Wine in a can: Does your brand cut it with millennials?

A terrific recent article in Adweek highlights the importance of killer marketing and brand messages when it comes to wooing the Millennial Generation.

The article specifically references Millennials and the wine industry. But they’re not just drinking their parent’s wine from the 80s and 90s. Generationally-savvy wine marketers have keyed-in on this and have introduced millennial-specific wine brands such as ManCan (targeting Millennial soccer dads) and Underwood (that promotes online videos specifically poking fun at the traditional “wine snob”). With taglines like ManCan’s “Shut up and drink,” these brands are establishing a brave toehold in an emerging niche market.

One quote from the article in particular stands out and directly relates to marketing and branding to Millennials for credit union professionals: “We’re trying to completely eliminate barriers of entry to drinking wine, “said Graham Veysey, founder of ManCan. “Quality, price and story – those three things will help you appeal to this age group.”

Let’s rework that first sentence of the quote for the credit union world. “We’re trying to completely eliminate barriers of entry to customize financial products and services for young consumers.” Is this something your credit union is doing when it comes to gaining market share with the Millennial Generation? If not, why not?

The second sentence of the quote also directly applies to credit unions and Millennials. Obviously, savvy young consumers will expect quality out of their investment in your credit union. Do your products and services reflect this level of trust? Are you offering Millennials what they expect in return for their investment in your credit union, particularly when it comes to mobile and digital product offerings? And, most importantly, are you offering simple products and services to Millennials (products and services they can use on their time, not yours, with as little hassle as possible)?

Is your pricing structure millennial-friendly? Increasingly, consumers (including Millennials) expect more bang for their buck when it comes to relationships with financial institutions. Do you still have unnecessary, redundant or brand-damaging fees at your credit union? The cooperative nature of credit unions appeals to the generational DNA of Millennials — but only if you meet their needs. Price matters.

Lastly, are you capturing the stories your Millennial members share? Word-of-mouth and testimonials from their generational peers matter highly to Millennials and figure prominently in their decisions on whether or not to choose your credit union as their financial institution. A great thing about the millennial generation is their willingness to share their opinions, openly and honestly. In the past, credit union marketers had to dig deeply for such information or sometimes even pay for it in the form of focus groups or surveys. Today, Millennials are more than happy to share what they think about your credit union on a vast array of online platforms. Capture the positives (while addressing the negatives) and share those stories in your credit union marketing and branding.

Other important brand features credit unions must offer in order to connect with Millennials include transparency, community involvement/activism and a commitment to financial education. What is your credit union doing to earn high scores from Millennials in these areas?

Let’s face it – credit unions may never be as cool as wine in a can. But to Millennials, credit unions can achieve cool-status by building a brand that resonates with quality, value and stories. So, to paraphrase the ManCan mantra, shut up and brand.