Targeting Generation Y Membership Growth for Credit Unions – Part 2

Based on the overwhelming need for credit unions to reach the critical target market of young adults age 21-34, this is a two-part series on the Robert C. Davis and Associates Resources blog. Continuing on our previous entry, this is the second part of suggestions for credit unions to drive Millennial membership. You can read the first entry here

Part Two.

The Importance Information Dissemination for Credit Unions

Credit unions often consider their biggest membership challenge to be young adults, between ages 21-34, commonly known as Generation Y. One characteristic of this group of young adults is that they rarely show interest in products and services that don’t concern them. But what many young people don’t realize is that personal finance should be an enormous area of concern for them. Driving membership in this age group, should begin, therefore with growing education and awareness of personal finance good habits for the Millennial generation. Even as early as high school, credit unions can embark on education endeavors for students. Ensuring that youth are well informed of all the options available to them, including checking, savings and credit accounts through a credit union is one of the most effective ways to reach out to this young group of potential members.

Reaching Out and other PR Strategies

Credit unions have always thrived on word-of-mouth references. But as the financing industry becomes more and more competitive, it’s equally as important now to have marketing and public relations plans in place to reach the desirable Gen Y demographic. One way to get in front of this youthful faces is to reach out to schools, colleges and workplaces where the majority of the employees are under 30.

Work with local campuses and business organizations to introduce credit unions to the Gen Y community. Be present during important events such as Freshman Orientation, if you’re near a college campus. Some credit unions go the extra mile by putting branches and ATMs in schools. Having internship programs as well as part-time jobs available to this group is another way to build awareness for your credit union among the community.

Social media is a great boon for marketing within the personal finance niche. Using captivating graphics, games and videos are great ways to deliver personal finance education in an engaging and fun way.

Classroom presentations and workshops can be conducted at local colleges. Talking about financial decisions relevant to this young group – like buying a car for the first time, getting a loan for college tuition, or even opening a savings account after you land that dream job – is a great way for credit unions to make connections with Millennials.

Improving Technology and Customer Service

Generation Y is the generation of immediate gratification, digital interaction and social media. If your credit union is not participating on the digital front, then you won’t be able to compete with other more progressive competitors. Today’s young adults are constantly online, tweeting about their life experiences and reaching out to customer services lines in all manner of ways – on the phone, on chats, and on social media. But did you know, compared to other age groups, Gen Yers are more likely to visit credit union branches in person for cash and check deposits? It seems like this group of young adults “wants it all, all at the same time,” which is definitely challenging the credit union status quo. Fortunately, with the right training, your member representatives, whether they’re on the phone, online or in the brick and mortar branch, can handle any kind of request, question or service from this demographic.

If you are ready to expand your target market to Generation Y, make sure your member representatives are adequately trained. At Robert C. Davis and Associates, we offer customized training for credit unions looking to reach out to Gen Yers, through an exclusive process we call the Quality Conversation. With the Quality Conversation, your member representatives are equipped with the skills to ask the right questions, provide the right answers and build on your credit union’s already stellar record for customer service.