Is your credit union capitalizing on the car buying journey of the millennial? You may have wanted to sweep this cohort aside due to trends like ride-sharing and the popularity of environment-friendly bicycles being the ride du jour for these urbanites. However, this is changing as the millennial migrates to the suburbs and begins the process of acquiring all of life’s necessities, just like generations that came before. What do you need to know? This is the most studied generation in history and they want to be highly engaged with your brand. So, give them engagement, at all levels, especially in auto buying.
How is your credit union enticing millennials to seek out autos and loans? Let’s remember, this generation will spend 17.6 hours researching their next car purchase before making a decision; which is 25% more time than the national average. Most of that time will be spent in front of a screen. What are your online offerings, aside from online banking? Credit unions can capitalize on millennial member engagement, but they need the right marketing tools and effective engagement campaigns.
Here are some tips on how to reach this generation:
- Put the information in their hands, literally. According to recent data, 80% of millennials shop directly from their mobile devices. Therefore, credit unions need to provide mobile friendly sites, or partner with third parties who can deliver a site easily accessed on any device.
- Since millennials grew up during the Internet age, they expect their research to be immediate and constant. Gone are the days when car buyers headed to dealerships looking to learn about “the process.” Research and shopping is completely done on the phone or in the home. Over 72% of auto consumers prefer to complete credit and financial paperwork online to save time. Credit unions now have an opportunity to provide this information.
- Go beyond traditional advertising. Research shows that 82% of millennials do their research through third-party sites. This means that traditional advertising, like newspaper ads and TV commercials, are out, and clickable content is in. Put your ads where millennials will see them to drive traffic back to your site. Include lots of social media and clickable banners to get them where they need to be.
- Caring is built on sharing. When millennials relate to, and learn from a post on Facebook, they share it. Create a catchy hashtag and watch it go viral as young auto buyers show off their new cars. They are eager to show gratitude to the credit union that help them afford this sweet new ride. There’s real power in social media and this generation relies on it for information.
- Offer authentic content. Millennials appreciate information that is communicated on their level, and they are likely to follow trends set by their peers. But unlike their parents, they often feel disconnected from financial institutions and lack expertise in their vocabulary. Bridge this divide with educational, value-driven content on platforms they enjoy using. For example, don’t just assume this generation knows what credit unions are, or what they offer. Create a video featuring young people enjoying the services you offer. Check with your partners, as many of these videos and collateral marketing materials already exist and are yours to promote. Write blog posts in casual language, make them funny and engaging.
Apply this to your auto growth strategy and watch your portfolio grow. For millennials, trust is built on transparency. Speak their language and you will build brand loyalty.