Every credit union wants to expand. Every credit union wants to capture new demographics. After all, targeting a new demographic group can open the door to impressive growth.
But credit unions seem to struggle with exactly how to target these niches…and the numbers make that fact abundantly clear. According to PYMNTS.com, only 4% of credit union members are Gen Z. Yikes!
It’s time to employ some effective credit union marketing strategies to target new demographics like Gen Z. Here are five ideas to get you started:
1. Promote Your Cause
Let’s be clear: this doesn’t mean promoting a political perspective. There are several real-world examples showing this approach can generate brand-maiming controversy.
The cause you must promote is how credit unions work for the benefit of the members via their not-for-profit structure and community service. Why? Well, many people don’t know the difference between a credit union and bank. Sharing this key piece of knowledge may quickly win over some consumers.
If you’re looking at younger generations in particular, 68% patronize brands based on how they impact society. You have a great argument for why they should support you, as long as you communicate it clearly.
A couple credit union marketing strategies to try out here are:
- Social media posts highlighting credit union values (ex: Honor CU TikTok)
- Intriguing slogans (ex: “Like a bank, but you keep more of your money.”)
- Using your employees or career fair presence to educate younger people
2. Create a Club
People like being a part of monthly clubs. Just look at subscription box services – 45% of consumers have two or more, and 37% of this group are ages 25 to 34. Panera has an “Unlimited Sip Club,” where subscribers can get certain drinks for free if they join.
As the examples above make clear, this service type is popular for older Gen Z and Millennial consumers. So, how can you take advantage of it? Start your own club!
An extra benefit to this one is that it can become a revenue generator if your club is worthwhile. If not substantial enough to generate revenue, you can still have a great marketing tool that engages new demographics.
Of course, it must be interesting to be effective. Some club ideas to work into your credit union marketing strategies are:
- “The Make More Money Club” – Provides high-quality monthly financial education resources in both digital and print formats.
- “The Credit Union Craze Club” – Provides merchandise specific to your credit union and about credit unions in general.
- “The Coffee and Cash Club” – Provides barista-prepared coffee to those in-branch (could hire your own barista or partner with a local coffee shop).
3. Market Special Loans
Let’s take a break from Gen Z and Millennials and look at another important demographic…employee groups. Medical staff. Teachers. Firefighters.
Whatever group it is, chances are they’re close-knit and have a firm identity. You must break into the fold and show you understand their struggles. Special loans are a simple but surefire way to market your credit union to an employee group.
A couple special loans to use as part of your credit union marketing strategies are:
- “The Lifesaver Loan” – The medical profession is an interesting group; they often have high student loan bills and may not make a lot of money early in their careers. Offer this loan to help with bills so they can keep saving lives.
- “Back to the Classroom Loan” – You probably have a “Back to School Loan” for families, but don’t forget about teachers. They often need a boost when paying for classroom supplies.
- “The Budget Rescue Loan” – Firefighters (especially volunteer firefighters) face financial struggles poorly understood by those outside the profession. Volunteers even have to fundraise or pay for their own training when the money isn’t there. Give them a helping hand with this loan.
Bonus: Become an Anything, Everywhere Credit Union
This one applies to nearly every demographic.You must become a one-stop-shop, accessible from any location via your digital services. Do this successfully, and you’ll expand beyond the circle around your branch. Do this successfully, and you’ll become a presence in your members’ pockets…following them wherever they go.
Do you need more credit union marketing strategies? On The Mark Strategies’ marketing experts give you the ideas and execution you need to be successful in your market. Book a free consultation today and get a creative partner you can trust.