Commonly referred to as Millennials, the 20-somethings of today really cannot be grouped into one simple category. Why? A quick look at this generation you will find some still living at home because they are perusing a master’s degree. Others are making payments on their first home while some are traveling Europe. So how can you market to a group that is so diverse in their lifestyles? To understand how you need to market to this group you need to understand their lifestyle.
First, here are a few key points to know about the Millennial generation:
- The Millennial group is Americans born between 1977 and 1995.
- Currently age 19 to 37
- Population is around 79.8 million
- Most ethnically diverse generation in U.S. history
- Getting married and having their first child later than any previous generation
- Buying their first home later than previous generations
- Greatest number of college graduates ever – twice as many degrees earned in 2009 as in 1970
- Came of age with the internet, mobile devices and social media
Credit unions need to change how they market to this demographic because this group is so different than any other generation before them. It takes a lot to woo this demographic, so it’s important to know what Millennials are looking for in a credit union. A recent study by an industry trade group Independent Community Bankers of America uncovered exactly what Millennials want in their credit union. Here are some key points:
- Millennials want local – 54% of Millennials prefer to work with a locally, owned, locally-operated community financial institute.
- Millennials want mobile – 74% of Millennials surveyed said mobile banking was very important to them.
- Millennials want a relations – 64% of Millennials believe that developing a relationship with their financial instate was important. They value high-tech and high touch with communication.
- Millennials want to learn more – 70% of Millennials wished they had more knowledge and skill when it comes to financial matters.
Meeting Millennials’ Needs
How can credit unions meet the demand of Millennials? The first thing your credit union needs to do is understand how Millennials absorb information. This generation is highly visual as learners and communicators. Use graphics, pictures or short, fast-paced videos to engage them.
The second thing your credit union needs to do is to turn toward a digital format. Millennials like to see information visually. When creating communications, think in terms of pictures or graphs instead of a wall of text.
The last thing you credit union needs to be doing to reach Millennials is to treat them like a VIP. The study found that Millennials feel that financial institutes treat them like a number. Fortunately for the credit union industry the “people helping people” philosophy has put credit unions in a great position to treat Millennials like individuals, not numbers. Here are some ways to make a new Millennial feel important in your credit union’s branch:
- Introduce them to three employees so they are familiar with the team that runs your credit union.
- Ask them how they want to be contacted. They may prefer a text message or a traditional email or voicemail.
- Invite them to exclusive events that they might otherwise not be able to attend – festivals, sporting events, fashion shows, and non-profit fundraisers.
Looking for ways to better reach the Millennial generation? CU Solutions Groups has what you need to reach this growing group. We can help you connect to the Millennial group better than you ever have before with technologies like: youth sites, social media campaigns, cutting edge graphic design, mobile sites and smartphone apps, and even video creation.