Transcript Best Practice Meeting for Youth Development

Best Practice Meeting for
Youth Development
Marketing to the Youth Market
Presented by:
Sean Murray
National Youth Committee
Our Aims:
• Support the ILCU in its mission towards youth development
within the movement.
– In attracting users of Credit Unions (Members)
– In attracting volunteers to Credit Unions
• Ownership of National Youth Policy
• Work to improve the relevance of Credit Unions to the
youth market
• To support Chapter and Credit Union Youth Officers in their
roles and ensure their role remains relevant to the current
environment
• Provide opportunities for Youth Development Officers to
share ideas and network
• Act as generators, evaluators and supporters of new ideas
in the area of Youth development
Comments from Last Year
General Feedback
– “More Time needed for youth development at Credit Unions”
– “More focus needed on youth and advertising”
– “Advertising campaign needs to be targeted to youth”
– “Would like to see sample marketing material used by other Credit
Unions”
– “Would have liked more discussion on approaching schools”
– “Single message needed on a national basis why youth should join
Credit Unions”
Main area for NYC to tackle
– Address the “How” rather than the “Why” of youth development
– Develop programs that all Credit Unions can participate in
– What should we say to the youth market
“I want simple things I can apply in
my Credit Union from this weekend”
NYC Youth Breakdown
Category
Age
Profile
Education
Stage
Kids
Under 5
Pre Primary
Tweens
5 to 12
Primary
Teens
13 to 15 Secondary to
TY
16 to 18 Leaving Cert
and College
Late Teens
Students
Young
Adults
Youth Role in
Money
Management
N/a
Beginning to have
a say
Having more of a
say in finances
Moving to
Independence
19 to 21 College &
Independence
First’s – Job,
Car, etc..
21 and
Post Education Maturing to
Over
individual
responsibility
Parents Role in
Who Credit
Money
Unions should
Management
talk too
Full control of
Parents
finances
Still heavily
Tweens & Parents
involved
What Credit
Unions should
talk about
Savings &
Education
Savings, Saving
Stamps &
Education
Education, Savings
Still involved
Teens & Parents
Still involved,
moving to less
involvement
Possibly as a
Guarantor
Late Teens &
Parents to lesser
extent
Students
Education, Savings,
Loans
Possibly as a
Guarantor
Young Adults
Education, Loans,
Savings
Education, Loans,
Savings
We do some things well
1.
Schools Quiz – nationally and locally
2.
Poster competition
3.
Significant youth activities at local level
•
It is up to each Credit Union the success we make of
these events.
– We need to have a positive Credit Union message to children
and their parents at every opportunity
– Well planned and organised events make a big statement to
members and potential members
– Take feedback after the event
Lets be Positive
Membership in the 15-34 Age Bracket
<= ROI
Rank 1st
Overall 50% penetration by CU’s
NI =>
Rank =3rd
Overall 10% penetration by CUs
Can we do better?
•
Evidence suggest that we need to focus on the secondary
school and young adult sectors
•
There is stiff competition with banks to attract members
•
The key question is “What can we offer to the this 15 -24
age group?”
•
What message do we get out there about Credit Unions to
this group?
•
Lets focus on the Credit Union message to this Age
category
Engagement
•
A process for how we engage with the 15 – 24 year old
Market
Consistent
Message
Channels to
Market
Consistent
Message
Acquisition
Consistent
Message
Retention
Schools
Education on Finances
Product Benefits
Internet
Build Awareness
One 2 One Service
In our Office
Incentive to join
Credit Union Advantage
Message First
• As Youth Development Officers we
have responsibility for getting the
Credit Union message to the 15 – 24
age group.
• We are the owners of that message.
• What do we want young (15 -24)
people thinking and saying about
Credit Unions?
Analysis of who we are
• From Wikipedia (online encyclopaedia – written by online
community)
– A credit union is a cooperative financial institution that is
owned and controlled by its members, and operated for the
purpose of promoting thrift, providing credit at reasonable
rates, and providing other financial services to its members.
• From Wordnet
– a cooperative depository financial institution whose members
can obtain loans from their combined savings
• Youth friendly?
• 2009 Ireland friendly?
• Peoples Perception = Our Reality
Demographics
• What do you offer an age group like this?
– No money
– No interest in saving
– Spend Spend Spend…
• Spend now, worry later
• Spend without thinking
– Aware of debt issues, but find it difficult to
balance savings and spending habits
– Believe they are not good at saving but
downturn in economy is having an impact
Simplicity is Key
Explaining the Credit Union
Community
based
To serve the needs
of local people
Run by local
people – for free
Any profit goes back
to the users
Explaining the Credit Union
How a Credit Union works
What we do for you(th)
The simple facts
1.
A safe place to save your money
2.
A place to educate yourself on being “money smart”
3.
Somewhere you can borrow extra money if needed
The Bigger picture
1.
Your interests as a customer (Member) are looked
after
2.
Somewhere that is flexible when there is a problem
3.
The Credit Unions support your local community
4.
A place that is friendly
A big family
Over 170 Million members Worldwide
Over 2.9 Million members in Ireland
The Elephant in the Room
The Elephant in the Room
Turn the Elephant into a Mouse
1.
Acknowledge the limitation
2.
Sell the positives of the limitation
Get the mouse working for you (Advantages of our Weakness)
1.
Helps you to plan your spending and ask the question “Do I
really need this”
2.
No ATM Cards mean you are less likely to “Spend Spend Spend”
and regret it later
3.
Most CU’s are open flexible hours (late nights; 6 days; Saturday
etc) to accommodate withdrawals
4.
We are offering a savings account not a current account
5.
Your money is easily accessible when you need it through the
Credit Union office
6.
We like to deal with our members face to face and give
members a One on One attention
Specific Benefits
Each Credit Union is Individual
1.
What are the specific or unique benefits for your Credit Union
Sample Advantages
1.
WE provide a local, friendly, professional and personal service
2.
WE aim to provide value in Savings and Loan products to our
local community
3.
WE operate as Not for Profit - You own NAAS Credit Union and
benefit from the usage of NAAS Credit Union
Great time Now!
Credit Unions are by and large strong
People respect Credit Unions
– Banks are in a spin
– Negative Press around the Banking practices
– Uncertainty of the Economy
Lets put forward the Credit Union message
“Trade sources suggest that students still
tend to view banks as ‘the bad guys’.”
Mintel Report; Dec-2008
Analysis of who we are
• From Best Practice Meeting 2009 (Youth Brains Trust meeting –
written by smart young people)
A credit union is locally owned Financial Institution, that
provides its community with a safe local place to learn about
being money smart. The Credit Union has its owners as its
customers and aims to generate benefit/return for all members
through its activities by being a place customers can save or
borrow.
Engagement Strategy
•
A process for how we engage with the 15 – 24 year old
Market
a a a
Consistent
Message
Channels to
Market
h Schools
Consistent
Message
Acquisition
Consistent
Message
Retention
Education on Finances
Product Benefits
Internet
Build Awareness
One 2 One Service
In our Office
Incentive to join
Credit Union Advantage
Channel to Market
• Internet - Your website is vital
– People (especially young) use the
internet as a source of information
– Have a website but please keep it
updated
– Use your current activities to have
young people “out-front” on your site
• Online transactions are not vital (yet)
NI
ROI
Engagement Strategy
•
A process for how we engage with the 15 – 24 year old
Market
a a a
Consistent
Message
Channels to
Market
h
Schools
a
a
Consistent
Message
Acquisition

Education on Finances
Consistent
Message
Retention

Product Benefits
Internet
Build Awareness
One 2 One Service
In our Office
Incentive to join
Credit Union Advantage
Acquisition and Retention
What Banks are doing?
– Incentives, account benefits and new communication
channels are not enough to capture the younger
audience. Often apathetic, young consumers do not
have sufficient knowledge about finance products and
services or lack the inclination to learn; financial
services providers must therefore take some
responsibility in educating younger consumers about
finance.
– Engaging the younger consumer and encouraging them
to take control of their finances are essential if financial
services providers are to sustain market share.
Marketing Finance to Younger
Consumers
Mintel Special Report, December 2008
We want you to use this
Take this away
Use it in your Credit Union to have a nationally
consistent message to Youth
– Generic across all Credit Unions
– Add your own unique brand
You own the message! Buy
into it and commit to
engagement with youth
Download from cu4youth.ie and spread the
word
A Final thought
Even if you are on the
right track, you will get
run over if you just sit
there.
Will Rogers