President Message
Mile High Millennials
Earlier this week, America’s Credit Unions gathered in Denver at the National Conference of State Legislatures 2022 Summit. Tim Storey, NCSL CEO, says, “The NCSL Summit is the largest gathering of public policy geeks in the United States each year. It brings together state lawmakers, staff, international parliamentarians, government officials, government relations professionals and many others to share solutions to the problems facing the states and the nation. They learn from each other and take home innovative ideas to strengthen their states and the legislative institutions they serve.”
And that is just what happened. America’s Credit Unions were one of the top sponsors of the Summit and, as the pictures above indicate, you could see our presence everywhere — even when you opened your phone. In addition to traditional marketing and signage, America’s Credit Unions deployed a targeted and geofenced digital campaign to send communications right to policymakers and other stakeholders in and around the conference. This kind of marketing meshes well with the unstoppable march of millennials into our statehouses, our workforces, and our membership. But while this campaign was well-executed for legislators at a legislative conference, it raises some questions for credit unions nationwide.
Millennials are “…a generation that’s really grown up connected… So companies understand that they really need to be present and connect with their consumers... in ways that they hadn’t before,” says Lindsay Drucker Mann, a vice president in Global Investment Research at Goldman Sachs. This additional research also bears out: a vast majority of millennials want their purchases to align with their beliefs and values. Say that again and consider whether this is an opportunity for your credit union: millennials want their purchases to align with their beliefs and values. Given that today’s oldest millennials are 42 years old, most credit unions have precious little time before millennials cross the line of the average age of its membership. What are you doing to recruit and retain the millennial consumer? Here some additional things to consider as you craft your strategies:
Citing concerns with labor practices and environmental impact, 50% of millennials now report stopping or reducing purchases of fast fashion.
Millennials spend 1/3 less than Gen X and Boomers on entertainment.
Millennials will pay a premium for an ethical financial transaction.
Millennials are four times more likely than baby boomers to avoid buying products from big box food companies.
Are you doing all you can to leave your credit union well-positioned to connect with a consumer who resembles the characteristics above? Compared to other financial institutions, the so-called “credit union difference” actually looks like a “Credit Union Advantage.” But consider whether your credit union has done what it needs to cut through the two major headwinds:
a) Credit unions lag other financial institutions in investment in digital services, and
b) Credit unions have not effectively adapted the content of their messaging to effectively reach this population in the digital places where millennials are listening.
Your League, through the League Services Corporation actively researches, vets, and endorses new partners who can help you navigate uncharted digital waters. Schedule an appointment to review how our partners can help breathe new life into your digital services and marketing presence.
It’s funny, but also kind of sad how, behind closed doors, partisan division and rancor diminishes quite a bit. Behind these closed doors lies many true civil servants and industry experts who only want our government to act efficiently and properly. The word games and twisted truths that traditional and digital media thrusts into our eyes and stuffs into our ears are notably silenced in favor of crafting effective legislation and regulation. It is sad in that the American electorate does not get a chance to see this system at work. Our presence at this week’s conference deepened our relationship with some key Connecticut legislators and broadened our reach with some national organizations. Your membership dues fund a government relations program that punches way above its weight, and for that, I am ever grateful for your enduring support.
As always,
Bruce
