Millennials value tools and authenticity

Much of the buzz for marketers is how to market to Millennials (also known as Generation Y), the demographic group with birthdates from the early 1980’s to the early 2000s. The reason credit union marketing strategists are so vocal about this group is because Millennials are not easily persuaded by basic ad messaging. If the message isn’t about a tool or a genuine cause, then the message may be a loss to this demographic.

So how do credit unions market to this audience? Credit unions must give a value-added proposition in their marketing strategy. Online banking, mobile deposit, and other mobile apps are now a standard offering at many financial institutions.  Millennials find these apps increasingly valuable as they navigate the mobile technology of their generation.

There are three tactics credit union marketers can use to engage Millennials.

  1. Give Graciously – Offer tools, calculators, apps, even financial games. These tangible goods engage the Millennials and make them feel as though they are part of the membership. Element Federal Credit Union, based in Charleston, WV, offers their members GO, an app button on their homepage that navigates the member to online banking and various forms.
  2. Engage in Social Conversation – Millennials value authentic relationships. Millennial members seek out social media venues as a way to directly engage with the credit union. Directions Credit Union, based in Sylvania, OH, engages with their members via Twitter at their handle @directionscu. Occasionally the credit union will even share a joke and announce contests specifically targeted to younger credit union members.
  3. Drive Education – Millennials are busy, yet their involvement in understanding the credit union movement is essential for the future growth of member owned cooperatives. In order to encourage Millennials to do their banking with a credit union, Millennials need to be educated as to what the credit union movement is, and how they can play an active role in membership. Announcing board meetings via email and social media, hosting education sessions geared towards Millennials’ financial choices, and bringing Millennials into philanthropic activities can help educate the next generation of credit union members, who one day may become credit union decision makers.

Millennials value tools and authentic relationships with all their service providers. Bringing the Millennial demographic into focus at your credit union and understanding their overall desire to be part of a value-added cooperative will enhance their experience and retain their membership for years to come.

Christal Collette

Christal Collette

Founded in 1992, eDOC Innovations is an industry leading core image processing CUSO, building technology to address the changing needs of credit unions and their members. With over 20 years ... Web: edoclogic.com Details