Millennials and Credit Unions: What marketing to Gen Y teaches about strategy
Transcript of Millennials and Credit Unions: What marketing to Gen Y teaches about strategy
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@ryanruud � MACUMA � September 8, 2014 � Arlington, VA
Millennials: why they matter to your credit union.
The answer may surprise you.
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*AGENDA
• Who are the millennials? • What are their influences? • Why they matter. • How the dots connect. • Strategy discussion.
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Millennials are many things that don’t add up
• Narcissis'c • En'tled • Wealth focused • Selfish
• Tolerant • Pragma'c • Financially inept • Civic minded
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Who are the millennials, really?
• Early 80s to early 2000s – Big span of ages and life stages
• 75 -‐80 million strong – Largest cohort since boomers
• Came of age – Through 9/11 – Mul'ple economics – Transforma've world
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What influences millennials?
• Seeing parents’ re'rement evaporate. • Unstable global affairs. • Global financial meltdown. • Student loan burdens. • Social network online and offline. • Social responsibility. • Parents views. • NOT just Taylor SwiV and Jus'n Bieber
– And on and on and on.
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WHY DO THEY MATTER?
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Demographic Size, sure.
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Economic Might, even though some say they don’t have a dime.
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BUT REALLY THEY MATTER BECAUSE THEY ARE EARLY ADOPTERS
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Diffusion of Innovation How products and concepts get accepted across a population of people
Millennials …but really all generations during their coming of age period.
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So what, Social media and Millennials go hand in hand, we
know that.
Everyone else.
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Connecting the dots
• 40% of Mass Affluent over the age of 55, use social media to discover and select a financial ins'tu'on.
• 70% of investors have picked or changed a stock in their por\olio because of social media influence.
• 75% of the under banked reachable via social media.
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Not just one channel or habit. • Online
– Search/discovery is changing. – Research and transacting online critical to new business.
(60-70% of sale completed online before a consumer even comes in to talk to a rep or picks up the phone)
• Mobile – Smartphone adoption led by app hungry Gen Y – U.S. saturation at 50% in Jan 2013
• Wearables (emerging) • Sharing economy (emerging)
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Unrelated to channel. Social consciousness isn’t just a Millennial trend.
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INSTEAD OF JUST REACHING MILLENNIALS, LEARN HOW WHAT THEY DO CAN HELP IN INFORMING STRATEGY
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WHAT HAS OCCURRED OVER THE LAST GENERATION THAT IS INFLUENCING THE WAY ALL MY MEMBERS WANT (WILL WANT) TO -‐ RESEARCH -‐ BE REACHED -‐ TRANSACT OVER TIME?
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WHAT’S COMING DOWN THE LINE?
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Change strategic discussions from: We want to reach millennials.
Message
Product Channel
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To answer the question: How do Millennials want to be reached by us?
Message
Product Channel
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AND YOU CAN NOW ANSWER: HOW ARE MEMBERS WANTING TO BE REACHED BY US AND HOW WILL THEY IN THE NEAR FUTURE AND DOWN THE ROAD?
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SO WHY DO MILLENNIALS MATTER TO YOUR CREDIT UNION?
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MILLENNIALS PROVIDE AN EARLY GLIMPSE INTO MANY OF TRENDS THAT YOUR MEMBERSHIP AS A WHOLE ARE OR WILL BE ADOPTING.
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Let’s Connect
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