The Next Generation
Millennials. The word alone is enough to send shivers up one’s spine. Who are these people? Are they dangerous? Do they all come with phones permanently attached to their fingertips?
We already have some knowledge about the most influential generation in America. For example, the behavior model of how Millennials prioritize their spending is a little different. By understanding how Millennials think and act (read: behaviors), you’ll be better equipped to communicate on their wavelength, opening up potential opportunities when they’re actively seeking your services.
The Great Divide
As a whole, credit union brand equity amongst Millennials is extremely low. There is a great divide between financial institutions and Millennials. Here’s what the statistics say:
Financial institutions are number one on the Millennial Disruption Index.
One in three Millennials are open to switching financial institutions within the next 90 days if they feel it’s valuable.
One in four don’t know who to trust with their finances.
Over half are expecting the financial industry to be disrupted by tech-based companies such as Apple or Google.
Don’t stress. Your credit union can bridge the gap. One of our clients, Mazuma Credit Union, is working with us to do exactly that. In 2012, 15 percent of their members were Millennials. Today, their Millennial membership has skyrocketed to 38 percent and only continues to grow.
How can your credit union do the same? Instead of focusing on the sale, focus on the emotional journey and the benefits you’re adding to their lives. Millennials love rewards. They’re not into paying fees. They love (demand) to co-create and share their experiences. They’re crazy about technology and are big fans of convenience. Starting to seem less scary yet?
KPI Before ROI
Millennials can often be found on social media, but if you want to connect with them online, it’s not as simple as setting up a Facebook profile or slapping a cool filter on an Instagram photo. We believe that putting emphasis on key performance indicators (KPI) before ROI will create a stronger platform for brands to connect with their core audience. Strong brand equity and high KPI through social media makes it easier to turn any social media communication into a trackable, measurable ROI.
We’re big talkers, and Millennials are one of our favorite subjects. Drop your info in the box below, and let’s chat.