It's off to work we don't go...
Posted by Doug Williams on July 31st, 2009
I get a lot of questions from clients about “Gen-Y” campaigns and microsites. Credit Unions are looking at Gen-Y as “consumers” and wondering how they can grow their Gen-Y membership through consumer services. I think this approach is limited. Of course credit unions need to connect through consumer services, but as Gen-Y grows up, I see a huge trend toward entrepreneurship.
The growth – actually the birth – of cooperative offices (co-working as it’s sometimes referred) is happening across the country. Small shops are doing big things with limited resources. Distributed offices make working from home easier. The thing these entrepreneurs need is direct, insightful banking services, legal services and access to capital.
Credit Unions can do just that. Why not generate a whole “I’m Gen-Y and I like wearing blue jeans to work, so I’m starting my own business” (you can keep that title, I’ll open-source it for you because I know you like it so much) education component that discusses legal, capital and the reality of starting and running a small business? Bring in your business parters to provide resources and information. Connect in a meaningful way, rather than throwing Twitter, Facebook and other various and sundry social media trends at them.
I think it’s the next step in Gen-Y marketing.
Doug, You couldn’t be more right. I have given that speech and those ideas to my clients over the last 3 years. No one wants to make the effort to implement that type of program.
I hear what their concerns are (Why partner with some businesses and not others? Is this really the credit union’s role? blah blah blah).
The fact is that todays <25>
Credit unions need to foster and facilitate this growth and development if they ever want a meaningful relationship with this market.
Otherwise they will be dismissed as simply another bank.
You’re back!!! Not gone forever….please continue the trend.
We are back.
Thanks for the return welcome, Billy.
Tony. I’m glad to hear you’re recommending it, too. CU’s are in a great spot to adjust products and services to match market needs. Instead of just “marketing” an existing product, why not take advantage of your small size and truly offer products and service packages that can be used.
Right on Doug, so many members of this generation are looking to start their own business. What better way to connect with them than to help them accomplish their dream. In fact, why not help them accomplish any dream they have.
Credit Unions (most of them) are nimble by nature and have the ability to offer really unique products for the people around them. Its a shame we don’t take more advantage of that.