Do you want to attract Gen Y to Join Your Credit Union? Try These 4 Ideas.
1. Start an Economy On Tap series – Partner with a local bar or pub (make sure it’s not a dive!) and offer workshops on topics that would interest your target audience. Make it a cash bar but the credit union should pay for some bar snacks (wings, etc.) Make sure the presenter is top-notch, engaging, and knowledgeable. Advertise the heck out of these workshops. Use newspapers, online ads, tweet about it, and have the bar put up some flyers too!
2. Go Where They Are – This isn’t Field of Dreams people! Just because your credit union exists does not guarantee that the younger generations of potential members are going to be rushing in. Credit unions have to go to them. Establish relationships with local colleges and universities. Take the Student Body President to lunch and explain what the credit union can offer. Establish a consistent presence to attract attention. Volunteer to give a workshop or lecture to a group of students. Don’t make it all about the credit union though. Talk about a financial topic relevant to the students and weave it into a discussion about your credit union.
3. Create A Focus Group – identify a handful of current members who are of Gen Y and get them together for a meal. Yes – feeding them is a necessity. Talk to them about why they are members of your credit union. Ask them what they would change if they were in charge. Offer an incentive to them if they are able to get you on the college campus to conduct a membership drive. Encourage them to be “Ambassadors” for your credit union and to discuss credit union membership with their peers.
4. Use Social Media – I know, I know. How much more do we have to hear about social media? Well, considering that so many credit unions are still not using any social media platforms, perhaps the message hasn’t gotten through! Engage Gen Y where they do all of their socializing. Use social media platforms to have conversations and to identify potential credit union rock stars – those are the people who will do your best word-of-mouth marketing. Get your most active “friends” or “followers” in a room together and thank them for their support. Oh…and give them something to eat.
All credit unions should be looking for ways to get younger members. In order to be successful, you need to market to them differently, speak their language, and provide benefits that are important to them.
And as you can probably tell from each of the 4 steps – feeding them can work wonders!