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Copyright 2014, CafeGive Social
Millennials
Copyright 2014, CafeGive Social
Adults 18-34 represent the largest segment of new customer opportunity
for financial services organizations!
• They are going through the most dynamic >me of their lives establishing economic stability
• Their need for financial products is increasing • They are establishing loyalty to brands • They are references to their friends
Why Millennials Should Matter to Credit Unions
Copyright 2014, CafeGive Social
• Born between 1982 and 2004 • 77 million, 25% of the US Population (Nielsen)
• 43% non-white (Pew Research)
• Wield $1.3 trillion in buying power (Boston Consulting Group)
Pew Research 2014, Millennials in Adulthood Copyright 2014, CafeGive Social
• 85%+ own smartphones (Nielsen) and use it an average 45x per day(SDI)
• 84% connect to companies via social media networks (SDI)
• 66% follow on Twitter • 64% Like a company on Facebook (U Mass,
Dartmouth)
Pew Research 2014, Millennials in Adulthood Copyright 2014, CafeGive Social
• Only six percent consider online advertising credible
• TV- hours watched per week has declined 33% 2011-2015
• 95% consider friends the most important source for product information
• 75% expect companies to give back (Forbes)
Pew Research 2014, Millennials in Adulthood Copyright 2014, CafeGive Social
• 55% consider themselves politically unaffiliated
• On average, 250 Facebook friends • They send a median 50 texts per day • 55% have posted a selfie to a social
media site
Pew Research 2014, Millennials in Adulthood Copyright 2014, CafeGive Social
Millennials and purchase decisions
Copyright 2014, CafeGive Social
Millennials-Purchase Decisions
Copyright 2014, CafeGive Social
• Consistent exposure and use of social media
2015-‐ Affirm
• Reviews from friends and peers carry weight
• Budgeting is a way of life • Values mean everything
Millennials-Purchase Decisions
90%
1. 2013 CONE Communications/ECHO Study 2. The Nielsen Global Survey on Corporate Social Responsibility 2013
Millennials consider company/brand community engagement efforts when making a purchase decision
Copyright 2014, CafeGive Social
Copyright 2014, CafeGive Social
1. Leverage college and university partnerships
• Financial education programs
• Joint volunteer efforts
Copyright 2014, CafeGive Social
2. Social Impact Leads to Sales
• The volunteers you meet at your social impact events are already connected to you in a very emotional way
• You never know when they are in need of your products and services
• Make sure you keep the connection
Copyright 2014, CafeGive Social
3. Shared interests mean shared values
• Partner with your members, suppliers and customers in your efforts
• Become a trusted partner not just for financial issues, but for community involvment
Copyright 2014, CafeGive Social
4. Let them know you’re out there
Copyright 2014, CafeGive Social
“One of the biggest challenges in attracting members is awareness…..it’s always been a big challenge. We put our heads down and do the work—we do so much for the community at different levels but sometimes we forget to tell our story.”
4. Let them know you’re out there
Copyright 2014, CafeGive Social
Members
Employees
Media
Partner/Cause
4. Let them know you’re out there
Copyright 2014, CafeGive Social
Media
Tradi>ional Social
One-Way Engagement Two-Way Engagement
Let them know..Point West CU
Copyright 2014, CafeGive Social
Point West Credit Union • Considers local cause engagement part of their brand experience
• Tell their story in-‐branch, on their website and on their Facebook page
• Social Impact Map
Let them know..POINT WEST CU
Copyright 2014, CafeGive Social
• Social Impact Map iden>fies where in the community they are ac>ve, and what they are doing
• Updated quarterly by CU Staff
• Drama>c way to show extent of their community engagement
Let them know…POINT WEST CU
Copyright 2014, CafeGive Social
• Map converts to infographic detailing specific activities
Let them know…POINT WEST CU
Copyright 2014, CafeGive Social
• Information converts to a list of all community partners with links to their website.
Copyright 2014, CafeGive Social
Mash up
Let them know you are out there.
Girls Inc. Social Mashup
• A mash-up of Facebook, Twitter, Instagram feeds that keys off of a hashtag campaign- #powerofher
• Use it to support cause-related campaign(s) where awareness and engagement is critical
• Fundraising potential with third party
4. Let them know you’re out there
Copyright 2014, CafeGive Social
Social Impact
= Brand Engagement
Brand Differentiation
Copyright 2014, CafeGive Social
5. Think BIG IDEAS and small scale
• Look outside your industry for the concept
• Work it out on a small scale for your needs
Copyright 2014, CafeGive Social
5. Think BIG IDEAS
Verity Credit Union
• Photo contest to launch a new bike loan program
• Drove a $500 dona>on to a local community bike provider
5. Think BIG IDEAS
Copyright 2014, CafeGive Social
Verity Credit Union
• Relevant in bike-crazy Seattle
• Fun- different categories
• User actions supported a good cause
5. Think BIG IDEAS
Copyright 2014, CafeGive Social
Bank of Ann Arbor
• Engaged with community to support donations to local school arts programs
• Coordinated through local schools and parent organizations
• Relevant and important
Copyright 2014, CafeGive Social
6. Take a cue from SOCIAL ENTREPENEURS
• Focus on one cause and “own it”.• Provide multiple ways people can take part• Become the hub where people and resources
connect• Evolve with current events• Make it fun
Copyright 2014, CafeGive Social
6. Take a cue from SOCIAL ENTREPENEURS
Similar Different differentiation
rele
vanc
e
Important
rele
vanc
e
Not Important
Antes Drivers
Neutrals Dis>nc>ons
expected preference
Meh……. Ownable but not important
Copyright 2014, CafeGive Social
6. Take a cue from SOCIAL ENTREPENEURS
Patelco Credit Union
• Focus on issues important to the communities they serve
• Differentiator- time to market…<48 hours
Copyright 2014, CafeGive Social
7. Let them tell their story
• Make them the star of your engagement efforts
• Listen to their needs before talking about your solutions
• Remember- credit unions and millenials share many of the same values
Copyright 2014, CafeGive Social
8. Forget local- go hyper-local
• Leverage your DNA to differentiate your CU from other options
• Out local the locals and the nationals
Copyright 2014, CafeGive Social
9. Members are more than just
customers • Mellenials are great sources for new employees • Share your local cause related culture with
everyone- it builds brand preference! • Use causes and events as talent scouting efforts
Copyright 2014, CafeGive Social
• Between volunteer events, financial education workshops and social media engagement Credit Union’s have lots of opportunity!
• Keep it real
10. Remember there’s more than
one way to connect
Copyright 2014, CafeGive Social
Thank You ! We’d love to help you build preference with
millenials and grow your customer base. To get started, contact:
Sandra Morris [email protected] 503-‐880-‐7349 Alan Jewe] [email protected] 415-‐794-‐5714
Copyright 2014, CafeGive Social