You already know the typical credit union member demographics: middle-aged or older homeowners who are nearing, or already enjoying, retirement. With this in mind, any credit union with an eye toward long-term growth is trying to attract new, young members. Millennials who are now marrying, starting families, launching businesses, and buying homes, are ideal customers. Yet many credit unions struggle to attract and engage to this youthful member base.
To develop a successful credit union youth marketing strategy, you first need to understand what is uniquely relevant, important, and motivating to a Gen Y audience. What can your credit union offer the 35 and younger demographic that differentiates you from other financial institutions? You then need to reach young people through the channels they use and sources they trust.
We look at 4 Steps to an Effective Credit Union Youth Marketing Strategy.
Step 1: Listen to Young People
Listen closely to your target youth market through social channels, online conversations, surveys, focus groups, and any other means at your disposal. Get to know their needs and aspirations, the problems they need help solving, and the conveniences and services they desire. What particular financial issues are they focused on? What type of financial advice are they seeking? What services are most valuable to them at this critical time in their lives?
This deep research and listening will enable you to create content that speaks directly to millennials’ financial pain points, and ultimately shape your services to meet their needs. Get to know your ideal member base so you can craft a truly effective value proposition to power all of your credit union youth marketing efforts.
It will also give you the powerful insight you need to move on to Step 2…continue reading »