them some information. Programmes like these are looking for good people stories, so get some good personal case studies together before you get in touch.
- In-house journals – make sure you’ve got the contact details of any publications aimed at the employees of your sponsoring employers. These are perfectly targeted at potential members, and contacts you’ve gained in the organisations should be able to point you in the right direction.
- The internet – some areas have thriving local internet “communities” which are read as much as local papers by some sections of people. Don’t forget to post news releases there as well.
National Contacts
- National newspapers – all the main dailies and Sunday papers have personal finance sections. Please contact ABCUL if you think you have a story for the national press, we have contacts with most of the main papers and may be already working on articles. We can also field phone calls and direct people to local credit unions.
- Regeneration Press – there are two main weeklies for the regeneration sector, both of which cover developments in the credit union movement. They are New Start Magazine: www.newstartmag.co.uk and Regeneration and Renewal Magazine: PlacemakingResource .
- Credit Union News – as well as being a newsletter for ABCUL members, Credit Union News is distributed to policy makers and other interested parties. We can also promote credit unions’ stories on our websites. Make sure you let us know your stories – contact cunews@abcul.org.
- Co-operative News – a weekly paper which is distributed across the co-operative sector: www.thenews.coop.
- TV/Radio – Moneybox, Working Lunch and many other programmes on TV and Radio are sometimes interested in credit union stories. Please contact ABCUL if you think you have an idea which would work well for TV or radio.
Some credit union myths and how to dispel them
Despite a forty year history in this country, and many great success stories, you are likely to still come across some negative attitudes towards credit unions. If you are prepared for these sorts of opinions, you are better placed to dispel them.
“Credit unions are only for people who have been turned down by other lenders and can’t get financial services anywhere else.”
Credit unions do provide an inclusive financial service, and can provide a lifeline to people who may have difficulty getting services from other providers, but they are valuable to many more people than that.
Credit unions appeal to people who want to keep their money with a local organisation and want to be part of something which is building wealth for their local community, not making profits for faceless “fat-cats”.
Credit unions provide great value services. Many credit unions have been beating the banks for returns on service for a number of years. The loan rate is hard to beat, especially for amounts of less than £5000.
Members of credit unions have a say in how it is run. They can elect officers and stand for office themselves.
The only reason credit unions exist is to serve their members, so customer services is important and the personal touch that is missing in many larger organisations is still at the heart of the credit union philosophy.
“Credit unions aren’t a safe place to keep your money.”
In line with the protection banks and building societies receive, credits unions are protected by the Financial Services Compensation Scheme (FSCS) who can provide 100 per cent compensation for the first £85,000 held by the member should the credit union go into default.
Also, just like banks and building societies, credit unions are regulated by the Financial Services Authority, and have to make regular reports so that the FSA can make sure they are being run correctly.
“It’s a new idea which hasn’t been proven”
Credit unions have been in existence since the mid 19th century, and in Britain since the 1960s.
There are around 500 credit unions registered in the United Kingdom with more than 850,000 members and junior savers and with assets of more than £700million. Over half the population of Ireland belongs to a credit union, and around a quarter of Americans belong to a credit union.
Credit unions exist in over 90 countries, and there are over 110million credit union members worldwide.