Young, Free and Supercharged
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Young, Free and Supercharged

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

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.

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Young, Free and Supercharged Young, Free and Supercharged Presentation Transcript

  • Young, Free &SuperchargedTim McAlpinePRESIDENT & CREATIVE DIRECTORCURRENCY MARKETING
  • Slides?bit.ly/helloWI
  • • Founded in 1990• Based in Canada• 80% of business is in U.S.• 100% credit unions
  • currencymarketing.ca/think
  • THE YOUNG ADULT ISSUE
  • 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.”“
  • SOURCE: CUNA, CUCC, U.S. CENSUS, WIKIPEDIA35NORTHAMERICANAverageageThe greatdivide48UNITED STATESCREDIT UNIONMEMBERCANADIANCREDIT UNIONMEMBER54
  • 0358101989 1996 2000 2002 2006 200817of the population isbetween 18 and 24%SOURCE: CUNA MARKET RESEARCH4%of credit unionmembers arebetween 18 and 24
  • 40TRILLIONBOOMERS$X+Y
  • 78millionGENY50millionGENX76millionBABYBOOMERS23millionGENZ7moreyearsleftinthisgeneration
  • 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
  • What are the business lessons?2What can you apply to your situation?3What are the marketing lessons?1
  • THE SPARK
  • COMMON WEALTH CREDIT UNION, ALBERTA, CANADAWe would like to hearhow Currency can help usown the young marketin Northern Alberta!”“
  • GREATPRODUCTOFFERDIFFERENT &BUZZ WORTHYONLINE &SOCIALMEDIAREAL, NOTSCRIPTEDAUDIENCEINVOLVEMENTLONG-TERMAPPROACH
  • INTEGRATEDSOCIAL MEDIAMARKETINGSOCIAL MEDIAWORD OF MOUTHCONTENT MARKETINGGUERILLA MARKETINGDESIGNPRODUCT DEVELOPMENTTRADITIONAL MEDIA EVENT MARKETINGNICHE MARKETINGDIRECT MARKETINGSOCIAL NETWORKINGUSER-GENERATED CONTENTMICRO BLOGGINGBLOGGINGONLINE VIDEOCONTESTINGFINANCIAL LITERACYBRANDED CONTENTPUBLIC RELATIONS
  • Social in 2006
  • Solid strategy2Compelling story3Dedicated resources4Relevant products and services1
  • The Pitch
  • 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
  • Strategy capitalizes on three simple truthsPeople relateto peopleAnyone canbe a starSocial mediais popular
  • •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
  • •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
  • Sub-brand“Powered by”approach
  • 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
  • I’m hornier thana house catabout this idea.”JEFF MULLIGAN, CEO“
  • PROVING THE CONCEPT
  • LaunchedSeptember2007
  • A GREATGROUP OFAPPLICANTSGREATWORD-OF-MOUTH& PUBLICITYSOLID INITIALMEMBER GROWTH& RESULTS
  • 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“
  • 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
  • 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
  • CRUCIAL CONVERSATION
  • This is really working inAlberta. How do you feelabout Currency offeringYoung & Free to othercredit unions?”“
  • JEFF MULLIGAN, CEOYou have to do this!”“
  • 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
  • RIDING THE WAVE
  • 2006 2007 2009 20102008 2011 2013Growth
  • 26 and counting!
  • UNIVERSAL PRINCIPLES
  • Make a big deal outof everything
  • 28 surprise events to date
  • Don’t stand still
  • 2008
  • 2011
  • 2013
  • Fill the calendar
  • CONTENT
  • EVENTS
  • 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
  • MEDIAOPPORTUNITIES
  • Keep doing new things
  • 248APPLICANTS
  • Inspire people to creativelyspread the word
  • Make yourself the centerof the local universe
  • Be ever present on and offline
  • Don’t dismisstraditional media
  • #1 Friend#3 Facebook#2 RadioWhere did you learn aboutthis opportunity?
  • Spend as much time in thecommunity as you do online
  • Deliver on the promiseof financial literacy
  • Collaborate
  • Does it work?
  • YOUNG & FREE DRIVES LOYALTY,LOWERS AVERAGE AGE ANDGROWS WALLET SHARE
  • 100of all survey respondents indicatedthat they would recommend the Young& Free Program to a friendSOURCE: SERVUS CREDIT UNION%
  • 59TO 53In Alabama, Listerhill Credit Union loweredtheir average age by six years after runningthe Young & Free Program for three yearsSOURCE: LISTERHILL CREDIT UNION
  • 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
  • The fastest growing age segment at Servus CreditUnion in Alberta is the 17-to-25 age groupSOURCE: SERVUS CREDIT UNION
  • 7 VS 47% of Young & Free members have aloan compared with 4% of thosewithout a Young & Free AccountSOURCE: SERVUS CREDIT UNION AFTER FIVE YEARS% %
  • 2.6VS 1.6Young & Free members tend to havemore products with the credit unionSOURCE: SERVUS CREDIT UNION AFTER FIVE YEARS
  • 26Vantage Credit Union in St. Louis has loanpenetration of 26% of its 6,702 Young & Freemembers totaling $5.8 millionSOURCE: VANTAGE CREDIT UNION%
  • 16of Young & Free members at the participatingcredit unions in Maine have a loan, with anaverage balance of $6,574SOURCE: VANTAGE CREDIT UNION%
  • 3.5VS 2.7Young & Free members who are now “grown up”have more products than those who never hadthe Young & Free AccountSOURCE: SERVUS CREDIT UNION AFTER FIVE YEARS
  • Average revenue per yearYoung & Free memberSOURCE: SERVUS CREDIT UNION, JULY 2012115$Average revenue per yeargraduated Young & Free member423$
  • There are now over100,000young adults with productsand services associatedwith Young & Free
  • Ourevenbiggeridea
  • We want to helpcredit unions attract1,000,000new young adult members
  • Solid strategy2Compelling story3Dedicated resources4Relevant products and services1
  • GREATPRODUCTOFFERDIFFERENT &BUZZ WORTHYONLINE &SOCIALMEDIAREAL, NOTSCRIPTEDAUDIENCEINVOLVEMENTLONG-TERMAPPROACH
  • Thanks!Tim McAlpinePRESIDENT & CREATIVE DIRECTORCURRENCY MARKETING