In an examination on the financial credit union loyalty among young adults that was commissioned by the Filene Research Institute, it was discovered that people between the ages 18 and 34 have good impressions of financial credit unions. The young adult group is of the opinion that a financial credit union is an institution that “provides high-quality service and support, acts in their best interests, and makes conducting business easy.”
Members who are in the middle age and old age groups are the bread and butter of financial credit unions. A huge fraction of these people are nearing their retirements. To remain in business, financial credit unions must attract millennials. This will help boost their membership growths.
Two ways that financial credit unions can apply to get more members are striving to be unique in order to stand out in an industry that has become saturated with financial credit unions that offer nearly identical products and services. And, financial credit unions must remember to make the experience easy for their members. These tips are backed by the Credit Union National Association.
Here are three additional ways to get more financial credit union members:
Keeping up with millennials is more than just a strong suggestion. As a matter of fact, it is a must for financial credit unions who want to attract a new generation of members. In particular, the millennials.
In the second way to get more financial credit union members, the Credit Union National Association’s Operation, Sales & Services Council acknowledges the fact that this new generation of young adults, the so-called millennials, are bombarded with an overwhelming amount of information online. Such contents provide various useful information regarding products and services that are offered by various financial credit unions that can satisfy the ever-changing financial needs of the young generation.
Making it easy for millennials to access these nuggets of information is only a fraction of the process. Financial credit unions need to release such information in channels that the young generation subscribes to. Failure to do this can be compared to shouting in an empty room. It does not matter what messages those financial credit unions want to relay and how unmatched their products and services are if there is no one listening to them.
It is not because the young generation refuses to listen. But often, financial credit unions fail to reach out to these young people. Think of millennials as fishes and financial credit unions as fishermen. When these fishermen go to a cattle farm, there are zero chances of catching fishes. But, when they go out into the sea, then they can go home with tons of fishes. Sometimes, it is as simple as following the millennials to where they go.
Financial credit unions need to reach out to the young generation to attract new memberships, and the place where they can be found is social media. The rise of social media has caused unexpected changes in the way that people choose to interact with companies and brands that they follow. Before the social media age, there only existed hotline numbers. In many, if not most, cases, members need to call financial credit unions or visit their branches to learn about the products and services that they offer. In this day and age, however, the situation has been reversed. Financial credit unions must maintain social media presence on a variety of platforms like Facebook, Twitter, Instagram, and Snapchat to interact with their current members and to attract the young generation. Here, they can post various information and engage with millennials. Financial credit unions also have the option of enlisting the help of popular and credible personalities and community partners in order to make an even bigger presence.
Making it easy and maintaining a presence in various social media platforms are only two ways that financial credit unions can employ to boost their membership growth. The last and equally important step that concerns utilizing modern technology
So, your financial credit union has finally started maintaining social media presence and has come up with a variety of products and services for the convenience of both the current and potential members. It is now time to relay the information. Bland information will only drive millennials away. As previously stated, this generation of young people is bombarded every minute of every day with an overwhelming number of information. To catch their attention, financial credit unions need to come up with quality content.
Financial credit unions can turn to blogging to boost their membership growth. It is important to get to know your target demographic – the millennials. Financial credit unions need to relate to them by creating content that will appeal to the young generation. A huge fraction of millennials are in college. Financial credit unions can, therefore, blog about ways to help students come out of their college years financially strong. These blogs, however, should not revolve purely around financial issues. Contents that mirror the millennials’ interests are a must. These include vacation ideas and exciting activities in the community. Financial credit unions must also strive to blog regularly. That way, their members will have something to look forward to and can sense consistency in your institution.
Incentive programs have proven to be an effective method to attract new members no matter the type of institution. These can be as simple as loyalty and rewards programs. Such incentives can be gift checks or physical gifts. Waving a certain amount of fees for the most loyal and most active members will not only increase activity but will draw new members in.
Referral programs can also be implemented. Since word of mouth has already played a big role in the success of financial credit programs, introducing a referral program means that your current members will be doing some of the work for you. Think of it as Word of Mouth 2.0; current members will actively recommend your products and services to their friends and family. Because your members had a great experience with you, the people they make recommendations to are then very likely to conduct business with your financial credit union.
It is never too late to attract more members. It is only a matter of balancing old and new ways to boost your membership growth.