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
- 2. Designing A Social Computing Strategy To Attract Gen Yers Catherine Graeber Vice President Forrester Research June 23, 2008
- 3. 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.
- 4. 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.
- 5. What do we know about Gen Yers? 5 Entire contents © 2008 Forrester Research, Inc. All rights reserved.
- 6. Gen Yers: the Internet Generation 6 Entire contents © 2008 Forrester Research, Inc. All rights reserved.
- 7. 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.
- 8. Why should financial firms court this group? 8 Entire contents © 2008 Forrester Research, Inc. All rights reserved.
- 9. 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.
- 10. 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.
- 11. . . . 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.
- 12. How can Social Computing strategies be used to attract new Gen Y customers? 12 Entire contents © 2008 Forrester Research, Inc. All rights reserved.
- 13. 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.
- 14. FORRESTER’S FINANCIAL FORUM | NEW YORK, NY | JUNE 23, 2008 Designing a SOCIAL COMPUTING strategy to attract GEN Y
- 15. Tim McAlpine President & Chief Strategist Currency Marketing
- 16. Project INFO
- 17. 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
- 18. 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
- 20. 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
- 21. GEN
- 22. Y VALUES & CONCERNS KE Distrust mpanies co nd media a
- 23. MEDIA CONSUMPTION SOCIAL unlikely to Very up for an sign- unknown ponsored ompany-s c network social
- 24. ANCIAL INSTITUTIONS FEELINGS TOWARD FIN ould care They c out your less ab stitution! financial in
- 28. CU
- 29. edia and Social m itutions ncial inst fina mmunity n build co ca
- 31. media , social And sales! an drive c
- 33. 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
- 34. THE Microsite
- 36. Y&F on t he Social W eb
- 38. ONNECTING ON-LINE C a’s year: Lariss ing started gett
- 40. Happy New Year by Larissa
- 41. ON- AND OFF-LINE CONNECTING Story 1: Difference The
- 43. The Difference Between Banks and Credit Unions Part 1 by Larissa
- 48. Larissa on Citytv Breakfast TV
- 49. ON- AND OFF-LINE CONNECTING Story 2: vie Week Mo
- 54. Y&F Movie Week by Larissa
- 55. Y&F Movie Week by Larissa
- 59. Y&F Movie Week Contest Draw by Larissa
- 61. Y&F Movie Week by Larissa
- 62. The ESULTS
- 63. 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
- 64. 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
- 67. Thank YOU!
- 69. Thank you Catherine Graeber +1 831.622.9392 cgraeber@forrester.com www.forrester.com Entire contents © 2008 Forrester Research, Inc. All rights reserved.