69
| Date post: | 08-May-2015 |
| Category: |
Business |
| Upload: | tim-mcalpine |
| View: | 7,031 times |
| Download: | 0 times |
Designing A Social Computing Strategy To Attract Gen YersCatherine GraeberVice PresidentForrester ResearchJune 23, 2008
Entire contents © 2008 Forrester Research, Inc. All rights reserved. 3
First, what does Forrester mean by Gen Y?
►Gen Y: Born between 1980 and 1990
►Gen X: Born between 1966 and 1979
►Younger Boomers: Born between 1956 and 1965
►Older Boomers: Born 1945 and 1955
►Seniors: Born 1944 and earlier
Entire contents © 2008 Forrester Research, Inc. All rights reserved. 4
Agenda
• What do we know about Gen Yers?
• Why should financial firms court this group?
• How can Social Computing strategies be used to attract new Gen Y customers?
• Questions
Entire contents © 2008 Forrester Research, Inc. All rights reserved. 5
What do we know about Gen Yers?
Entire contents © 2008 Forrester Research, Inc. All rights reserved. 6
Gen Yers: the Internet Generation
Entire contents © 2008 Forrester Research, Inc. All rights reserved. 7
“Do you do the following activities online at least monthly?”
Source: North American Technographics® Benchmark Survey, 2007
Base: US online consumers
Gen Y leads the way on Social Computing activities
0%
10%
20%
30%
40%
50%
60%
70%
80%
Gen Y Gen X YoungerBoomers
OlderBoomers
Senior
Use Web-based email
Use instantmessaging
Use socialnetworkingsites
Read blogs
Comment onblogs
Entire contents © 2008 Forrester Research, Inc. All rights reserved. 8
Why should financial firms court this group?
Entire contents © 2008 Forrester Research, Inc. All rights reserved. 9
The Gen Y segment is growing — and will represent 29% of online households by 2011
Base: US online households
15% 29%
30%23%
37%34%
18% 14%
2006 2011
Seniors
Boomers
Gen X
Gen Y
Source: North American Technographics® Benchmark Survey, 2008
Entire contents © 2008 Forrester Research, Inc. All rights reserved. 10
Gen Yers will drive future online banking growth . . .
Base: US online households that bank online
The number of US online households that bank online
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Seniors (born 1900 to 1945)
Boomers(born 1946 to 1963)
Gen Xers(born 1964 to 1975)
Gen Yers(born 1976 to 1990)
ForecastActual*
40M
20M
0
5 - Year Growth
Rate
+35%
+43%
-3%
60M
80M
136%
Source: *North American Technographics Benchmark Surveys 2001-2005; Forrester’s NACTAS 2006Benchmark Survey
Entire contents © 2008 Forrester Research, Inc. All rights reserved. 11
. . . And are the group most likely to apply online
Percentage of each generation who applied for a financial product* online
Gen Yers Gen Xers YoungerBoomers
OlderBoomers SeniorsGeneration
Base: US online households
10%
20%
30%
Source: North American Technographics® Benchmark Survey, 2007 *Financial product: annuities, auto insurance, auto loan, checking account, credit card, home equity loan,life insurance, mortgage
0%
24%
4%8%
10%
17%
Entire contents © 2008 Forrester Research, Inc. All rights reserved. 12
How can Social Computing strategies be used to attract new Gen Y customers?
Entire contents © 2008 Forrester Research, Inc. All rights reserved. 13
The Common Wealth Credit Union success story
• Tim McAlpine
»President and chief strategist, Currency Marketing
FORRESTER’S FINANCIAL FORUM | NEW YORK, NY | JUNE 23, 2008
SOCIAL COMPUTING
to attractGEN Y
Designing a
strategy
Tim McAlpine
President & Chief Strategist
Currency Marketing
INFOProject
E-mail from Eric Dillon:
“We would like to hear
how Currency can help
Common Wealth
own the youth market
in northern Alberta!”
4th-largest credit union in Alberta
52,000 members
$1.7 billion
16 branches across northern Alberta
Joining Servus Credit Union and
Community Savings Credit Union to
form Canada’s 3rd-largest CU
PERFECT SCENARIO
Relevant product
Differentiated brand
Real budget
Integrated marketing
Defined market
Social media & Web 2.0
Authentic voice
Senior-level involvement
Long-term commitment
Freedom & trustCourageous
credit union
Potential member in transition
YGEN
Distrust companies and media
KEY VALUES & CONCERNS
Very unlikely to sign-up for an
unknown company-sponsored
social network
SOCIAL MEDIA CONSUMPTION
They could care less about your
financial institution!
FEELINGS TOWARD FINANCIAL INSTITUTIONS
SOCIAL MEDIA
Belief in
CU
Social media and financial institutions can build community
And, social media can drive sales!
0
100
200
300
400
October November December January February March April May
2006–2007 2007–2008
Year-over-year youth member growth
Media support stopped here
THEMicrosite
Y&F on theSocial Web
Larissa’s year:getting started
CONNECTING ON-LINE
Happy New Year by Larissa
Story 1: The Difference
CONNECTING ON- AND OFF-LINE
The Difference Between Banks and Credit Unions Part 1 by Larissa
Larissa on Citytv Breakfast TV
Story 2: Movie Week
CONNECTING ON- AND OFF-LINE
Y&F Movie Week by Larissa
Y&F Movie Week by Larissa
Y&F Movie Week Contest Draw by Larissa
Y&F Movie Week by Larissa
RESULTSThe
39,082 unique visitors
120,852 page views
3:47 average visit
59,670 YouTube video views
630 blog comments
176 Facebook fans
62 Twitter followers
RESULTS
October 1, 2007 to May 31, 2008
$179,000 unpaid media coverage
2,000,000+ impressions
2,010 Y&F accounts
$2,875,000 funds in Y&F accounts
RESULTS
October 1, 2007 to May 31, 2008
currencymarketing.ca/blog
currencymarketing.ca/podcast
Thank
YOU!
Entire contents © 2008 Forrester Research, Inc. All rights reserved.
Catherine Graeber
+1 831.622.9392
www.forrester.com
Thank you
