BY KENNETH C. BATOR
When it comes to capturing the business of the Millennial crowd, credit unions may feel as though they’re darned if they do and darned if they don’t. But engaging this generation isn’t as fickle as might be expected. Although they may define it differently, financial success is still key to these young folks’ engagement.
“If you want to market to Millennials, you better darn well know how to engage the Millennials that work for you.” That was my response to a question during a webinar on branding I facilitated for VirtualCorps.com back in 2015. The question was: “How can we attract more Millennial members?” The point I wanted to get across was that it is near impossible to create an attractive member experience for people between the ages of 20 and 35 when the credit union employees of that age aren’t fully engaged.
No one knows that better than Todd Romer, founder of Young Money University. Todd has been teaching the Millennial generation about wise money management practices for several years now. I had the pleasure of hearing him speak twice in 2016, first during the 13th Annual Police Officers’ Credit Union Conference and then later during the annual Southern California Credit Union Alliance Conference. I was able to catch up with Todd a few weeks ago about how to better engage Millennial employees and members.
“Their level of engagement really boils down to giving them some pathway to knowing what it takes to be financially successful,” stated Todd about his experience with the Millennial market. “They are trying to figure out ‘Will I be successful long term?’ given the economy, given the job market and given their student loan debt. They are wondering if they will be as successful as their parents. Many think, ‘I’d like to be more successful than my parents and I’m anxious about that.’