Why Credit Unions Should Champion Cash Mobs in Their Community

The CashMob concept is a strategic match for a Credit Union regardless of whether they offer business accounts.  Using little, if any, monetary resources to get started, CashMobs may become the next fad for pro-local individuals to participate on a grass roots level.

 

“The basic foundation of Credit Unions were as grass roots institutions themselves so I think a Cash Mob is an absolutely natural fit for a credit union,” says Michelle McGovern, Chief Marketing and Development Officer for Firefighters Community Credit Union ($180m/Cleveland, Ohio)

CU Homepage thinks the opportunity exists right now for Credit Unions to champion this trend and start their own local CashMobs. 

Why?  Three simple reasons: 

·        Connecting with ‘buy local’ minded consumers has traditionally served Credit Unions well for the obvious audience parity. 

·        Supporting the home-grown Mom and Pop store and keeping money local, especially in an economy that favors big-box solutions and global solutions, generally produce long-term and raving fans.  These fans historically have put their money, and their banking, behind their social ideals.

·        CashMobs are in direct alignment to our seven cooperative principles. (which really should be posted on each and every Credit Union’s website for all to read if your CU really believes in them)   Giving back to the community should be one of our obligations. Autonomy and independence are really what sets us apart, much like the local community retailer.

Top Photo:  Cleveland CashMob mobbing Visible Voice Books. 

Bottom (L to R):

L- Thirty-five local mobbers head to the mob store.

R- The Twitter Page of the CashMob.    Twitter Handle: @CashMobs

13 Simple Tips for Your CashMobs Success

Cleveland CashMob

aka.. Unofficial Rules on How to Start a Cash Mob for Your Credit Union & Community

1)    Anyone can participate in the CashMob.

2)   The CashMob monthly schedule and times of mob must be announced via Social Media.  A specific Cash Mob Twitter Account (ex- @MilwaukeeCashMob) and Facebook page is the ideal venue.    

3)    The general location/neighborhood of the monthly CashMob will be announced in advance, along with the place for the mob to meet in advance (ex- corner of 5th and Main Street) but never the specific business to support. 

4)    The specific CashMob business and business location will be announced via social media only four hours before the actual CashMob takes place so latecomers may find it easily.

5)    The amount to spend will not be above $20, although people can spend more money if they desire.  The amount of time to spend the $20 will be :20 before the mob is over.

6)    The business must have products available for both men and women.

7)    The business must be locally owned.

8)    The business owner must demonstrate a history of give back to the community in some way.

9)    The business owner must have knowledge of and approve the CashMob date and time before the mob is announced so the business can appropriately staff for the influx of business from Cash Mobbers.

10)    The business must be located nearby a local watering hole or be within short driving distance and Cash Mobbers must join us for celebratory libations after the successful mob.

11)  The cash mob will occur during the evening on a weekday or on a weekend.

12)  Pictures will be posted to social media during and after the CashMob.

13)  Parking must be readily available near the mob meet up.

and the last unofficial rule is:  Have fun and spend locally.