New Revenue Source for Charities Debuts Among Credit Unions
They say money doesn’t grow on trees, but can it be found in places one might not normally expect to find it?
For non-profit organizations reliant on the charity of their supporters, the typical bake sale, golf outing or 50/50 drawing are the most prevalent. Charitable organizations and countless others make up an endless choir of voices, sharing stories of the impact of their work and community involvement, while jousting with one another for the attention and generosity of supporters holding a limited supply of charitable dollars.
Fueled by the cooperative principles and values defining their business model, credit unions are by far among the leaders in charitable giving. It's no wonder, then, that among credit unions, the search is on to find new sources of revenue to maintain their current giving levels, and to further enhance their charitable donations.
One new revenue source that involves media ad buying was recently introduced to the credit union system by longtime industry communications veteran, Walt Laskos, and LTI Business Solutions CEO Isaiah Moskowitz. The initiative is designed to “give back” to charities a portion of the commission paid for credit union media ad buys on behalf of the credit union purchasing the ad time.
In designing their “give-back” initiative, Laskos and Moskowitz see it this way: if your credit union can spend x-number of dollars on a media buy through LTI Business Solutions and still get the same, if not better, value and number of spots or placements exactly as it does now – in addition to receiving money back for use in charitable giving – then why not consider how the benefits of this program might impact your credit union? There is no downside. The ad spend remains the same.
Moskowitz explained his boutique marketing and advertising agency’s rationale, saying “After working with credit unions for several years and seeing their commitment to the communities they serve and their generosity in giving back to those in need, I’ve chosen to embrace those same values in my own business practices. Returning a portion of the commission not only enhances the work of credit unions, it also strengthens the charities they support.”
LTI’s recent check presentation topping $5,000 to the Massachusetts Coalition for the Homeless demonstrated how well the give-back model works. The presentation was made on behalf of Workers Credit Union, and the services LTI performed for the Littleton-based credit union as its media-buying agent.
Noting the benefits of selecting LTI as a business partner, Caroline Santangelo, SVP Marketing and Product Development at Workers Credit Union, said, “While LTI delivers superior marketing talents and media-buying services, it also provides us with the added advantage of working with a business partner that not only understands credit unions and our values, but also emulates them for such a worthy cause.”
New Credit unions and sophisticated financial managers understand money doesn’t grow on trees. Now, thanks to the innovative efforts of Laskos and Moskowitz, a new source of revenue through media ad buying is a reality, and the charities supported by credit unions can reap bigger benefits.
Walt Laskos, CUDE, can be reached by email at email@example.com.