Millennials—men and women born between 1980 and 2000—are on a mission to change the world. And they don’t plan on doing it alone: They expect companies and organizations—and yes, that includes credit unions—to help them.
So far these twenty- and thirty-somethings haven’t been impressed. According to the recent Cone Millennial Cause Study, seventy percent of Millennials agree that companies aren’t doing enough to support the causes they care about.
But for companies that heed the call of Millennials, the benefits are clear. After learning that a company is socially and/or environmentally responsible:
83% of Millennials are likely to trust the company more
79% are likely to purchase that company’s products
44% are likely to actively pursue working at that company
74% are more likely to pay attention to that company’s message because it has a deep commitment to a cause
Still not convinced? Consider this: by 2030, Millennials will make up three quarters (75%) of the global workforce. Your current and future members are Millennials. For credit unions, now is the time to embrace the social issues that Millennials are eager to address.
How to Transform Millennials Into Members: 5 Tips
CafeGive Social recently spoke with Kim Vu about how credit unions can attract and win over Millennials. As vice president of community investment and social impact for the Northwest Credit Union Association (NWCUA), executive director for the Northwest Credit Union Foundation (NWCUF), and a self-identified Millennial, Kim believes there are ten simple steps any credit union can take to make inroads with Generation Y.
Here are five of her ten tips:
Leverage partnerships with universities and colleges.
Use volunteering events as sales opportunities.
Engage your whole community, not just your members.
Raise awareness and promote, promote, promote.
Look at cause-mind corporations for inspiration, then scale big ideas down.
Looking for more information about Millennial consumer preferences and marketing strategies? Check out the full version of CafeGive Social’s interview with Kim, “10 Ways to Transform Millennials Into Members,” in which you can read all ten of her tips.
Social Impact is the Fire, Social Media is the Gasoline
According to a recent social influence research paper from Crowdtap, 71% of Millennials engage in social media daily, and spend, on average, five hours a day catching up with friends and family on social networks like Facebook, Twittter, and Instagram.
Nearly all of this social media activity happens on mobile devices, which Millennials use more than any other generation. Four out of five Millennials ages 18–24 use a smartphone. Compare that with smartphone-using 35-54 year olds (two out of three), and those 55 years old and above (two out of five).
Social media and mobile technologies offer credit unions more opportunities than ever before to forge connections with Millennials, by telling their community giving story.
To see how three companies use a new tool to do just that, we recommend our guide “How 3 Organizations Showcase their Social Responsibility using Social Impact Profile”. With the Social Impact ProfileTM, your organization can take the first step to sharing your giving story in a visually appealing, impactful format that will help you use your community outreach to influence a new generation of members.
Joe Waters is a speaker, writer, cause marketer, and the author of Selfish Giving, a blog devoted to articles, ideas, and products of interest for fundraising groups. His books include "Cause Marketing for Dummies" and "QR Codes for Dummies." Joe’s work has been featured in The Huffington Post, The Chronicle of Philanthropy, Mediapost: Causes, Forbes, and The Nonprofit Quarterly.
CafeGive provides applications and tools to help credit unions create cost-effective and impactful cause marketing campaigns, and the expertise to make your campaign work. Our fully hosted and supported platform includes the templates and tools to create a campaign for your Facebook page or website, encouraging involvement and audience amplification among your social media community. Learn more about how to get started and how we can help you share your giving story at www.cafegive.com.