Credit union drives down average membership age by tapping into teenage demographic
Summit recruits high-school students to act as spokespeople and help promote the credit union via videos and social media.
Why hire a spokesperson for your financial institution when you can just tap some young, ambitious hipster to do the job basically for free?
The four-person marketing team at Summit Credit Union, a $2 billion institution in Wisconsin with roughly 140,000 members, did just that with their “Project Teen Money” campaign that launched ran earlier this year.
“Project Teen Money” is a spinoff of the Summit’s broader “Project Money” initiative, which has been a major component of the credit union’s marketing plan for the past six years. Vice President of Digital Marketing, Joanne Belanger describes the overarching strategy as “one part reality show, and one part savings challenge.”
In the original “Project Money,” participant families work with a financial coach for seven months. The family that does the best job of increasing its savings and reducing its debt walks away with $10,000.
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