How to Effectively Market Your Credit Union to Generation Z
February 21, 2018 Categories: Customer Engagement, Industry News, Marketing Tags: advertising, credit union, digital, marketing, marketing strategy, mobile, omnichannel, social media
How to Market Your Credit Union to Generation Z
Credit Unions need to apply different marketing strategies to target different demographics. To this end, many of you have already spent a great deal of time and money developing approaches that are targeted to millennials. However, in the case of Generation Z (consumers currently under the age of 25), these tactics aren't as effective. We will be looking at some Generation Z marketing strategies that work to attract and retain this younger generation of customers.
With Gen Z'ers, it’s not simply digital access they are after. These younger consumers are looking for real financial solutions. Solutions that will meet their needs now and into the future. Services that offer more than just basic functionality. Generation Z is looking for answers to help plan their education, pay off loans, and build a foundation for the future. That’s the messaging. But the delivery of the message. That’s where the real generation z marketing strategy comes in.
In order to reach these Gen Z consumers, a mix of social media, digital initiatives, and strategically placed advertising is essential.
How are Millennials Different than Generation Z
Millennials grew up being encouraged to follow their dreams. Gen Z, on the other hand, has grown up through a recession. They've likely witnessed their parents and family members losing jobs or otherwise struggling to find meaningful employment. This experience has changed the way they approach the work. It has most likely made them a little anxious and fearful about their own prospects.
Gen Z finds little resonance with the big-bank mentality and has far less brand loyalty than their millennial siblings or parents. Their affinity to “traditional” players in the financial market is way lower than other generations. In fact, it could easily be usurped by brands like Google, Apple, Facebook or Amazon, brands they interact with on a daily basis.
Credit Union Marketing Tips for Generation Z
The good news is that marketing to Gen Z isn’t going to take nearly as much effort as it did to market to millennials. The most significant changes in digital messaging and marketing have already occurred. For that reason, there has been a great deal of effort put into developing new digital platforms and customer service models.
Here are some important areas to consider:
Gen Z are digital natives. They will never know a time without Facebook, Twitter, Google. This younger generation prefers mobile interaction over traditional methods. They are Facebookers, YouTubers, Instagrammers, and Snapchatters. Some might say they have a short-attention-span. But they’re also looking for impact, something that will resonate with their needs and concerns. Develop a social strategy that ties into your customer service model and extends to all of your social channels. Bring some personality into your messaging and avoid coming across like a nameless, faceless “big bank”.
Gen Z is mobile first
More than any other generation, Gen Z spends much of their free time on their smartphones. This means that whatever advertising you might be preparing, it’s got to be mobile friendly. Mobile banking is an absolute essential too. As an average of 39 percent of Gen Zs uses mobile banking compared to an average of just 19 percent of all other age groups.
Remaining on-trend with these initiatives is wise, but if you have not already done so, a move to omnichannel communication is essential. Omnichannel is a digital strategy that ties all of your digital and physical channels together in messaging, branding, and approach. This ensures that your Gen Z customer has a consistent experience. Whether they are interacting with you over social media, on the phone, or on your website.
Much like millennials, Gen Z has a vested interest in environmental and social responsibility. They are concerned about the human impact on the environment and about making a positive impact on the world. Generation Z loves devoting themselves to a cause. By partnering with a charity or doing something to make the world a better place will encouraging their purchasing decision.
How FSSI can help
While these are just a few credit union marketing tips for Generation Z, they can have a big impact. Founded in 1980, FSSI is a full-service outsourcing company that specializes in regulatory-compliance and marketing communications. They specialize in the financial services sector. FSSI’s marketing services assist credit unions with developing and implementing omnichannel strategies. Each strategy can be customized to various audiences and demographics. Ensure your current and prospective members receive relevant and timely messages across all delivery channels and devices. Learn more about FSSI’s Marketing Services by contacting Dan Palmquist, VP of Sales, or call 714.436.3300 to get started.