Reach Gen Y or Die: Combine Strategy, Tactics to Reach the Young
I'm in shock. On our youngest daughter's birthday next month, my wife and I will officially have two teenage daughters in our house. That's right, a house full of teenage girls. Once that reality hit my personal life, I started thinking about what teenagers mean to me professionally. And not just teenagers, but the entire Generation Y group.
According to Strauss and Howe, the leading demographers of our country, Generation Y comprises those born between 1982 and 2003. So they are currently between the ages of 7 and 28. The reality is if credit unions don't reach this age segment our movement will die.
So how do credit unions lower their average membership age? We have to combine both strategy and tactics to reach the young.
It starts at the top. That means young board members.
It involves the family. Reach Generation Y through Mom and Dad.
The easiest way to reach Generation Y is through their parents. In other words, get them before they are in college. According to CUNA's E-Scan, two-thirds of credit union members who have children at home haven't signed any of them up for credit union membership.