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By Card Services for Credit Unions
This group, born between 1977 and 1994, are the sons and daughters of the Baby Boomers. It is estimated that by 2009 they will have a buying power of $500 billion. When you couple that with the fact that they will be 64% of the market by 2014, it is imperative that credit unions step up to the plate to understand their mind set and capture their loyalty.
The Millennials (Gen Y) are a very diverse group that is highly wired and financially aware. They grew up in a positive political and economic climate, where they were empowered by parents. This is also the first generation of “Everybody Gets a Trophy”– thus leading to their need to be rewarded for participation rather than achievement, which fuels their love of rewards.
Technology has played such an important role in shaping this generation by allowing them to create and maintain elaborate networks and giving them what they want, when they want it. For this group, customization is the norm – not a novelty. They expect products and services with embedded solutions.
Credit unions are in a unique position to engage the Millennials, thereby deepening loyalty and moving them through the member lifecycle. This generation is optimistic, and proud of the ‘badge value’ of their lifestyle (school, job, religious organization etc.). They are also group oriented and can easily be enticed by credit unions’ inclusive “membership.” In addition, the co-operative structure of credit unions allows them to feel they’re in control.
Below are some best practices for marketing to the Millennials:
Know and communicate with your audience
Appeal to their lifestyle and consumption habits
Incentives and Rewards
Ensure your messaging is effective
When marketing to the youth, just remember that the more student-focused the experience, the better the channel will work to drive applications and/or usage behavior, because it is perceived as relevant. You should also take advantage of technology to engage and convert student prospects.
Debit cards continue to be the preferred method of payment among Gen Y. Join us this Thursday as we discuss this trend and other key factors that are having an impact on the debit card market.
This sponsored content article is provided to the credit union community for shared insights and knowledge from a recognized solutions provider in the industry. Please note that the views and opinions offered here do not reflect those of Callahan & Associates, and Callahan does not endorse vendors or the solutions they offer.
If you are interested in contributing an article on CreditUnions.com, please contact our Callahan Media team at firstname.lastname@example.org or 1-800-446-7453.
November 3, 2008
7/26/2012 04:00 PM
Good ideas in the article.
Great content. Full of practical, useful information.
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