TARGETING THE YOUNG MARKET? THE ANSWER MAY BE WITHIN

Credit Union Management, Aug 2007 by Jooss, Ron

Getting a feel for today's younger market has proved elusive for the (mostly) Baby Boomers who make today's strategic marketing decisions. But sometimes gaining a better understanding is simply a matter of asking yourself some hard questions. During his presentation, "From Standing in Line to Clicking on Line," at the 2007 CUES Annual Convention, held in June, Jeff Van Kooten, a senior consultant for The Center for Generational Studies, Aurora, Colo., offered these questions that credit union leaders can ask when marketing to Gen Xers (those born between 1965 and 1980) and Millennials (1981-1999):

* How can we get a better handle on the age demographics within your market area?

* How will the Xers' and Millennial' diverse purchasing habits force you to modify present sales practices?

* How will Xers' lack of loyalty impact your longterm customer relations?

* How can you modify promotions and sales to respond to Xers' focus on simplicity?

* What flexibility needs to be built into your systems to address Xers' and Millennials' ubiquitous use of technology?

* What community partners might be desirable for reaching out to these diverse groups?

* How will your promotion and advertising efforts have to change to attract Xers' and Millennials' attention?

* How can you take advantage of Xer and Millennial social habits to increase branch traffic?

* While Millennials are savvy spenders, they're still enamored by what is popular. How can you make your branches cool?

* How can you make your branches more interactive to feed Millennials' desire to point and click?