Maybe some of this recent spending information should impact how your credit union staff are developming millennial marketing campaings. Perhaps your CU could help these young people avoid overspending or at least moderate their habits! Spendthrifty Millennials - Millennials lived through the Great Recession, but now they’re developing some spendy habits, according to some new data from Bankrate. Maybe it’s a form of delayed gratification? Bankrate found that millennials are falling victim to common financial vices, such as spending money in coffee shops, racking up bar tabs or frequently dining out.
It's important for Credit Unions to always work to find new and better ways to engage with members, especially in this day and age when fewer and fewer people are visiting branches in person.
This e-Book will help you find the best ways to maximize your digital presence, reaching new audiences while increasing your share of wallet with existing customers.
Recent Guest Blog from CUInisght: Last week I attended a great Credit Union event in Charlotte, NC, sponsored by the Carolina’s Credit Union League. In addition to presenting on Credit Union Marketing & Sales Strategy, I also attended a few sessions, and one of them on Millennial spending habits was particularly useful. Here’s a few key take-a-ways I wanted to share: 1. Millennials are Moving Away from the ‘Stuff’ Mentality:
Millennials are thought by many to be an important target for most businesses, but the question remains, how can credit union marketing better reach this group? 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:
US credit unions lose “primary” status with many older Millennials, according to a new report from the credit scoring experts at FICO. FICO surveyed young adults, finding that 20 percent of 18-24 year-olds say they use a credit union as their primary financial. Data shows 18-24 year olds are attracted to low and transparent fee structures and better interest rates.
Last week I took part in two of the online sessions organized and presented by the team at #Banksocial. I also attended a great panel discussion on how Financial Institutions can better appeal to Gen Y. The panel included Karrie Drobnick, CMO at Verve Credit Union and a very insightful marketer, JD Scroggin, Social Media Officer at CoastHills Credit Union.