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@ryanruud MACUMA September 8, 2014 Arlington, VA Millennials: why they matter to your credit union. The answer may surprise you.
@ryanruud � MACUMA � September 8, 2014 � Arlington, VA
Millennials: why they matter to your credit union.
The answer may surprise you.
*AGENDA
• Who are the millennials? • What are their influences? • Why they matter. • How the dots connect. • Strategy discussion.
Millennials are many things that don’t add up
• Narcissis'c • En'tled • Wealth focused • Selfish
• Tolerant • Pragma'c • Financially inept • Civic minded
Who are the millennials, really?
• Early 80s to early 2000s – Big span of ages and life stages
• 75 -‐80 million strong – Largest cohort since boomers
• Came of age – Through 9/11 – Mul'ple economics – Transforma've world
What influences millennials?
• Seeing parents’ re'rement evaporate. • Unstable global affairs. • Global financial meltdown. • Student loan burdens. • Social network online and offline. • Social responsibility. • Parents views. • NOT just Taylor SwiV and Jus'n Bieber
– And on and on and on.
WHY DO THEY MATTER?
Demographic Size, sure.
Economic Might, even though some say they don’t have a dime.
BUT REALLY THEY MATTER BECAUSE THEY ARE EARLY ADOPTERS
Diffusion of Innovation How products and concepts get accepted across a population of people
Millennials …but really all generations during their coming of age period.
So what, Social media and Millennials go hand in hand, we
know that.
Everyone else.
Connecting the dots
• 40% of Mass Affluent over the age of 55, use social media to discover and select a financial ins'tu'on.
• 70% of investors have picked or changed a stock in their por\olio because of social media influence.
• 75% of the under banked reachable via social media.
Not just one channel or habit. • Online
– Search/discovery is changing. – Research and transacting online critical to new business.
(60-70% of sale completed online before a consumer even comes in to talk to a rep or picks up the phone)
• Mobile – Smartphone adoption led by app hungry Gen Y – U.S. saturation at 50% in Jan 2013
• Wearables (emerging) • Sharing economy (emerging)
Unrelated to channel. Social consciousness isn’t just a Millennial trend.
INSTEAD OF JUST REACHING MILLENNIALS, LEARN HOW WHAT THEY DO CAN HELP IN INFORMING STRATEGY
WHAT HAS OCCURRED OVER THE LAST GENERATION THAT IS INFLUENCING THE WAY ALL MY MEMBERS WANT (WILL WANT) TO -‐ RESEARCH -‐ BE REACHED -‐ TRANSACT OVER TIME?
WHAT’S COMING DOWN THE LINE?
Change strategic discussions from: We want to reach millennials.
Message
Product Channel
To answer the question: How do Millennials want to be reached by us?
Message
Product Channel
AND YOU CAN NOW ANSWER: HOW ARE MEMBERS WANTING TO BE REACHED BY US AND HOW WILL THEY IN THE NEAR FUTURE AND DOWN THE ROAD?
SO WHY DO MILLENNIALS MATTER TO YOUR CREDIT UNION?
MILLENNIALS PROVIDE AN EARLY GLIMPSE INTO MANY OF TRENDS THAT YOUR MEMBERSHIP AS A WHOLE ARE OR WILL BE ADOPTING.
Let’s Connect
Ryan: ryanruud.com
LinkedIn Twitter @ryanruud
Result150: result150.com
LinkedIn Twitter @result150
