On-site at CUNA MBD’12: Why Y? Strategies to Reach the Millennial Generation

Mark Dudley, CUinsight.com Marketing Contributorby: Mark Dudley, CUinsight.com Marketing Contributor

Mark Arnold from On the Mark Strategies spoke on marketing to Gen Y at the CUNA Marketing and Business Development Conference in New Orleans this past week.  A third of the room was filled with Gen Y’ers (born 1982-2001) looking for ways to reach their peers with the credit union message.

Mark described the Gen Y group as being a diverse, family oriented, media and technology savvy group that likes change and enjoys a work/life balance. With studies showing that most choose their “Preferred Financial Institution” by age 25 and stay there for at least 15 years, Mark urged credit unions to act quickly to lock up these Gen Y’ers as credit union members.  And the way to reach Gen Y early? Through their parents.

Mark reviewed key steps to getting and keeping Gen Y’ers with the following:

  • Be an information source. Don’t just provide a checking account and a loan. Be a source of financial information that is useful to them.
  • Be convenient, online and in branch. Gen Y values convenience both in person and online. If you’re not at the cutting edge of technology and keep them waiting in the branch, you might as well write off Gen Y unless you are planning some significant changes.
  • Present lots of options. Gen Y wants to feel like they have made a decision. Give them a few options and let them choose what they feel is best.
  • Provide technology based banking. Has your credit union launched an online banking app yet? What about P2P payment systems?
  • Be nationwide, invest in cooperative ATMs. Gen Y may never leave their community very often, but accessing their money from wherever they are is important. Your credit union should consider linking up with the co-op network and shared branching networks.
  • Listen. Gen Y wants to feel important and they have something to say. Don’t push products to them, listen to their needs and be a valuable asset to them.

In closing, Mark left us with these words: “Ditch the hype, Pitch the Value.” Gen Y is a grounded educated group that is looking for true value, not empty promises. Even if your credit union is behind on efforts to target younger members, the tips above aren’t expensive or hard to implement.

Mark Dudley is a marketing contributor for CUinsight.com and assists YMC’s clients with marketing strategies and business development. Mark is a native of Cayce, South Carolina and currently resides in Spartanburg, South Carolina.  Mark joined the Your Marketing Co. after 4 years of experience in business development in the Industrial Equipment industry. Mark also has extensive knowledge in branding and marketing through his time in the professional sports world.  Before moving to Spartanburg, Mark was a history teacher and baseball coach, and is a 2002 graduate of Presbyterian College where he earned a BS in Social Studies and played baseball. Mark enjoys spending time working out, traveling, and playing golf and is married to Mary, who teaches kindergarten in the Spartanburg School System.  www.yourmarketingco.com

Mark Dudley

Mark Dudley

Mark assists YMC’s clients with brand opportunities and communication strategies. Mark is a native of Cayce, South Carolina and currently resides in Spartanburg, South Carolina. Mark joined the Your ... Web: www.yourmarketingco.com Details