Building Your
Relationship
with Gen Y
Members
Doug Williams & Brent Dixon from & the
OPEN SOURCE CU blog/podcast

Help!
We need 7 volunteers.
(4 guys, 3 gals)

Setting:
Cheddar Credit Union Board Retreat

Blah, blah, blah

Generation Y (born between 1978
and 2000) are 80 million strong and
just as large as the Boomers.

Free
Quick
Online

Hi there.
Meet Gen Y.

from www.victorhousefilms.com

This is how financial institutions
look to Gen Yers:

The numbers say CUs
have a built-in advantage in
appealing to Gen Y... well,
at least the Gen Yers who
know us.

Member Satisfaction Levels: National Norms for Comparing Local Survey Results,
Second Edition (2002), Filene Research Institute, Pub #: 1752-78, p. 15.

Member Satisfaction Levels: National Norms for Comparing Local
Survey Results, Second Edition (2002), Filene Research Institute, Pub
#: 1752-78, p. 15.

Takeaways: How
can credit unions
be more
attractive?

1
Offer products that
make sense to Gen Yers
- and their parents.

“Generation Y’ers are more apt than the other two
groups to rely on the recommendation of family and
friends; therefore, one way to reach Y’ers is through
their parents, particularly if the parents are already
members.”
Building Trust and Long-Term Relationships with Generation X, Generation
Y, and Baby Boomers (2006), Pub #: 1752-112, p. 30.

Low limit Credit Card products to start out -
coupled with financial education.

Electronic Rewards High Yield Checking

Keep-the-Change-type “round up” savings

Gen Y is rate savvy.

2
Simplify your brand

Generation Y trendsetters are more
drawn to brands that speak to them in a
“straightforward and stripped-down way,
use plain packaging, and avoid excess”
Source: MediaPost & Outlaw Consulting

Think ING Direct.

Simplify your vocabulary.

Which is more intuitive?
“Wealth Management” or
“Financial Check-up”
“Assets” or “Money”

Simplify your presentation.

3
Stimulate and facilitate
conversation.

Consider using social media.

As part of using social media, credit
unions should consider User
Generated Content (UGC) in
marketing campaigns.

Hello, product tie-in!

Tips for using UGC
•Start with well-defined goals
•Keep it authentic
•Encourage advocacy
•Empower syndication
•Use a moderation system
•Embrace criticism
•Find ways to showcase non-winners too
Inspired by Pete Blackshaw’s “Principals of Consumer Generated Advertising Campaigns,” consumergeneratedmedia.com

There is a right and a wrong way to use
social networks

Podcasting:
Actually say what it is that you have to say.

Podcasting
• What are your goals?
• What's the vibe (funny, informative, asenine, all of the
above)?
• Who's the target audience?
• How will it be experienced (ipod, online, desktop media
player, etc)?
• What makes your show unique?
• How does this fit into your overall marketing plan?
• What will the show look like in a year?

4
Stand for something

The best kind of Cause-Marketing:
•Relevant to your brand
•Local
•Produces tangible results

In conclusion...
1
2
Offer products that fit.
34 Simplify your brand.
Stimulate and facilitate conversation.
Stand for something.

Questions?