BY MYLES BRISTOWE
George Orwell once said, “Each generation imagines itself to be more intelligent than the one that went before it, and wiser than the one that comes after it.”
In the case of Millennials, no other generation has greater access to a wealth of information, and none other in history is better informed. Information is power and in our hyper-connected online world, Millennials are actively flexing their muscles. The outcome of having such power is the creation of an unspoken, but very present “Millennial Mandate.”
As one generation of wage earners punches the clock for the final time to retire and passes the fiscal torch to the next, so with it goes the transfer of buying power. Since the next group of wide-eyed wage earners represents a running increase of income potential and sustained investment upside, so, too, follows a great deal of marketing focus to win over their patronage.
With an aging core membership approaching 50 years of age, credit unions are eager to appeal to a younger audience, the Millennials. “This massive target of 80 million young Americans will soon represent half of the workforce in the US,” said Mike Kelly, President/CEO of PSCU. “Within the next three years, they’ll have more purchasing power than any other generation. It’s the growth opportunity of a lifetime for credit unions.”
It is easy to understand that marketing to Millennials is now topping the to- do list for credit unions today. The tough question is not why credit unions need to be effective in marketing to Millennials, but rather, how?
A new way of thinking
There’s no laundry list of traditional lead generation tactics to impart, or a set of simple adjustments to suggest for a new magical marketing mix. To be effective, you will be required to learn and practice a new way of thinking about marketing, and you will begin to develop a new set of tactics.