What CUs can learn from CO-OP Financial Services' 'Empowering People' campaign.
By Samantha Paxson
In May, CO-OP Financial Services launched “Empowering People, Amplifying Dreams,” a national consumer campaign to promote the advantages of credit unions to Millennials. The campaign has rapidly gained traction with more than 100,000 visits to our website. As we have told the credit union story to younger consumers, we’ve learned at least 10 lessons credit unions can apply as they also reach out to Millennials:
1. Don’t be afraid to get out of your comfort zone. Servicing our own marketing needs is a huge task, but we see that our future success lies at least partially in tackling an industry-wide issue.
2. Make it fun. We launched the campaign in New Orleans in conjunction with our annual conference. We marched to the House of Blues, where we heard a concert by our campaign spokesperson, a 23-year-old singer/songwriter named Daria Musk. Her fan-friendly concerts remain a part of our effort.
3. Be social. From our campaign website, visitors can access campaign videos and information on You Tube, Twitter and Tumbler. All three take the visitor to sites titled “Innovative Banking,” where young consumers can learn more about credit unions.
4. Speak peer to peer. Millennials must tell your story to Millennials. That’s why we engaged Daria as spokesperson: She has 3.4 million followers on the Google+ social network.
5. Be real. A central component of our campaign website is a section known as “People Like You.” Here we have a growing library of testimonials from real-life Millennial credit union members who tell very personal stories about how their credit union has helped them.
6. Make sure your message meets trends. Millennials as a generation have a distinctive personality: tech savvy, community-minded, suspicious of hype. Credit unions act first and only for the benefit of their members; they are smaller and community-based, and they can compete with anyone from a technology standpoint. Credit unions can easily connect their strengths to what’s trending.
7. Be part of doing social good. Credit unions are dedicated to helping Millennials gain a financial foothold in life and providing a platform so they may achieve their financial dreams. Our “People Like You” stories prove it. You can market a social good at the same time you market your credit union.
8. Lift your “category” to lift your credit union. Helping promote the movement is much the same as being involved in Credit Unions for Kids. It is an activity that lifts all credit unions; it’s something bigger than yourself that will return a benefit to you.
9. Be a brand builder. Credit unions offer great rates on loans and much more, but ultimately our approach with this industry campaign is to build a brand. “Empowering People. Amplifying Dreams” speaks to what credit unions can ultimately do for members.
10. Remember, It starts with you. The credit union industry has wrestled for years with how to promote itself to Millennials. You needn’t wait for anyone to begin lifting our entire industry! That is what the campaign is all about. Good luck with your own efforts to reach Millennials. Hope these ideas will be helpful
Samantha Paxson is VP/marketing for CO-OP Financial Services, a financial technology provider to credit unions based in Rancho Cucamonga, Calif. Paxson can be reached at 800.782.9042, ext. 2570. Last Wednesday CUES named Alex Castley its 2014 Next Top Credit Union Exec. Also on this blog: "Marketing to Millennials" and "Connecting With Future Borrowers."
