Banks and Credit Unions, How-to Guides, Marketing Strategies, Millennials and Gen Z
Credit Union Marketing Strategies for Generation Z?
on February 21, 2018
How to Effectively Market your Credit Union to Gen 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 millennial marketing strategies. 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 audience.
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. Generation Z’ers look for 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 approach comes in.
As a result, to reach Gen Z consumers, a mix of social media, digital initiatives, and strategically placed advertising is essential.
What is the Difference Between Generation Z and Millennials?
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.
As a result, Gen Z finds little resonance with the big-bank mentality. They also have far less brand loyalty than their millennial siblings or parents. Their affinity to “traditional” financial institutions and the financial services industry 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 Gen Z
Marketing to Gen Z isn’t going to take nearly as much effort as it did to market to millennials. Most marketers have already applied the most significant millennial marketing strategies. For that reason, there has been a great deal of effort put into developing new digital platforms and customer service models. You should take this new knowledge and apply the same Gen. Z marketing principles to your credit union marketing strategy.
Here are some important aspects and communication channels to consider:
Social media
Generation Z customers have grown up with technology their whole lives. They will never know a time without Facebook, Twitter, Google. This younger generation prefers mobile interaction over traditional communication channels. They’re on Facebook (albeit in decreasing numbers), on YouTube, on Instagram, and Snapchat, all day long. Some might say they have a short attention span. They’re also looking for impact, something that will resonate with their needs and concerns. For that reason, you must develop a social strategy that ties into your customer service model. This should also extend to all of your social media channels. Bring some personality into your messaging and avoid coming across like a nameless, faceless “big bank”.
Generation 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 essential too. An average of 39 percent of Gen Z uses mobile banking compared to an average of just 19 percent of all other age groups.
Generation Z Prefers Omnichannel Communication
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 multichannel digital strategy. It ties all of your digital and physical channels together in messaging, branding, and approach. This will ensure 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.
Gen Z Values Environmental Responsibility
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. Partnering with a charity or doing something to make the world a better place will encourage their purchasing decision.
Let Us Share our Credit Union Marketing Ideas with Your Institution
We must clarify, these are just a few credit union marketing tips for Generation Z. See how to implement best practices for document design for millennials is. Lots of these marketing tips can still work with Generation Z. Even a small change 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.
