MARKETING TO MILLENNIALS (AND FOR THAT MATTER – MARKETING IN GENERAL) IS A CHALLENGE FOR ANY ORGANIZATION TODAY, AND CREDIT UNIONS ARE NO EXCEPTION
However, credit unions continue to hold an advantage over big banks in the financial marketplace, in that many millennials favor community-level and cooperatively managed organizations over large corporations. Not only are Millennials the next Baby-Boomers in terms of the size of the market and demographics, they are a critical segment of the marketplace to capture and retain to assure a solid long-term future for your Credit Union.
IF YOU ARE NOT ALREADY DOING SO, YOU SHOULD USE AND PROMOTE THE COOPERATIVE EDGE TO YOUR ADVANTAGE, ALONG WITH EMPLOYING AS MANY OF THE FOLLOWING STRATEGIES AS YOU CAN TO MAXIMIZE YOUR CREDIT UNION’S EFFECTIVENESS IN REACHING THIS MEMBERSHIP BASE.
DETERMINE YOUR TARGET SEGMENT
Like any market segment, millennials are not a single “one size fits all” demographic. Therefore, it is imperative to determine which segment(s) of the millennial population you wish to target. Once you’ve nailed down whether you want to attract graduate students struggling with student loan debt, or go-getter entrepreneurs chasing the next big technological innovation, or both, your marketing strategy should be easier to create and implement.
SKIP THE HARD SELL
Common to nearly all market segments, millennials being no exception, is that they do not respond to a hard sell approach. Concentrate on building a connection, a relationship, with millennials, underscoring the usefulness of a service, rather than selling them solely on the benefits of a product. For all we know, you reading this are a millennial, and that’s why we are not hard selling you. We are simply informing you that a new, unique, cost effective solution exists to help your Credit Union grow, sustainably …Read on…
SOCIAL MEDIA IS A MUST
Plain and simple, if your institution is not involved with social media, you are missing out on reaching a large segment of the millennial market. The right social media platforms for your targeted segments are just as important as well – these days Facebook and Twitter have given way to Instagram and Snapchat as the social media platforms of choice among millennials. If there is no one on your staff who is adept with these platforms, hiring competent and experienced employees, or a contractor or service provider with that expertise will likely be a worthwhile investment. The payoff may not be instantly recognizable or profitable, but long-term relationship building rarely is. Millennial marketing is a commitment to playing the long game.
MAXIMIZE RANKINGS AND TESTIMONIALS
High ratings for your specific products and services on sites like Yelp! and Google help lend legitimacy to your institution. Likewise, posting testimonials from satisfied millennial members (actually all member segments) on your own website is a great way to let potential members know that your credit union is excellent with member service, charges low or no fees, or possesses some other desirable feature or service. Let your member base provide quality “Word of Mouth” endorsements for you. And keep in mind that building the relationship that results in good ratings is all part of the relationship building process that gets and keeps these Millennials close to you.
“THE SURE WAY TO MISS SUCCESS IS TO MISS THE OPPORTUNITY"
As a Credit Union professional, you owe it to yourself, your members, and your credit union to stay informed and to be aware of new solutions and technology that can help your credit union grow
As technology natives, millennials appreciate the ability to leverage automation in order to enable more informed individual lending decisions. If you would like to learn more (no pressure – I promise) so that you are more informed about the solutions available to help your Credit Union grow, for example, you’re ready to automate your lending process to attract and retain millennials as members, check out our website (Lendsys.com), or give us a call.