Maybe some of this recent spending information should impact how your credit union staff are developming millennial marketing campaings. Perhaps your CU could help these young people avoid overspending or at least moderate their habits! Spendthrifty Millennials - Millennials lived through the Great Recession, but now they’re developing some spendy habits, according to some new data from Bankrate. Maybe it’s a form of delayed gratification? Bankrate found that millennials are falling victim to common financial vices, such as spending money in coffee shops, racking up bar tabs or frequently dining out.
I recently attended The Financial Brand Forum in Las Vegas, Nevada. The Forum hosted over 1500 professionals in the financial sector for a 3-day conference, of which, I attended several breakout sessions on various topics...one session in particular is top of mind for this blog. On day 2 of the Forum, I attended a breakout session about one of the nations largest Banks ($125 Billion in assets) that grew their revenue using social media. I was curious to hear their Director of Social Media speak on the subject to see what her findings were, and their overall strategy for success. One thing that was shocking to me about her presentation, was when she said her Bank wasn't on Instagram. When an audience member asked why, the Director of Social Media responded with "our Bank likes to take their time when deciding which social media platforms we should be on, and I'm not so sure where Instagram is going to go." I can understand her response, but I respectfully disagree with her...and here's why:
This e-Book will help you find the best ways to maximize your digital presence, reaching new potential members while increasing your share of wallet for existing members.
It's important for Credit Unions to always work to find new and better ways to engage with members, especially in this day and age when fewer and fewer people are visiting branches in person.
Recent Guest Blog from CUInisght: Last week I attended a great Credit Union event in Charlotte, NC, sponsored by the Carolina’s Credit Union League. In addition to presenting on Credit Union Marketing & Sales Strategy, I also attended a few sessions, and one of them on Millennial spending habits was particularly useful. Here’s a few key take-a-ways I wanted to share: 1. Millennials are Moving Away from the ‘Stuff’ Mentality:
Millennials are thought by many to be an important target for most businesses, but the question remains, how can credit union marketing better reach this group? Further, according to a recent article by Peter Strozniak for The CU Times, "Right now only 10% of 25-to-34-year olds are using credit unions. When you combine that statistic with the fact that 25-to-34-year olds are more likely to switch banks, it's easy to see how this group represents a tremendous opportunity for credit unions." Here are 4 clear ways your credit union marketing can shift, to better reach this all important younger demographic group:
A 70 million-strong generation is fast replacing the Baby Boomers as the focus of everyone from marketers to real estate firms to politicians. Yes, we’re talking about the Millennials. Millennials haven’t replaced Boomers as a focus of politics – but only for the simple reason that Boomers still vote in bigger numbers. This will change.