Reaching Gen Y Through Mom and Dad
Credit unions know they must get younger. Decreasing the average age of your membership is a strategic goal for many credit unions. There are several initiatives, such as Currency Marketing’s Young and Free, that are having a great deal of success. The Filene Institute also has given many ideas for penetrating this key target market. And of course, there are a few credit unions successfully reaching Gen Y through various social media, mobile marketing and event marketing efforts.
While directly marketing to Gen Y should be a major strategic initiative, one tactical approach credit unions can implement is to reach young people through Mom and Dad. As a parent of two teenage daughters, I can attest that many kids begin their “banking” experience with the First National Bank of Mom and Dad (or First ABC Credit Union if you bleed credit union blood).
You can actually accomplish two strategic goals–membership growth and getting younger not by focusing on the kids (which is still good), not by focusing on Grandma and Grandpa, but by focusing on Mom and Dad.
Credit unions should reach teens before they go to college. If you wait until they are in college, then it’s probably too late. With that being the case, the best entry point to the teen is through the parents. Many of these kids are “adultolescents”: they want to be treated like adults but they still act like teens.