Strategy and Execution:

With an average age of 47 for members nationwide, and 69% of members being over age 55, most credit unions realize the necessity of attracting younger members. As John Crist, President and CEO of CP Federal Credit Union, explained “Young people are our future, and few things can be more important than ensuring that the next generation of American’s enter adult life with the tools they need to be smart savers, savvy borrowers, and good citizens.”

The Echo Boom generation is an expansive term for children between roughly 13 and 28 years of age, representing the largest generation since Baby Boomers. Just as Baby Boomers influenced businesses of all types, the Echo Generation will do the same. According to research, Teenagers alone influence $324 billion in spending annually, yet just 8% of credit union members are in the 18-24 range and has even been referred to the credit union industry’s “forgotten market”.

Credit unions have a lot to offer these young members, but getting their attention to let them know that can be a challenge. You have to appeal to them in a way that they can “hear”. This can often be accomplished by introducing your credit union/services along side an existing area of interest and there are few things that interest them as much as music.

Do teenagers love their music? You'd better believe it! Just try to take it away from them sometime. They will respond as if you were asking them to give up pizza for life! The lives of today's teens are saturated with music. Popular music serves as life's sound track while they drive, do homework, dance, date, and play.

Full color custom music cards, being viewed as young and hip, can play a vital role in getting your credit union in front of this vital market. Good for one or two free music down-loads, the recipient is directed to a “landing page” which then directs them to a website where they can choose from over 2,700,000 songs (ipod compatible). Both the music card and the landing page include your logo/brand along side a dynamic full color graphic that is sure to grab their attention (or you can design your own). The landing/web page also includes a link to your web site where we put your new potential member a click away from learning about the many benefits of becoming a member of your credit union.

An investment today in attracting young members will pay significant dividends when marketing core products in the future. Take the steps to putting the music card program to work for your credit union today.

Results:

Grow your youth membership base and position your credit union for the future.