10 Things Credit Unions Should Consider When Targeting Gen Y through Social Media

Last month, 13 credit union leaders from five countries met at World Council of Credit Unions’ headquarters in Madison, Wis., to discuss how social and digital media can best be used to increase membership among Gen Y or Millennials – those born between the late 1970s and early 2000s.

Shel Holtz, principal of Holtz Communication + Technology and expert in integrating technology into communications strategies, moderated the workshop and summarized the group’s findings, which will be discussed further at World Council’s World Credit Union Conference in Ottawa, Canada, July 14-17:

1)      Social and digital media must be strategy- and KPI-driven. Know what success looks like. Base your efforts on a strategy that includes measurable objectives and key performance indicators (KPIs) that tie into the credit union’s other campaigns and programs.

2)      Product comparisons don’t resonate. Credit unions are different than banks. Move beyond product comparisons and latch on to your differentiators: community, belonging to a movement, not-for-profit and economic equality.

3)      Engagement and social responsibility are important to Gen Y. They don’t just want to be seen; they want to be heard and to be part of something bigger. Seek ways to engage Gen Y, from enlisting guest bloggers or on-camera spokespersons to encouraging participation in online discussions or in-person events. Integrate the credit union’s values and corporate social responsibility efforts into marketing. The notion of belonging to a movement can help drive membership growth.

4)      Fun is a component of effective youth marketing. Immerse people within your brand through “experience marketing.” This may include flash mobs, reality fairs or sponsorship events – those that are purely educational or solely for fun, but each with some element of entertainment. Then leverage the experience online through video, commentary or social media posts.

5)      Credit unions should hire from the demographic they’re trying to attract. Young staff can relate to peer members through in-person and virtual interactions. They can engage organically with members by posting and responding to inquiries on Facebook and Twitter, or they can contribute blog posts, appear in credit union videos or serve as ambassadors in the credit union’s digital landscape.

6)      Focus on needs and convenience. Listen to your target market through online monitoring, keyword searches, focus groups and surveys, then develop content and online opportunities to meet these needs. Consider services that will save members time, for example, mobile deposits and transfers. Customers want to engage with businesses whenever and wherever they are, so think beyond marketing. Explore the integration of social media into your member services operations.

7)      Credit unions need to produce content in formats people use. Consider several formats, such as an e-book on buying your first home or a mobile video explaining what to expect as a first-time borrower. Adapt your content to the platform, for example, using calls to action, images and questions to stimulate engagement on Facebook.

8)      Get physically in front of the audience and stay local. Complement your online presence with in-person presentations or campus events, which include many opportunities to generate online content, including videos, event summaries and testimonials. Make yourself locally known online by pinning your credit union on maps and listing your addresses, phone numbers and hours of operation on sites such as Google, Facebook and Yelp. Social media engagement is also a great way to highlight local issues and events.

9)      Pay attention to analytics. Know what resonates with your target market. Google, Facebook and Hootsuite offer great (free!) analytic tools.

10)   Tap into paid advertising on social channels. This is a low-cost way to target specific audiences according to criteria such as geography, age and interests. You can also promote tweets to raise visibility on Twitter.

Why start from scratch? Keep in mind that many credit unions are already actively and successfully engaged with social and digital media. Seek them out, learn from their challenges and successes – and grow from there!

Holtz will continue the conversation in Ottawa at a World Credit Union Conference breakout session entitled “Building the Brand: Reaching Generation Y Through Social Media.” Can’t make it to the event? Follow the conference @WOCCU, #WCUC2013 or on facebook.com/woccu.

Jennifer Bernhardt

Jennifer Bernhardt

Jennifer Bernhardt is communications manager for World Council of Credit Unions, the global trade association and development agency for credit unions. She leads World Council’s communications efforts to share ... Web: www.woccu.org Details