Vancity and ATB Financial, two big banking co-ops in Canada, share the secrets of their recent success with cash mobs, an increasingly popular guerilla marketing play.
Cash mobs, a marketing phenomenon that took off about a year and half ago, organize groups of consumers who commit to spending a few dollars — say in the $20 range — all at one time at a small local business. The concept allows people to express support for shopkeepers in their neighborhood while giving a modest boost to the local economy.
Vancity and ATB Financial have pushed this basic cash mob model further, with a twist that channels profits into local charities. Both credit unions have piloted what is accurately dubbed “Good Money Mobs.”
A Charity Twist on the ‘Good’ Strategy
Vancity’s “Good Money Mob” concept reflects the credit union’s broader brand strategy,best captured in this marketing catchphrase: “We make you good money by putting money to good.” Vancity translates this promise into concrete action with an impressive array of socioeconomic investments, all made at the local community level — in and around beautiful Vancouver, B.C. If there was ever a financial institution known for its connection to the community, Vancity is it. And it is this values-based banking model that Vancity used to construct its first-ever cash mob.