How Credit Union Marketing Can Better Appeal to 25-to-34-Year Olds
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Financial institutions have an ongoing goal to try to reach the younger market. With changing times and technology there are a few ways your financial institution can target a younger audience.
Further, according to a recent article by Peter Strozniak for The CU Times, "Right now only 10% of 25-to-34-year olds are using credit unions. When you combine that statistic with the fact that 25-to-34-year-olds are more likely to switch banks, it's easy to see how this group represents a tremendous opportunity for credit unions."
Here are 4 clear ways your credit union marketing can shift, to better reach this all-important younger demographic group:
1. Create High-Quality Content About Topics of Interest to Young People:
Think about what they are reading, looking for help with, and the pain points they are encountering in life. Talk to young employees or even survey your younger community members. Once you get a couple of goals the younger generation is looking to achieve, you may use generative AI to brainstorm ideas for content. Whether it is writing a script for a video or getting an outline ready for a blog the AI tools may be very helpful. Here are a few examples of some topics relevant to the younger market:
- Job interview tips and tricks
- Moving out on your own hacks & budgeting suggestions
- Buying a reliable car for pennies
- Paying off student loans without stress
- Dating in the New Age
Whatever topics you identify, make the content high quality, with visible value, and whatever you do, don't just try to sell, sell, sell. Create content that is useful and/or entertaining to your audience.
2. Share Content Across Platforms where the Younger Generation is Already Present:
With Facebook ad placements (which can also show up in feeds on Instagram) you can really appeal to a younger audience and get more qualified leads. These ads can include social media placements on Facebook or Instagram, and they might also include Search Engine Marketing ads that target keywords like first-time homebuyers or auto buyers which tend to lean towards attracting the younger audience.
Another option would be to partner with a micro-influencer to help you make content targeting the younger audience. This option may require a lot more investment of money and time but may be great if reaching a younger audience is one of your primary strategic goals.
All of these options will help you find the younger customers who may be ripe for switching to a better banking solution!
3. Share Staff Profiles to Humanize the Brand:
In the same CU Times article Stroznaik explains that "Generation Z is an extension of the Millennial movement... As a group, they are socially conscious, community-focused, and tech-savvy." So why not highlight those aspects of your organization? Unlike big banks, CUs typically realize that the face of their organization is their front-line staff, and are usually happy to share those individuals' stories with members.
We recently shared a staff profile on Instagram for a fairly large Boston area Credit Union and the engagement was through the roof!! Best post they've ever had! We recommend you keep these posts fun and share interesting facts or quirky stories about your staff. Favorite ice cream, the famous person they'd like to have dinner with, etc. Keep it light and most importantly keep it REAL!
4. Show Off Your CU's Good Works:
Again, building on the previous tip, Millennials, and even younger adults are socially conscious, which fits very well with the credit union mission. I've yet to encounter a CU that didn't do massive amounts of good work within the communities they serve. But often credit unions aren't great at sharing these efforts.
If staff participate in local community service activities, remember to post behind-the-scenes images on social media and your company blog. Consider increasing your community outreach budget and think of it as another form of marketing. Scholarships are also another great way to build rapport with a younger audience.