Designing A Social Computing
Strategy To Attract Gen Yers
Catherine Graeber
Vice President
Forrester Research
June 23, 2008
First, what does Forrester mean by Gen Y?

              ►Gen Y: Born between 1980 and 1990
              ►Gen X: Born bet...
Agenda

     • What do we know about Gen Yers?
     • Why should financial firms court this group?
     • How can Social C...
What do we know about Gen Yers?




5   Entire contents © 2008 Forrester Research, Inc. All rights reserved.
Gen Yers: the Internet Generation




6   Entire contents © 2008 Forrester Research, Inc. All rights reserved.
Gen Y leads the way on Social Computing
    activities you do the following activities online at least monthly?”
         ...
Why should financial firms
                            court this group?




8   Entire contents © 2008 Forrester Research...
The Gen Y segment is growing — and will
represent 29% of online households by 2011

                                      ...
Gen Yers will drive future online banking growth . . .
                              The number of US online households th...
. . . And are the group most likely to apply online
       Percentage of each generation who applied for a financial produ...
How can Social Computing strategies be
      used to attract new Gen Y customers?




12   Entire contents © 2008 Forreste...
The Common Wealth Credit Union success story

     • Tim McAlpine
           »President and chief strategist, Currency Mar...
FORRESTER’S FINANCIAL FORUM | NEW YORK, NY | JUNE 23, 2008




 Designing a
SOCIAL COMPUTING
 strategy
                  t...
Tim
McAlpine
   President &
 Chief Strategist
Currency Marketing
Project

INFO
illon:
                Eric D
              m
    ail fro
E-m                  o hear
              like t
      would
 “W...
dit union in Alberta
4th-largest cre
52,000 members
$1.7 billion
                  s northern Alberta
16 branches acros
  ...
PERFECT SCENARIO
                                 Freedom
  Courageous        Real
                                  & tru...
GEN
Y VALUES & CONCERNS
KE




            Distrust
             mpanies
          co
           nd media
          a
MEDIA CONSUMPTION
SOCIAL


        unlikely to
   Very
         up for an
    sign-
       unknown
            ponsored
  ...
ANCIAL INSTITUTIONS
FEELINGS TOWARD FIN




            ould care
    They c
            out your
     less ab
           ...
Belief in
SOCIAL
MEDIA
CU
edia and
  Social m
              itutions
    ncial inst
fina
             mmunity
  n build co
ca
media
   , social
And
            sales!
  an drive
 c
Year-over-year youth member growth
400

                          Media support stopped here

300




200




100




  0
...
THE
Microsite
Y&F on t
          he
Social W
        eb
ONNECTING ON-LINE
C




            a’s year:
      Lariss
          ing started
      gett
Happy New Year by Larissa
ON- AND OFF-LINE
CONNECTING




          Story 1:
           Difference
       The
The Difference Between Banks and Credit Unions Part 1 by Larissa
Larissa on Citytv Breakfast TV
ON- AND OFF-LINE
CONNECTING




          Story 2:
           vie Week
         Mo
Y&F Movie Week by Larissa
Y&F Movie Week by Larissa
Y&F Movie Week Contest Draw by Larissa
Y&F Movie Week by Larissa
The
ESULTS
RESULTS

           82 unique visitors
      39,0
        20,852 page views
      1
      3:47 average visit
             ...
RESULTS



                     id media coverage
       $179,000 unpa
            0,000+ impressions
       2,00
        ...
currencymarketing.ca/blog
currencymarketing.ca/podcast
Thank
YOU!
Tim McAlpine
tmcalpine@currencymarketing.ca
currencymarketing.ca
Thank you

       Catherine Graeber
       +1 831.622.9392
       cgraeber@forrester.com

       www.forrester.com




 En...
Designing a social computing strategy to attract Gen Yers
Designing a social computing strategy to attract Gen Yers
Designing a social computing strategy to attract Gen Yers
Designing a social computing strategy to attract Gen Yers
Designing a social computing strategy to attract Gen Yers
Designing a social computing strategy to attract Gen Yers
Designing a social computing strategy to attract Gen Yers
Designing a social computing strategy to attract Gen Yers
Designing a social computing strategy to attract Gen Yers
Designing a social computing strategy to attract Gen Yers
Designing a social computing strategy to attract Gen Yers
Designing a social computing strategy to attract Gen Yers
Designing a social computing strategy to attract Gen Yers
Designing a social computing strategy to attract Gen Yers
Designing a social computing strategy to attract Gen Yers
Designing a social computing strategy to attract Gen Yers
Designing a social computing strategy to attract Gen Yers
Designing a social computing strategy to attract Gen Yers
Designing a social computing strategy to attract Gen Yers
Designing a social computing strategy to attract Gen Yers
Designing a social computing strategy to attract Gen Yers
Designing a social computing strategy to attract Gen Yers
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Designing a social computing strategy to attract Gen Yers

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Gen Yers are the future of the online channel, but attracting them requires a non-traditional approach. Learn how Common Wealth Credit Union's new Young & Free Alberta targets Gen Yers with an integrated marketing and social computing program centered around the youngfreealberta.com microsite. Currency Marketing created an integrated program that included finding and hiring a Gen Y spokesperson to represent the product, the credit union and their generation. Tim McAlpine will speak about the lessons learned on Web 2.0 dos and dont's and how this program is appealing to Gen Yers who have become Common Wealth credit union members.

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Designing a social computing strategy to attract Gen Yers

  1. 1. Designing A Social Computing Strategy To Attract Gen Yers Catherine Graeber Vice President Forrester Research June 23, 2008
  2. 2. First, what does Forrester mean by Gen Y? ►Gen Y: Born between 1980 and 1990 ►Gen X: Born between 1966 and 1979 ►Younger Boomers: Born between 1956 and 1965 ►Older Boomers: Born 1945 and 1955 ►Seniors: Born 1944 and earlier 3 Entire contents © 2008 Forrester Research, Inc. All rights reserved.
  3. 3. Agenda • What do we know about Gen Yers? • Why should financial firms court this group? • How can Social Computing strategies be used to attract new Gen Y customers? • Questions 4 Entire contents © 2008 Forrester Research, Inc. All rights reserved.
  4. 4. What do we know about Gen Yers? 5 Entire contents © 2008 Forrester Research, Inc. All rights reserved.
  5. 5. Gen Yers: the Internet Generation 6 Entire contents © 2008 Forrester Research, Inc. All rights reserved.
  6. 6. Gen Y leads the way on Social Computing activities you do the following activities online at least monthly?” “Do Use Web- 80% based email 70% Use instant 60% messaging 50% Use social networking 40% sites 30% Read blogs 20% 10% Comment on blogs 0% Gen Y Gen X Younger Older Senior Boomers Boomers Base: US online consumers Source: North American Technographics® Benchmark Survey, 2007 7 Entire contents © 2008 Forrester Research, Inc. All rights reserved.
  7. 7. Why should financial firms court this group? 8 Entire contents © 2008 Forrester Research, Inc. All rights reserved.
  8. 8. The Gen Y segment is growing — and will represent 29% of online households by 2011 14% 18% Seniors 34% Boomers 37% 23% Gen X 30% 29% Gen Y 15% 2006 2011 Base: US online households Source: North American Technographics® Benchmark Survey, 2008 9 Entire contents © 2008 Forrester Research, Inc. All rights reserved.
  9. 9. Gen Yers will drive future online banking growth . . . The number of US online households that bank online 5 - Year Forecast Actual* Growth 80M Rate Gen Yers 60M 136% (born 1976 to 1990) 40M +35% Gen Xers (born 1964 to 1975) 20M +43% Boomers (born 1946 to 1963) -3% Seniors (born 1900 to 1945) 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Base: US online households that bank online Source: *North American Technographics Benchmark Surveys 2001-2005; Forrester’s NACTAS 2006 Benchmark Survey 10 Entire contents © 2008 Forrester Research, Inc. All rights reserved.
  10. 10. . . . And are the group most likely to apply online Percentage of each generation who applied for a financial product* online 30% 24% 20% 17% 10% 8% 10% 4% 0% Younger Older Generation Gen Yers Gen Xers Seniors Boomers Boomers Base: US online households Source: North American Technographics® Benchmark Survey, 2007 *Financial product: annuities, auto insurance, auto loan, checking account, credit card, home equity loan, life insurance, mortgage 11 Entire contents © 2008 Forrester Research, Inc. All rights reserved.
  11. 11. How can Social Computing strategies be used to attract new Gen Y customers? 12 Entire contents © 2008 Forrester Research, Inc. All rights reserved.
  12. 12. The Common Wealth Credit Union success story • Tim McAlpine »President and chief strategist, Currency Marketing 13 Entire contents © 2008 Forrester Research, Inc. All rights reserved.
  13. 13. FORRESTER’S FINANCIAL FORUM | NEW YORK, NY | JUNE 23, 2008 Designing a SOCIAL COMPUTING strategy to attract GEN Y
  14. 14. Tim McAlpine President & Chief Strategist Currency Marketing
  15. 15. Project INFO
  16. 16. illon: Eric D m ail fro E-m o hear like t would “We n help ncy ca Curre how Wealth mon Com arket uth m the yo own erta!” ern Alb north in
  17. 17. dit union in Alberta 4th-largest cre 52,000 members $1.7 billion s northern Alberta 16 branches acros us Credit Union and Joining Serv Credit Union to Community Savings a’s 3rd-largest CU form Canad
  18. 18. PERFECT SCENARIO Freedom Courageous Real & trust credit union budget Long-term Relevant Integrated commitment marketing product Defined Authentic Differentiated market voice brand Social media Potential Senior-level & Web 2.0 member in involvement transition
  19. 19. GEN
  20. 20. Y VALUES & CONCERNS KE Distrust mpanies co nd media a
  21. 21. MEDIA CONSUMPTION SOCIAL unlikely to Very up for an sign- unknown ponsored ompany-s c network social
  22. 22. ANCIAL INSTITUTIONS FEELINGS TOWARD FIN ould care They c out your less ab stitution! financial in
  23. 23. Belief in SOCIAL MEDIA
  24. 24. CU
  25. 25. edia and Social m itutions ncial inst fina mmunity n build co ca
  26. 26. media , social And sales! an drive c
  27. 27. Year-over-year youth member growth 400 Media support stopped here 300 200 100 0 October November December January February March April May 2006–2007 2007–2008
  28. 28. THE Microsite
  29. 29. Y&F on t he Social W eb
  30. 30. ONNECTING ON-LINE C a’s year: Lariss ing started gett
  31. 31. Happy New Year by Larissa
  32. 32. ON- AND OFF-LINE CONNECTING Story 1: Difference The
  33. 33. The Difference Between Banks and Credit Unions Part 1 by Larissa
  34. 34. Larissa on Citytv Breakfast TV
  35. 35. ON- AND OFF-LINE CONNECTING Story 2: vie Week Mo
  36. 36. Y&F Movie Week by Larissa
  37. 37. Y&F Movie Week by Larissa
  38. 38. Y&F Movie Week Contest Draw by Larissa
  39. 39. Y&F Movie Week by Larissa
  40. 40. The ESULTS
  41. 41. RESULTS 82 unique visitors 39,0 20,852 page views 1 3:47 average visit Tube video views 59,670 You blog comments 630 76 Facebook fans 1 Twitter followers 62 08 October 1, 2007 to May 31, 20
  42. 42. RESULTS id media coverage $179,000 unpa 0,000+ impressions 2,00 0 Y&F accounts 2,01 in Y&F accounts $2,875,000 funds 08 October 1, 2007 to May 31, 20
  43. 43. currencymarketing.ca/blog
  44. 44. currencymarketing.ca/podcast
  45. 45. Thank YOU!
  46. 46. Tim McAlpine tmcalpine@currencymarketing.ca currencymarketing.ca
  47. 47. Thank you Catherine Graeber +1 831.622.9392 cgraeber@forrester.com www.forrester.com Entire contents © 2008 Forrester Research, Inc. All rights reserved.
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