2013 Moving The Young Adult Needle

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This was a four-hour workshop presentation delivered by Tim McAlpine at the National Youth Involvement Board 2013 Annual Convention in San Diego on July 29, 2013.

Synopsis: Not only are your credit union members aging, but so are your employees. Learn to connect with young adults and discover what makes Gen Y and Z tick. In this session, Tim McAlpine discusses what young potential members really look for from their financial institution, including which products, services and technology your credit unions needs to remain relevant. This presentation also looks at your credit union staff to figure out how to attract and engage the next generation of leaders. The session is capped off with an in-depth look the Young & Free Marketing Program filled with ideas to inspire your own young adult marketing.

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2013 Moving The Young Adult Needle

  1. 1. Moving the Young Adult Needle Tim McAlpine PRESIDENT & CREATIVE DIRECTOR CURRENCY MARKETING
  2. 2. CREDIT UNION MAGAZINE, APRIL 1969 Although the average age of today's population is getting younger, the average age of today's credit union member keeps creeping upwards. But credit unions can remain young—in thought, service and membership—by serving today's youth as well as their aging membership.” “
  3. 3. In 1972, the National Youth Involvement Board was created to obtain grassroots input from individuals working in credit unions and leagues and to create a national system for the dissemination of information and resources regarding youth participation in the credit union movement. This was due to the average age of credit union members rising in the 1960s. Credit union leaders recognized the need to reach out to young people to ensure a bright future for the movement.” “
  4. 4. A.M. 1. Gen Y and Z 2. Young adult staff P.M. 3. What young adults need 4. Young & Free update
  5. 5. • Founded in 1990 • Based in Canada • 80% of business is in U.S. • 100% credit unions
  6. 6. 29 and counting!
  7. 7. currencymarketing.ca/think
  8. 8. What makes Gen Y and Z tick? 1
  9. 9. Silent 1928-1945 Baby Boomers 1946-1964 Gen X 1965-1979 Gen Y 1980-1996 Gen Z 1997-Now
  10. 10. 78million GENY 50million GENX 76million BABY BOOMERS 23million GENZ 7moreyears leftinthis generation
  11. 11. SOURCE: CUNA, CUCC, U.S. CENSUS, WIKIPEDIA 35 NORTH AMERICAN Average age The great divide 48UNITED STATES CREDIT UNION MEMBER CANADIAN CREDIT UNION MEMBER54
  12. 12. 0 3 5 8 10 1989 1996 2000 2002 2006 2008 17of the population is between 18 and 24 % SOURCE: CUNA MARKET RESEARCH 4% of credit union members are between 18 and 24
  13. 13. 40TRILLION BOOMERS $ X+Y
  14. 14. anti hype technology confident spenders savvy cool goals college respect planning influence truthful authenticity distrust forward thinking family questioning quality media university wary friends fun world view connected anti hype technology confident spenders savvy cool goals college respect planning influence truthful authenticity distrust forward thinking family questioning quality media university wary friends fun world view connected anti hype technology confident spenders savvy cool goals college respect planning influence truthful authenticity distrust forward thinking family questioning quality cool truthful truthful confident savvyYGEN
  15. 15. Gen Y ‣ Follows Generation X ‣ Largest generation in history ‣ Born from 1980 to 1996 (17 to 33 in 2013) ‣ Socially conscious ‣ Distrust companies and media ‣ Could care less about credit unions!
  16. 16. Gen Y ‣ Entering and finishing college ‣ Finishing college and university ‣ Planning five years ahead ‣ Looking forward to relationships ‣ Confident but wary ‣ Practical world view ‣ Goal oriented
  17. 17. Gen Y ‣ Respect parents and education ‣ Shopping is an event, not a chore ‣ Raised on texting and IM ‣ Social networking is huge ‣ Open to spirituality ‣ Indifferent to Christianity
  18. 18. anti hype technology confident spenders savvy cool goals college respect planning influence truthful authenticity distrust forward thinking family questioning quality media university wary friends fun world view connected anti hype technology confident spenders savvy cool goals college respect planning influence truthful authenticity distrust forward thinking family questioning quality media university wary friends fun world view connected anti hype technology confident spenders savvy cool goals college respect planning influence truthful authenticity distrust forward thinking family questioning quality cool truthful truthful confident savvyZGEN
  19. 19. Gen Z ‣ Follows Generation Y ‣ Born from 1995 to 2011 (2 to 18 in 2013) ‣ Smaller than Generation Y ‣ Only knows of a world with the Internet ‣ Faces a dismal economic picture
  20. 20. Growing up digital ‣ Constantly connected ‣ Phone serves as everything hub ‣ Internet access mostly via computer ‣ Still regular TV watchers ‣ Digital connections trump money, music, movies ‣ Reluctant to disconnect
  21. 21. Growing up digital ‣ Legally or not, Facebook is the place to be ‣ Constantly chatting, often online ‣ More at ease socializing online than offline ‣ Spenders first, savers second ‣ Sensitive to family’s financial situation ‣ Parents have mixed feelings about social networks
  22. 22. Growing up digital ‣ Both online and offline shoppers ‣ Parents usually pay online ‣ Tethered to parents for shopping ‣ Economic concerns weigh heavily ‣ Girls more concerned about war and crime ‣ Pessimistic about the near term
  23. 23. Young adult staff 2
  24. 24. Typical staff pictures
  25. 25. Typical board pictures
  26. 26. National Youth Involvement Board nyib.org
  27. 27. World Council’s Young Credit Union People (WYCUP) woccu.org
  28. 28. CUES Next Top Credit Union Exec ntcue.com
  29. 29. The Cooperative Trust trust.coop
  30. 30. Crash the GAC crashthegac.com
  31. 31. CU Water Cooler cuwatercooler.com
  32. 32. Positive energy and a palpable sense of frustration
  33. 33. “I’m out!”
  34. 34. I wanted to stay, but I had to better myself.” YOUNG MALE MARKETER WHO RECENTLY LEFT A $90 MILLION CREDIT UNION FOR A CAREER IN ANOTHER INDUSTRY“
  35. 35. We see this huge opportunity to turn this very archaic industry into something huge, but we all see the same brick wall from our credit unions.” YOUNG MALE MARKETER WHO RECENTLY LEFT A $90 MILLION CREDIT UNION FOR A CAREER IN ANOTHER INDUSTRY “
  36. 36. I decided I wanted to move into a leadership role at another credit union but this proved impossible. I reached out to so many contacts I met at conferences. I spent almost a year sticking it out at my credit union waiting for an opportunity to come along. I just had to give up. I was afraid I was going to be stuck in a position being a lackey forever. I really didn’t want to leave the industry but it was a life decision for me to better myself and to take my talent to a place that it could be used effectively.” YOUNG MALE MARKETER WHO RECENTLY LEFT A $90 MILLION CREDIT UNION FOR A CAREER IN ANOTHER INDUSTRY “
  37. 37. “I’m mobile and it was time for a change”
  38. 38. Sometimes no matter how much you love and adore your family and your job, you just can’t stay in the city you grew up in. You have to spread your wings a little bit and attempt to follow your own calling.” YOUNG WOMAN WHO’S FATHER IS A CREDIT UNION CEO—SHE LEFT HER CREDIT UNION TO MOVE TO A DIFFERENT CITY AND A POSITION WITH A LARGE POST-SECONDARY INSTITUTION “
  39. 39. “We aren’t like our parents, stuck in a rut for our whole life.”
  40. 40. Mark Zuckerberg
  41. 41. Jack Dorsey
  42. 42. Title here
  43. 43. I wonder if the accessibility to information, the mobility of the workforce and the global awareness of a multitude of complex issues leads some of my generation to say, ‘I’ve contributed to the tackling of these financial issues; maybe I’ll tackle something else for a while; the world needs me!’” BEN IS AN ADVISOR AT $800 MILLION MENNONITE SAVINGS AND CREDIT UNION, ONTARIO, CANADA “
  44. 44. “My credit union doesn’t behave like a credit union.”
  45. 45. The bill of goods that has been sold to young credit union professionals is that our model puts our members first (and profits last). What’s hard to understand, however, is why our response to the economic collapse has been so similar to that of the banks we were told had business models that were completely foreign to ours.” MATT DAVIS,INNOVATION DIRECTOR AT THE FILENE RESEARCH INSTITUTE, MADISON, WISCONSIN “
  46. 46. “I love credit unions, but I can’t stand my credit union.”
  47. 47. The thing that excites me the most and keeps a fire in my belly for this industry? What credit unions can be. What we’re capable of. It’s easy to see this and be swept off our feet by looking at credit unions that are living that right now.” BRENT DIXON, YOUNG ADULT RESEARCH ADVISOR AT THE FILENE RESEARCH INSTITUTE AND THE CREATOR OF THE COOPERATIVE TRUST “
  48. 48. My young peers are also attracted to credit union history, where we sprang from the grassroots up to fill a human need and spread like wildfire. It was a time when credit unions were messy and beautiful because they were stitched together by communities with a voracious appetite for solving problems and improving lives.” BRENT DIXON, YOUNG ADULT RESEARCH ADVISOR AT THE FILENE RESEARCH INSTITUTE AND THE CREATOR OF THE COOPERATIVE TRUST “
  49. 49. BRENT DIXON, YOUNG ADULT RESEARCH ADVISOR AT THE FILENE RESEARCH INSTITUTE AND THE CREATOR OF THE COOPERATIVE TRUST But the reality is, many credit unions today have lost sight of that purpose, suffer from the myopia of immediate stressors, the fear of change, and can’t shake loose from the inertia of what has been. I can’t tell you how many credit union employees I’ve heard say, ‘I love credit unions, but I can’t stand my credit union.’”“
  50. 50. BRENT DIXON, YOUNG ADULT RESEARCH ADVISOR AT THE FILENE RESEARCH INSTITUTE AND THE CREATOR OF THE COOPERATIVE TRUST If someone has a passion for helping people, for impacting their community, for building something true from the grassroots up, but spends every day in an organization that chokes that passion out (or simply ignores it), they’re going to move on to an opportunity to do that elsewhere. That next opportunity might be in credit unions, or it might not. You can only say, ‘let me in, I want to come in, please let me in’ so many times before you need to move on to the next door.” “
  51. 51. “We want to make positive changes that will push our industry”
  52. 52. Title here
  53. 53. In an industry that is already old-fashioned in many ways, smothering our voice becomes a de-motivator. I think that’s what causes people to leave it altogether. I believe in the possibilities of what we can be, and that’s why I’m committed to the movement.” RONALDO HARDY, CEO AT $400 MILLION LA CAPITOL FEDERAL CREDIT UNION, LOUISIANA “
  54. 54. “I’m in for now, but frustrated!”
  55. 55. “There’s not much room at the top.” A 40-SOMETHING VICE PRESIDENT FROM A $250 MILLION CREDIT UNION
  56. 56. I’m not a Gen Y credit union employee but I can provide a somewhat frustrated Gen X perspective on opportunities for career advancement within the industry. My peers are at the same stage—primarily middle management and some at an AVP or VP level. Credit unions are driving young talent out of the industry because the opportunity for upward advancement has been greatly diminished for three reasons...” A 40-SOMETHING VICE PRESIDENT FROM A $250 MILLION CREDIT UNION “
  57. 57. A 40-SOMETHING VICE PRESIDENT FROM A $250 MILLION CREDIT UNION First, credit union executives are staying longer in their jobs because their retirement funds have been reduced and their financial security threatened given the market crash a few years ago. Almost half of our senior management team extended their retirement dates over the past three years. Many are now planning to work until 65 or even 70. If fewer VPs and SVPs retire, there’s less movement at both the management and senior management levels. This demotivates up- and-coming talented individuals.” “
  58. 58. A 40-SOMETHING VICE PRESIDENT FROM A $250 MILLION CREDIT UNION Second, credit unions have been forced to become far more lean which means fewer management and VP positions. Credit unions are reducing their full- time head count through attrition. The good news is that they are not conducting layoffs but the bad news is if a VP manager does leave, the duties are simply reassigned within the organization. Senior teams are far more conservative given the current financial pressures on a credit union’s bottom line and, as a result, are much less willing to take a chance on an unproven manager or VP.” “
  59. 59. A 40-SOMETHING VICE PRESIDENT FROM A $250 MILLION CREDIT UNION This is further compounded by high unemployment rates providing a large pool of talented and highly experienced individuals to choose from. Positions are being awarded to an out-of-work banker with 30 years experience instead of an up-and-coming talented credit union employee. And third, more and more credit unions are merging. This, once again, reduces management and senior management opportunities. These credit unions will have twice the number of people needed in these positions and will spend the next five years reducing these management and senior management teams.” “
  60. 60. “The saddest thing about the credit union system right now is it’s inability to articulate a vision.”
  61. 61. There remains a strain of idealism in the credit union system, and idealism is a young person’s game (for the most part). Sometimes credit unions consciously encourage this idealism, but more often it’s implied or inferred and it’s too often bred from inferiority complexes. ‘We may be small, but we’re different!’ It’s natural to ask why you’re different, and it’s natural for young idealists to want to believe that those differences matter.” A YOUNG CANADIAN CREDIT UNION PROFESSIONAL IN HIS 30S “
  62. 62. A YOUNG CANADIAN CREDIT UNION PROFESSIONAL IN HIS 30S It is the responsibility of senior credit union leaders to create a sense of mission or vision that can feed and sustain the idealism. In Canada, this idealism has essentially evaporated. Our credit unions operate profitably and professionally, but our operations are bland and undifferentiated as we navigate the unclear cultural relevance of being a credit union.” “
  63. 63. It’s not all doom and gloom
  64. 64. “I’m in for life!”
  65. 65. MATT VANCE, MARKETING/COMMUNITY MANAGER AT $139 MILLION INDUSTRIAL CREDIT UNION, WASHINGTON I have a voice and I see myself as part of the solution. My credit union was the first to give me a shot right out of college. I was handed the keys to a marketing department at the age of 24. I’ve had an amazing opportunity to learn, try new things and fail and grow over the past five years.”“
  66. 66. DEVIN SELTE, CORPORATE TRAINER, LEADERSHIP DEVELOPMENT AND CHANGE LEADERSHIP AT $10 BILLION SERVUS CREDIT UNION, ALBERTA, CANADA Over my past 12 years with the same credit union, I believe my career has had three phases: employed, acceleration and purpose. The employed phase lasted probably the first two or three years of employment (20 to 22 years of age). At that time, I would say that my position was just a job, with a steady pay check, rather than a career.” “
  67. 67. DEVIN SELTE, CORPORATE TRAINER, LEADERSHIP DEVELOPMENT AND CHANGE LEADERSHIP AT $10 BILLION SERVUS CREDIT UNION, ALBERTA, CANADA The acceleration phase started when I figured out I was pretty good at what I was doing. Over those five to six years (23 to 28), I found my niche, and wanted more, and I wanted it as fast as possible. I was lucky enough to quickly accelerate into roles with greater responsibility by being in the right place at the right time. If I didn’t accelerate through my position and had to wait for opportunities, I would have become impatient and frustrated, and I don’t know if I would have remained. Money was very important at this time as during this phase I was married, bought our first home and had our first child.”“
  68. 68. DEVIN SELTE, CORPORATE TRAINER, LEADERSHIP DEVELOPMENT AND CHANGE LEADERSHIP AT $10 BILLION SERVUS CREDIT UNION, ALBERTA, CANADA My current phase, and hopefully a phase that will last the longest of my career, is the purpose phase. I have been allowed to bring some of my own innovation to the credit union and run with it. This, added with my current role, has provided me with a greater purpose and it has made all the difference. It has allowed me to be more engaged, more committed and wanting to do more for my credit union, along with providing me with the motivation to do a better job in my current role. By being provided with these types of additional opportunities and responsibilities, I do believe I will be a lifer.”“
  69. 69. “My personal values are so aligned with the mission”
  70. 70. WILLIAM AZAROFF, DIRECTOR, BUSINESS & COMMUNITY DEVELOPMENT AT VANCITY, $18 BILLION, BRITISH COLUMBIA, CANADA I don’t think age or size of organization has anything to do with it. I think the fact that my personal values are so aligned with the mission of Vancity is instrumental and perhaps completely unique. For me, that is the critical ingredient.”“
  71. 71. KELSEY BALCAITIS, COMMUNITY EDUCATION SPECIALIST AT $763 MILLION A+ FEDERAL CREDIT UNION, AUSTIN, TEXAS When I started, I was a teller and it was just a way to earn money for college. But it was through that job that I was first exposed to the credit union philosophy. Did it really sink in and make me a credit union lifer? Nope. But it did open the door to becoming one. It wasn’t until I started my internships with CUNA and Filene that I really started to see what credit unions were doing and what the industry was all about.”“
  72. 72. TINA K. HALL, PRESIDENT & CHIEF CATALYST, KIRSI CONSULTANCY, SEATTLE, WASHINGTON I think people are yearning for something more. What keeps them in credit unions is the philosophical alignment with the ‘betterment’ concept. We can push the boundaries and get more creative in how we translate that concept to the employee.” “
  73. 73. It’s not about the money ‣ A credit union that believes in innovation and free thinking ‣ A superior who they respect ‣ A belief that they are part of something bigger than just their own credit union ‣ Continued educational opportunities
  74. 74. More success ingredients ‣ A personal passion and purpose that aligns with credit unions ‣ Room to try new things ‣ Opportunities for growth ‣ An obvious path for advancement ‣ Young credit union professionals appear to thrive at larger credit unions
  75. 75. Lunch time!
  76. 76. A.M. 1. Gen Y and Z 2. Young adult staff P.M. 3. What young adults need 4. Young & Free update
  77. 77. What do young people want and need? 3
  78. 78. Chris and his friends tell us everything we need to know...
  79. 79. I need a bank that tries to understand.” “
  80. 80. ‣ Explain the credit union difference ‣ Listen and show compassion ‣ Use straightforward language ‣ Offer tailored products and services ‣ Deliver plain-English financial education ‣ Provide do-it-yourself accessibility Show you understand
  81. 81. 69of consumers ages 18 to 24 are “not at all familiar” with credit unions % SOURCE: CREDIT UNION NATIONAL ASSOCIATION’S (CUNA) 2011-2012 SURVEY OF POTENTIAL MEMBERS
  82. 82. 5of Gen Y will consider a credit union the next time they need a financial product % RON SHEVLIN,AITE GROUP ANALYST SOURCE: AITE GROUP ENGAGING GEN Y: CULTIVATING A NEW GENERATION OF BANKING CUSTOMERS
  83. 83. Free debit card for the ATM.” “
  84. 84. ‣ Offer free access to: ‣ Online banking ‣ Online bill-pay ‣ E-statements ‣ Offer relevant debit rewards Transaction products are very sticky
  85. 85. 15 Your first credit card lasts YEARSON AVERAGE
  86. 86. Average credit card debt for a college senior2,846$
  87. 87. ‣ Start with low introductory rate that rises steadily and predictably ‣ Allow three over-the-limit or late-payment fees per year Characteristics of a responsible card
  88. 88. ‣ Link to a savings or investment account and offer “overpay” option or cash back to savings automatically ‣ Share credit scores with your members regularly Characteristics of a responsible card
  89. 89. Customization First was the traditional flame job, which I used to modify this lame-ass card.
  90. 90. Swimming in debt from student loans.” “
  91. 91. $20,000 In the past decade, average student debt levels rose by over $10,000 $9,250
  92. 92. By 2004, people under 25 were the fastest growing group in BANKRUPTCY DECLARATIONS
  93. 93. Student loans program ‣ Huge opportunity: A generation of well- educated and disenfranchised young adults who need help ‣ Concentrate on consolidation ‣ Offer a lower-than-standard rate ‣ Communicate the benefits of one bill instead of many
  94. 94. I just bought a new car that I can’t afford.” “
  95. 95. First car loan ‣ Great opportunity to start long-term relationship ‣ In addition to credit score, evaluate on character, capacity and collateral ‣ Bundle with checking account and require automatic payroll deposit
  96. 96. A credit union is where you need to be.” “
  97. 97. 14% 4% 8% 22% 35–54 16% 30% 55+ Consumer Trust by Age Younger consumers trust banks while older consumers trust credit unions most “How much do you trust the following entities with your money?” % calculation: Top 3 box responses (“trustworthy”) less bottom 3 box responses (“not trustworthy”) 18–34 BANK CREDIT UNION SOURCE: MCKINSEY FINANCIAL INSTITUTIONS CONSUMER INSIGHTS SURVEY, 2009
  98. 98. Education and technology are key ‣ Don’t assume young adults know or care about your credit union ‣ Build trust over time ‣ Stress accessibility (shared branching and ATMs) ‣ Keep up to or ahead of your competitors’ technology
  99. 99. 63of the population is comfortable with making payments on their smart phone as soon as the service becomes available % SOURCE: MASTERCARD
  100. 100. Checking my account at 2 a.m.” “
  101. 101. ‣ Modern online banking system ‣ Mobile website ‣ iPhone and Android banking apps ‣ Personal financial management tools ‣ Remote deposit capture Self-service is the new service with a smile
  102. 102. Be aware of new competitors
  103. 103. ONLINE BANKS are your real future competition
  104. 104. 86of online bank customers said customer service is the reason they would not switch % ROB RUBIN,FACILITAS SOURCE: YOUNG ADULTS EVOLVING FINANCIAL PREFERENCES, FILENE RESEARCH INSTITUTE
  105. 105. simple.com moven.com
  106. 106. “The people you see here are outspoken fans of Virtual Wallet – that's how we found them. To thank them for spending a day talking to us about life with Virtual Wallet, PNC offered them each a gift.”
  107. 107. AND OF COURSE...
  108. 108. And finally, don’t forget what makes credit unions special
  109. 109. I need a place where I won’t be ignored.” “
  110. 110. Young & Free update 4
  111. 111. What are the business lessons?2 What can you apply to your situation?3 What are the marketing lessons?1
  112. 112. THE SPARK
  113. 113. COMMON WEALTH CREDIT UNION, ALBERTA, CANADA We would like to hear how Currency can help us own the young market in Northern Alberta!” “
  114. 114. GREAT PRODUCT OFFER DIFFERENT & BUZZ WORTHY ONLINE & SOCIAL MEDIA REAL, NOT SCRIPTED AUDIENCE INVOLVEMENT LONG-TERM APPROACH
  115. 115. INTEGRATED SOCIAL MEDIA MARKETING SOCIAL MEDIA WORD OF MOUTH CONTENT MARKETING GUERILLA MARKETING DESIGN PRODUCT DEVELOPMENT TRADITIONAL MEDIA EVENT MARKETING NICHE MARKETING DIRECT MARKETING SOCIAL NETWORKING USER-GENERATED CONTENT MICRO BLOGGING BLOGGING ONLINE VIDEO CONTESTING FINANCIAL LITERACY BRANDED CONTENT PUBLIC RELATIONS
  116. 116. Social in 2006
  117. 117. Solid strategy2 Compelling story3 Dedicated resources4 Relevant products and services1
  118. 118. The Pitch
  119. 119. Hire a young spokesperson through a public search. His or her job will be to attract and educate new young adult credit union members by offering useful information and promoting relevant products and services in person and online.” “ T H E P I T C H
  120. 120. Strategy capitalizes on three simple truths People relate to people Anyone can be a star Social media is popular
  121. 121. •25-and-under crowd •High school to college •College to the real world •Major purchases (cars, houses) •Dating and marriage •Having first children YOUNG = T H E P I T C H
  122. 122. •Free checking account •No hidden fees •A head start •Listened to and understood •Free to learn •Free to make mistakes FREE = T H E P I T C H
  123. 123. Sub-brand “Powered by” approach
  124. 124. We think you should give an unscripted and uncensored young person control 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
  125. 125. I’m hornier than a house cat about this idea.” JEFF MULLIGAN, CEO “
  126. 126. PROVING THE CONCEPT
  127. 127. Launched September 2007
  128. 128. A GREAT GROUP OF APPLICANTS GREAT WORD-OF-MOUTH & PUBLICITY SOLID INITIAL MEMBER GROWTH & RESULTS
  129. 129. 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 have existed, no CU executive, no ad agency creative genius, no anybody for that matter, has been able to articulate the difference between CUs and banks as well, as artistically, and as entertainingly as the 19-year old Canadian that did this video? Every CU marketer in North America should be looking at this video and yelling at their agency ‘Find me a Larissa!’” RON SHEVLIN SENIOR RESEARCH ANALYST AITE GROUP “
  130. 130. Credit Union Central of Canada • National CU Innovation Award CUES Golden Mirror Awards • 1st place coordinated campaigns • 1st place segmented campaigns • 1st place for PR CUNA Diamond Awards • 1st place for PR Forrester Research Groundswell Awards • 1st place in the talking category MAC Network Awards • Gold Award for market segment program • Gold Award for PR • Gold Award for websites • Best of Show MACQUEE MAC Marketing Now Awards • Winner video • Winner blog • Winner podcast • Winner social media engagement • Winner social media personality MACU AIME Awards • Gold AIME new product launch • Silver AIME coordinated campaigns • Silver AIME radio • Silver AIME websites • People's Choice Award A W A R D S
  131. 131. You deserved to win. You did a great job and just as important, actually delivered business value with your application. The big companies did too, but your application was more impressive based on the creativity and the results delivered on a limited budget.” “JOSH BERNOFF SENIOR RESEARCH ANALYST CO-AUTHOR OF GROUNDSWELL FORRESTER RESEARCH
  132. 132. CRUCIAL CONVERSATION
  133. 133. This is really working in Alberta. How do you feel about Currency offering Young & Free to other credit unions?” “
  134. 134. JEFF MULLIGAN, CEO You have to do this!” “
  135. 135. YoungFreeAlabama.com YoungFreeAlberta.com YoungFreeAlaska.com YoungFreeArizona.com YoungFreeArkansas.com YoungFreeBritishColumbia.com YoungFreeCalifornia.com YoungFreeColorado.com YoungFreeConnecticut.com YoungFreeDelaware.com YoungFreeFlorida.com YoungFreeGeorgia.com YoungFreeHawaii.com YoungFreeIdaho.com YoungFreeIllinois.com YoungFreeIndiana.com YoungFreeIowa.com YoungFreeKansas.com YoungFreeKentucky.com YoungFreeLouisiana.com YoungFreeMaine.com YoungFreeMaryland.com YoungFreeMassachusetts.com YoungFreeMichigan.com YoungFreeMinnesota.com YoungFreeMississippi.com YoungFreeMissouri.com YoungFreeManitoba.com YoungFreeMontana.com YoungFreeNebraska.com YoungFreeNevada.com YoungFreeNewBrunswick.com YoungFreeNewfoundland.com YoungFreeNewHampshire.com YoungFreeNewJersey.com YoungFreeNewMexico.com YoungFreeNewYork.com YoungFreeNorthCarolina.com YoungFreeNorthDakota.com YoungFreeNovaScotia.com YoungFreeOhio.com YoungFreeOklahoma.com YoungFreeOntario.com YoungFreeOregon.com YoungFreePennsylvania.com YoungFreePrinceEdwardIsland.com YoungFreeQuebec.com YoungFreeRhode Island.com YoungFreeSaskatchewan.com YoungFreeSouth Carolina.com YoungFreeSouth Dakota.com YoungFreeTennessee.com YoungFreeTexas.com YoungFreeUtah.com YoungFreeVermont.com YoungFreeVirginia.com YoungFreeWashington.com YoungFreeWestVirginia.com YoungFreeWisconsin.com YoungFreeWyoming.com D O M A I N B U Y I N G S P R E E YoungFreeAlberta.com
  136. 136. RIDING THE WAVE
  137. 137. 2006 2007 2009 20102008 2011 2013 Growth
  138. 138. Find me a Larissa!”RON SHEVLIN SENIOR RESEARCH ANALYST AITE GROUP “
  139. 139. 29 and counting!
  140. 140. UNIVERSAL PRINCIPLES
  141. 141. Make a big deal out of everything
  142. 142. 29 surprise events to date
  143. 143. Don’t stand still
  144. 144. 2008
  145. 145. 2011
  146. 146. 2013
  147. 147. Fill the calendar
  148. 148. CONTENT
  149. 149. EVENTS
  150. 150. Prev. UserJob # Filename Last ModifiedMFCU2011 MFCU2011 - Web Banner TNL Coop.indd 10-4-2011 11:14 AM Kevin Castillo / Kevin Castillo CURRENCY MARKETING PROOF 1Account Executive: Kate Davies PARTNERSHIPS
  151. 151. MEDIA OPPORTUNITIES
  152. 152. Keep doing new things
  153. 153. 248APPLICANTS
  154. 154. Inspire people to creatively spread the word
  155. 155. Make yourself the center of the local universe
  156. 156. Be ever present on and offline
  157. 157. Don’t dismiss traditional media
  158. 158. #1 Friend #3 Facebook #2 Radio Where did you learn about this opportunity?
  159. 159. Spend as much time in the community as you do online
  160. 160. Deliver on the promise of financial literacy
  161. 161. Collaborate
  162. 162. Does it work?
  163. 163. YOUNG & FREE DRIVES LOYALTY, LOWERS AVERAGE AGE AND GROWS WALLET SHARE
  164. 164. 100of all survey respondents indicated that they would recommend the Young & Free Program to a friend SOURCE: SERVUS CREDIT UNION %
  165. 165. 59TO 53In Alabama, Listerhill Credit Union lowered their average age by six years after running the Young & Free Program for three years SOURCE: LISTERHILL CREDIT UNION
  166. 166. 47TO 45The participating credit unions in Maine lowered their average age by two years after running the Young & Free Program for just one year SOURCE: MAINE CREDIT UNION LEAGUE
  167. 167. The fastest growing age segment at Servus Credit Union in Alberta is the 17-to-25 age group SOURCE: SERVUS CREDIT UNION
  168. 168. 7 VS 47% of Young & Free members have a loan compared with 4% of those without a Young & Free Account SOURCE: SERVUS CREDIT UNION AFTER FIVE YEARS % %
  169. 169. 2.6VS 1.6Young & Free members tend to have more products with the credit union SOURCE: SERVUS CREDIT UNION AFTER FIVE YEARS
  170. 170. 26Vantage Credit Union in St. Louis has loan penetration of 26% of its 6,702 Young & Free members totaling $5.8 million SOURCE: VANTAGE CREDIT UNION %
  171. 171. 16of Young & Free members at the participating credit unions in Maine have a loan, with an average balance of $6,574 SOURCE: VANTAGE CREDIT UNION %
  172. 172. 3.5VS 2.7Young & Free members who are now “grown up” have more products than those who never had the Young & Free Account SOURCE: SERVUS CREDIT UNION AFTER FIVE YEARS
  173. 173. Average revenue per year Young & Free member SOURCE: SERVUS CREDIT UNION, JULY 2012 115$ Average revenue per year graduated Young & Free member 423$
  174. 174. There are now over 100,000young adults with products and services associated with Young & Free
  175. 175. Oureven biggeridea
  176. 176. We want to help credit unions attract 1,000,000new young adult members
  177. 177. Summary
  178. 178. Recruit and engage young employees2 Offer relevant products and services3 Integrate your marketing4 Understand Gen Y and Gen Z1
  179. 179. currencymarketing.ca/think
  180. 180. youngfreehq.com
  181. 181. Thanks! Tim McAlpine PRESIDENT & CREATIVE DIRECTOR CURRENCY MARKETING

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