Marketing & Business Development Strategies for Gen Y
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This presentation focuses on Gen Y personal finance habits, why we are motivated to choose different financial institutions, and what credit unions can do to grow their membership through appealing to this demographic. It was delivered as the first segment during a two-presentation webinar in 2008.
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Marketing & Business Development Strategies for Gen Y
- 1. Marketing & Business Development Strategies for Gen Y Josh Jones Manager of Young Adult Programs CUNA 09/16/2008
- 3. Marketing to Gen Y: Why we go elsewhere & what your CU can do about it Josh Jones Manager of Young Adult Programs CUNA
- 5. In need of starter products now We’re buying products you have
- 6. “ I will buy many products from one place." “ I would by non-banking products from them.” Source: Forrester’s Consumer Technographics Study 2003 Acquire now vs. pay to switch them later We’re buying products you have Willing to use more credit union services…
Editor's Notes
- 2008 CUNA Mutual Group Discovery Conference 11/19/09 Most arguments I’ve heard against youth programs over the years are that Young Adults don’t buy. But the research shows that this is not true. For example, this study showed the products that were going to be bought. The bottom line is that GEN Y has the same desires as other generations. Its they way they approach these needs and their engagements that’s different. Its not so much what they use but how they use it and access it.
- 2008 CUNA Mutual Group Discovery Conference 11/19/09 Not only that, lets take a look at what type of customer they are: GEN Y are significantly more likely than previous generations buy at one place Look to their banking institution for products And even buy non-banking products there. This shows both interest and loyalty. The question becomes whether you want to spend the money to acquire them now, or spend money trying to woe them away from Bank of America later. I can tell you which will cost less. Whats worse – perhaps you risk getting them at all!
- Make a great customer.
- 2008 CUNA Mutual Group Discovery Conference 11/19/09 JOSH: Thought it would be nice to try to the needs noted in the Forrester study and also hit on the older ages in the segment (vs. auto lending and student lending which is the younger end of the segment). Also, thinking that this might tie nicely to your money management need. Can we also hit on the fact that CUs can play a real role in helping folks here – just like in student lending where banks are running due to the credit crunch. Is this msg playing w/CUs right now? Lastly, do you have any unique examples of how CUS might meet the needs of Gen Y for homebuying – if you don’t have any examples, we may want to take this out as this whole topic is really out of my current knowledge as far as Gen Y goes. Home Buying Facts for Gen Y: Average age of first time home buyer is 26! They tend to be better educated &76% have training or degress post high school. HH income averaged $58,000. (Filene, First Time Home Yer’s). Parental influence irrelevant. Relationships with realtor important. Facilitate information gathering. Provide good content on your home financing options on the web.
- If credit unions have products and services young adults use, why aren’t young adults flocking to CUs?
- If credit unions have products and services young adults use, why aren’t young adults flocking to CUs?
- 2008 CUNA Mutual Group Discovery Conference 11/19/09 Rotate at the beginning of the speech – these and others. Interesting before we start.
- 2008 CUNA Mutual Group Discovery Conference 11/19/09
- 2008 CUNA Mutual Group Discovery Conference 11/19/09
- 2008 CUNA Mutual Group Discovery Conference 11/19/09 KW JJ’s thoughts: On not just a Gen Y strategy… Needs/wants of my dem. similar to those of other generations – BUT – It’s how we use things, communicate, and how we interact that differentiates us.