Credit Union Marketing: How To Attract A Younger Demographic

With 45 million people, generation Y consumers (aged 18-30) are one of the largest demographic groups in the country. And yet, according to the Credit Union National Association’s 2007-2008 Credit Union Environmental Scan Report (E-Scan), credit unions are in the middle of a major decline in the number of members from this demographic.

To combat this trend, credit union marketing managers are focusing their marketing efforts on attracting these younger customers. What do young people like? Things that are easy, fun and free of course! An excellent way to boost your credit union marketing success it to have a promotional event right in your lobby that will create a lot of buzz among this younger crowd.

The Cash Cube Money Machine

In order to truly capture the attention of the Gen Y crowd, your credit union marketing promotion needs to have a huge “wow” factor. What could make a bigger impression than a Cash Cube Money Machine in your lobby swirling with money and prizes?

The Cash Cube Money Machine not only generates a lot of buzz, but customers don’t want to miss their chance to jump in and grab as many prizes as they can!

Depending on your credit union’s marketing goals, you can offer new customers, customers who deposit over $100 or customers who open a new checking account the opportunity to step into the Cash Cube Money Machine. Based on your marketing budget, the cash and prizes contained in the cube can amount to almost anything. From cash or savings bonds to dinner coupons or movie passes – you decide!

These Cash Cube Money Machines are available as either hard case Money Machines or inflatable Money Machines. There are scores of different styles and even budget Money Machines for those with smaller marketing budgets.

The Promotional Prize Wheel

Everybody loves a good game and most of us are familiar with The Wheel of Fortune on television. That is why having a colorful Prize Wheel in your lobby serves as an excellent visual incentive for new members to join your credit union. Similar to the Cash Cube Money Machine, the Prize Wheel can be customized to match any credit union marketing goal or budget.

You can determine which customers qualify to spin the Prize Wheel. Maybe they need to open a new account. Maybe they just need to make a deposit. Maybe every customer can spin the prize wheel in order to win on of your credit union ad specialty items.

Based on your primary marketing needs, the promotion can work for you however you need it to. You can also decide on the appropriate prizes to decorate the Prize Wheel. Let your credit union marketing budget be your guide.

Remember, an excellent idea for cross promotion is to use your credit union products and services as wheel prizes. This way, the prize wheel becomes an even more valuable marketing tool – getting people through the door and interested in learning about all that your credit union has to offer.

Free Food!

It is undeniable that people love free food and it is hard to beat the smell of freshly popped popcorn as soon as customers step into your lobby. What a combination! Many credit unions offer a free coffee station or cookies, but those options don’t really target the younger crowd like a soda and free bag of popcorn from a customized popcorn machine!

An old-fashioned popcorn machine provides a nostalgic marketing visual – especially when your credit union’s name is printed largely on its side or imprinted on the bags. Customers will feel like your credit union is really part of the neighborhood – a huge payoff considering the cost of providing them with popcorn is relatively small!

You can also have snack packages customized with your credit union’s logo and branding! Not only does the customer get a free snack, but when they take it back to work or snack on it while walking around downtown, they’ve taken your marketing message with them!

Food-item customizable ad specialties can be anything from trail mix to pretzels to yogurt-covered peanuts, to chocolate covered coffee beans.

Creating a credit union marketing strategy designed to generate buzz not only attracts the younger Gen Y crowd. Done right a these marketing strategies are powerful ways to attract customers of all ages, interests, and walks of life!