3 common-sense ideas and one possible surprise
By Kait Vosswinkel
Advice on capturing the attention of Millennials ranges from cool to crazy, but it's no wonder many credit unions—with their aging memberships—are concerned. A lot of CUs are stepping in the right direction and, as a 20-something, I want to offer three bits of common sense about marketing to me. First, financial education is essential, and it can be used as an outreach tool. $1.8 billion University of Wisconsin Credit Union, Madison, Wis., sets a wonderful example of how successful financial education programs can build a young membership base. Since 1931, University of Wisconsin CU has been known for its partnership with the public university system in Wisconsin, and its average membership age is in the mid-30s, much lower than the CU average. The CU's focus on education allows it to build long-term relationships with thousands of young adults every year. "One of our most effective approaches is the financial education that we provide to students on campus. It's not the fact that we do it; it's how we do it," says CUES member Jaimes Johnson, director of community and campus relations at UW CU. "We provide education through financial specialists who have lived the life of a student themselves. The people delivering the content have been there." Secondly, as Johnson mentioned, outreach to Millennials has to be driven by peer-to-peer conversation. Anyone under the age of 30 will be living with the consequences of the 2009 recession for the rest of their lives. We saw the implosion up close, and many young adults believe the older generation is to blame. When it comes to financial advice, we are much more likely to trust someone who has walked in our shoes and who understands our point of view. $1.4 billion Royal Credit Union, Eau Claire, Wis., is capitalizing on the importance of peer-to-peer outreach with its new program, Young & Free Royal. Their new "spokester" travels Wisconsin as an outreach specialist, and is making inroads into collegiate communities. $2 billion Summit Credit Union, Madison, Wis., is also building a youth movement of peers through high school branches and a new scholarship program, Project Teen Money. Third (and anticlimactically), technology and convenience are important to young adults. $2.7 billion Wescom Credit Union, Pasadena, Calif., introduced a mall kiosk earlier this year as an outreach platform. The tablets Wescom CU team members use in the kiosk are not only great for opening new accounts on the spot, but also act as an advertisement for all the CU's mobile offerings. Each of these strategies--education, peer-to-peer outreach and technology--are great ways to navigate a changing market, but there is one over-arching truth that can get lost in all the development. Despite the glitz and glamour surrounding social media campaigns and mobile technology, it's the product not the package. Above and beyond the three ideas above, the biggest truth in my Millennial mind about marketing to members of my generation may be somewhat of a surprise: CUs are already perfect for younger generations. It seems only natural that I should love the CU movement. I shop for locally crafted clothes, I eat locally grown foods and I drink locally brewed beers. Why wouldn't I invest in a local financial community? Many Millennials will feel the same way. There is truth to all the talk on technology. I do everything on my phone, and sometimes Millennials take smartphones for granted. That said, I know plenty of young adults who will go out of their way for a cause they believe in. If CUs continue sharing their community-driven values, younger generations will take notice, whether it's written on Reddit, Facebook or a typewriter.
Kait Vosswinkel was a CUES publications intern this summer and now works for Wisconsin Public Television. Also from this blog, read "The Future of Credit Unions Will be Bright If..." and "Connecting with Future Borrowers." Read more about and view videos related to Project Teen Money. Photocredit: dollarphotoclub.com/william87
