Nano's, rates and cash

For the last two weeks a local competitor has been running newspaper ads and has multiple billboards in our market touting open a checking account and get a free iPod nano. We also have a competitor touting a very high checking account rate and then there is the competitor offering the old standby, $100 cash. I am not saying we have never offered these ourselves but I just don't see these being that effective anymore. Consumers are more savvy than that and as marketers we need to give them a little more credit. We are working very hard on building our unofficial spokesperson program...our version of members getting their friends, co-workers and family to open services with FORUM. Let's face it, our checking account isn't superior to any other checking account in our market. What makes our account different is the way in that we serve the member. Service is a retention tool and can only be a marketing tool when it is your members doing the telling, not the credit union trying to tell that story. Hey, even my 7 year old thinks a nano is not where it's at any more.