Young, Free and Supercharged

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An inspiring and entertaining look at the Young & Free young adult marketing program.

Young & Free started as an interesting social media experiment for a mid-sized credit union in Alberta, Canada seeking to attract new young adult members. More than half a decade later, this innovative integrated marketing program has turned into a movement within the credit union movement. There are now more than 100,000 Young & Free members at credit unions in 11 U.S. states and two Canadian provinces. Tim will tell the story of how an interesting idea combined with social media, traditional marketing, grass roots community involvement and hard work have translating into business success with the allusive young adult segment. Learn from firsthand experience and come away with strategies that you can apply to your credit union.

Published in: Economy & Finance, Business
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Young, Free and Supercharged

  1. 1. Young, Free &SuperchargedTim McAlpinePRESIDENT & CREATIVE DIRECTORCURRENCY MARKETING
  2. 2. Slides?bit.ly/helloWI
  3. 3. • Founded in 1990• Based in Canada• 80% of business is in U.S.• 100% credit unions
  4. 4. currencymarketing.ca/think
  5. 5. THE YOUNG ADULT ISSUE
  6. 6. CREDIT UNION MAGAZINE, APRIL 1969Although the average age oftodays population isgetting younger, theaverage age of todayscredit union member keepscreeping upwards. Butcredit unions can remainyoung—in thought, serviceand membership—by servingtodays youth as well astheir aging membership.”“
  7. 7. SOURCE: CUNA, CUCC, U.S. CENSUS, WIKIPEDIA35NORTHAMERICANAverageageThe greatdivide48UNITED STATESCREDIT UNIONMEMBERCANADIANCREDIT UNIONMEMBER54
  8. 8. 0358101989 1996 2000 2002 2006 200817of the population isbetween 18 and 24%SOURCE: CUNA MARKET RESEARCH4%of credit unionmembers arebetween 18 and 24
  9. 9. 40TRILLIONBOOMERS$X+Y
  10. 10. 78millionGENY50millionGENX76millionBABYBOOMERS23millionGENZ7moreyearsleftinthisgeneration
  11. 11. anti hype technology confident spenders savvy cool goals collegerespect planning influence truthful authenticity distrust forwardthinking family questioning quality media university wary friendsfun world view connected anti hype technology confident spenderssavvy cool goals college respect planning influence truthfulauthenticity distrust forward thinking family questioning qualitymedia university wary friends fun world view connected anti hypetechnology confident spenders savvy cool goals college respectplanning influence truthful authenticity distrust forward thinkingfamily questioning quality cool truthful truthful confident savvyYGEN
  12. 12. What are the business lessons?2What can you apply to your situation?3What are the marketing lessons?1
  13. 13. THE SPARK
  14. 14. COMMON WEALTH CREDIT UNION, ALBERTA, CANADAWe would like to hearhow Currency can help usown the young marketin Northern Alberta!”“
  15. 15. GREATPRODUCTOFFERDIFFERENT &BUZZ WORTHYONLINE &SOCIALMEDIAREAL, NOTSCRIPTEDAUDIENCEINVOLVEMENTLONG-TERMAPPROACH
  16. 16. INTEGRATEDSOCIAL MEDIAMARKETINGSOCIAL MEDIAWORD OF MOUTHCONTENT MARKETINGGUERILLA MARKETINGDESIGNPRODUCT DEVELOPMENTTRADITIONAL MEDIA EVENT MARKETINGNICHE MARKETINGDIRECT MARKETINGSOCIAL NETWORKINGUSER-GENERATED CONTENTMICRO BLOGGINGBLOGGINGONLINE VIDEOCONTESTINGFINANCIAL LITERACYBRANDED CONTENTPUBLIC RELATIONS
  17. 17. Social in 2006
  18. 18. Solid strategy2Compelling story3Dedicated resources4Relevant products and services1
  19. 19. The Pitch
  20. 20. Hire a young spokespersonthrough a public search. His or her job will beto attract and educate new youngadult credit union membersby offering useful information and promotingrelevant products and services in person and online.”“T H E P I T C H
  21. 21. Strategy capitalizes on three simple truthsPeople relateto peopleAnyone canbe a starSocial mediais popular
  22. 22. •25-and-under crowd•High school to college•College to the real world•Major purchases (cars, houses)•Dating and marriage•Having first childrenYOUNG =T H E P I T C H
  23. 23. •Free checking account•No hidden fees•A head start•Listened to and understood•Free to learn•Free to make mistakesFREE =T H E P I T C H
  24. 24. Sub-brand“Powered by”approach
  25. 25. We think you should give anunscripted anduncensored young personcontrol of your brand!”“M A R K E T I N G S P E A K T R A N S L A T I O N
  26. 26. I’m hornier thana house catabout this idea.”JEFF MULLIGAN, CEO“
  27. 27. PROVING THE CONCEPT
  28. 28. LaunchedSeptember2007
  29. 29. A GREATGROUP OFAPPLICANTSGREATWORD-OF-MOUTH& PUBLICITYSOLID INITIALMEMBER GROWTH& RESULTS
  30. 30. Q. What’s wrong with this video?A. It’s brilliant. And that is what makes it so horribly wrong.How is it, that in the 100 or so years that credit unions haveexisted, no CU executive, no ad agency creative genius, noanybody for that matter, has been able to articulate thedifference between CUs and banks as well, as artistically, and asentertainingly as the 19-year old Canadian that did this video?Every CU marketer in North America should be looking at thisvideo and yelling at their agency ‘Find me a Larissa!’”RON SHEVLINSENIOR RESEARCH ANALYSTAITE GROUP“
  31. 31. Credit Union Central of Canada• National CU Innovation AwardCUES Golden Mirror Awards• 1st place coordinated campaigns• 1st place segmented campaigns• 1st place for PRCUNA Diamond Awards• 1st place for PRForrester ResearchGroundswell Awards• 1st place in the talking categoryMAC Network Awards• Gold Award for marketsegment program• Gold Award for PR• Gold Award for websites• Best of Show MACQUEEMAC Marketing Now Awards• Winner video• Winner blog• Winner podcast• Winner social media engagement• Winner social media personalityMACU AIME Awards• Gold AIME new product launch• Silver AIME coordinatedcampaigns• Silver AIME radio• Silver AIME websites• Peoples Choice AwardA W A R D S
  32. 32. You deserved to win.You did a great job and just asimportant, actually deliveredbusiness value with yourapplication. The big companies did too, but your applicationwas more impressive based on the creativity and theresults delivered on a limited budget.”“JOSH BERNOFFSENIOR RESEARCH ANALYSTCO-AUTHOR OF GROUNDSWELLFORRESTER RESEARCH
  33. 33. CRUCIAL CONVERSATION
  34. 34. This is really working inAlberta. How do you feelabout Currency offeringYoung & Free to othercredit unions?”“
  35. 35. JEFF MULLIGAN, CEOYou have to do this!”“
  36. 36. YoungFreeAlabama.comYoungFreeAlberta.comYoungFreeAlaska.comYoungFreeArizona.comYoungFreeArkansas.comYoungFreeBritishColumbia.comYoungFreeCalifornia.comYoungFreeColorado.comYoungFreeConnecticut.comYoungFreeDelaware.comYoungFreeFlorida.comYoungFreeGeorgia.comYoungFreeHawaii.comYoungFreeIdaho.comYoungFreeIllinois.comYoungFreeIndiana.comYoungFreeIowa.comYoungFreeKansas.comYoungFreeKentucky.comYoungFreeLouisiana.comYoungFreeMaine.comYoungFreeMaryland.comYoungFreeMassachusetts.comYoungFreeMichigan.comYoungFreeMinnesota.comYoungFreeMississippi.comYoungFreeMissouri.comYoungFreeManitoba.comYoungFreeMontana.comYoungFreeNebraska.comYoungFreeNevada.comYoungFreeNewBrunswick.comYoungFreeNewfoundland.comYoungFreeNewHampshire.comYoungFreeNewJersey.comYoungFreeNewMexico.comYoungFreeNewYork.comYoungFreeNorthCarolina.comYoungFreeNorthDakota.comYoungFreeNovaScotia.comYoungFreeOhio.comYoungFreeOklahoma.comYoungFreeOntario.comYoungFreeOregon.comYoungFreePennsylvania.comYoungFreePrinceEdwardIsland.comYoungFreeQuebec.comYoungFreeRhode Island.comYoungFreeSaskatchewan.comYoungFreeSouth Carolina.comYoungFreeSouth Dakota.comYoungFreeTennessee.comYoungFreeTexas.comYoungFreeUtah.comYoungFreeVermont.comYoungFreeVirginia.comYoungFreeWashington.comYoungFreeWestVirginia.comYoungFreeWisconsin.comYoungFreeWyoming.comD O M A I N B U Y I N G S P R E EYoungFreeAlberta.com
  37. 37. RIDING THE WAVE
  38. 38. 2006 2007 2009 20102008 2011 2013Growth
  39. 39. 26 and counting!
  40. 40. UNIVERSAL PRINCIPLES
  41. 41. Make a big deal outof everything
  42. 42. 28 surprise events to date
  43. 43. Don’t stand still
  44. 44. 2008
  45. 45. 2011
  46. 46. 2013
  47. 47. Fill the calendar
  48. 48. CONTENT
  49. 49. EVENTS
  50. 50. Prev. UserJob # Filename Last ModifiedMFCU2011 MFCU2011 - Web Banner TNL Coop.indd 10-4-2011 11:14 AM Kevin Castillo / Kevin CastilloCURRENCY MARKETING PROOF 1Account Executive: Kate DaviesPARTNERSHIPS
  51. 51. MEDIAOPPORTUNITIES
  52. 52. Keep doing new things
  53. 53. 248APPLICANTS
  54. 54. Inspire people to creativelyspread the word
  55. 55. Make yourself the centerof the local universe
  56. 56. Be ever present on and offline
  57. 57. Don’t dismisstraditional media
  58. 58. #1 Friend#3 Facebook#2 RadioWhere did you learn aboutthis opportunity?
  59. 59. Spend as much time in thecommunity as you do online
  60. 60. Deliver on the promiseof financial literacy
  61. 61. Collaborate
  62. 62. Does it work?
  63. 63. YOUNG & FREE DRIVES LOYALTY,LOWERS AVERAGE AGE ANDGROWS WALLET SHARE
  64. 64. 100of all survey respondents indicatedthat they would recommend the Young& Free Program to a friendSOURCE: SERVUS CREDIT UNION%
  65. 65. 59TO 53In Alabama, Listerhill Credit Union loweredtheir average age by six years after runningthe Young & Free Program for three yearsSOURCE: LISTERHILL CREDIT UNION
  66. 66. 47TO 45The participating credit unions in Maine loweredtheir average age by two years after running theYoung & Free Program for just one yearSOURCE: MAINE CREDIT UNION LEAGUE
  67. 67. The fastest growing age segment at Servus CreditUnion in Alberta is the 17-to-25 age groupSOURCE: SERVUS CREDIT UNION
  68. 68. 7 VS 47% of Young & Free members have aloan compared with 4% of thosewithout a Young & Free AccountSOURCE: SERVUS CREDIT UNION AFTER FIVE YEARS% %
  69. 69. 2.6VS 1.6Young & Free members tend to havemore products with the credit unionSOURCE: SERVUS CREDIT UNION AFTER FIVE YEARS
  70. 70. 26Vantage Credit Union in St. Louis has loanpenetration of 26% of its 6,702 Young & Freemembers totaling $5.8 millionSOURCE: VANTAGE CREDIT UNION%
  71. 71. 16of Young & Free members at the participatingcredit unions in Maine have a loan, with anaverage balance of $6,574SOURCE: VANTAGE CREDIT UNION%
  72. 72. 3.5VS 2.7Young & Free members who are now “grown up”have more products than those who never hadthe Young & Free AccountSOURCE: SERVUS CREDIT UNION AFTER FIVE YEARS
  73. 73. Average revenue per yearYoung & Free memberSOURCE: SERVUS CREDIT UNION, JULY 2012115$Average revenue per yeargraduated Young & Free member423$
  74. 74. There are now over100,000young adults with productsand services associatedwith Young & Free
  75. 75. Ourevenbiggeridea
  76. 76. We want to helpcredit unions attract1,000,000new young adult members
  77. 77. Solid strategy2Compelling story3Dedicated resources4Relevant products and services1
  78. 78. GREATPRODUCTOFFERDIFFERENT &BUZZ WORTHYONLINE &SOCIALMEDIAREAL, NOTSCRIPTEDAUDIENCEINVOLVEMENTLONG-TERMAPPROACH
  79. 79. Thanks!Tim McAlpinePRESIDENT & CREATIVE DIRECTORCURRENCY MARKETING

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