It's no secret that Millennials are a highly sought demographic fro Credit Unions. But in the process of creating millennial specific marketing campaigns, are we missing why Millennials really matter to credit unions? This is a presentation I gave to MACUMA, a credit union trade organization in Washington, DC. It's a discussion about what we can learn strategically in the process of marketing to Millennials that, when leveraged, makes credit unions stronger long term and not just getting the short term wins that often come from a successful marketing campaign.

1. Millennials: why they matter to
your credit union.
The answer may surprise you.
@ryanruud Ÿ MACUMA Ÿ September 8, 2014 Ÿ Arlington, VA

2. • Who are the millennials?
• What are their influences?
• Why they matter.
• How the dots connect.
• Strategy discussion.
*AGENDA

4. Millennials are many things that don’t
add up
• Narcissis'c
• En'tled
• Wealth
focused
• Selfish
• Tolerant
• Pragma'c
• Financially
inept
• Civic
minded

5. Who are the millennials, really?
• Early
80s
to
early
2000s
– Big
span
of
ages
and
life
stages
• 75
-­‐80
million
strong
– Largest
cohort
since
boomers
• Came
of
age
– Through
9/11
– Mul'ple
economics
– Transforma've
world

6. What influences millennials?
• Seeing
parents’
re'rement
evaporate.
• Unstable
global
affairs.
• Global
financial
meltdown.
• Student
loan
burdens.
• Social
network
online
and
offline.
• Social
responsibility.
• Parents
views.
• NOT
just
Taylor
SwiV
and
Jus'n
Bieber
– And
on
and
on
and
on.

7. WHY
DO
THEY
MATTER?

8. Demographic Size, sure.

9. Economic Might, even though
some say they don’t have a dime.

10. BUT
REALLY
THEY
MATTER
BECAUSE
THEY
ARE
EARLY
ADOPTERS

11. Diffusion of Innovation
How products and concepts get accepted across a population of people
Millennials …but really all generations
during their coming of age period.

13. So what, Social media and
Millennials go hand in hand, we
know that.
Everyone else.

14. Connecting the dots
• 40%
of
Mass
Affluent
over
the
age
of
55,
use
social
media
to
discover
and
select
a
financial
ins'tu'on.
• 70%
of
investors
have
picked
or
changed
a
stock
in
their
porolio
because
of
social
media
influence.
• 75%
of
the
under
banked
reachable
via
social
media.

15. Not just one channel or habit.
• Online
– Search/discovery is changing.
– Research and transacting online critical to new business.
(60-70% of sale completed online before a consumer even
comes in to talk to a rep or picks up the phone)
• Mobile
– Smartphone adoption led by app hungry Gen Y
– U.S. saturation at 50% in Jan 2013
• Wearables (emerging)
• Sharing economy (emerging)

16. Unrelated to channel.
Social consciousness isn’t just a Millennial trend.

17. INSTEAD
OF
JUST
REACHING
MILLENNIALS,
LEARN
HOW
WHAT
THEY
DO
CAN
HELP
IN
INFORMING
STRATEGY

18. WHAT
HAS
OCCURRED
OVER
THE
LAST
GENERATION
THAT
IS
INFLUENCING
THE
WAY
ALL
MY
MEMBERS
WANT
(WILL
WANT)
TO
-­‐
RESEARCH
-­‐
BE
REACHED
-­‐
TRANSACT
OVER
TIME?

19. WHAT’S
COMING
DOWN
THE
LINE?

20. Change strategic discussions from:
We want to reach millennials.
Message
ChannelProduct

21. To answer the question:
How do Millennials want to be reached by us?
Message
ChannelProduct

22. AND
YOU
CAN
NOW
ANSWER:
HOW
ARE
MEMBERS
WANTING
TO
BE
REACHED
BY
US
AND
HOW
WILL
THEY
IN
THE
NEAR
FUTURE
AND
DOWN
THE
ROAD?

23. SO
WHY
DO
MILLENNIALS
MATTER
TO
YOUR
CREDIT
UNION?

24. MILLENNIALS
PROVIDE
AN
EARLY
GLIMPSE
INTO
MANY
OF
TRENDS
THAT
YOUR
MEMBERSHIP
AS
A
WHOLE
ARE
OR
WILL
BE
ADOPTING.

25. Let’s Connect
Ryan:
ryanruud.com
LinkedIn
Twitter @ryanruud
Result150:
result150.com
LinkedIn
Twitter @result150