Credit Union Marketing: Three Ways to Attract the Gen Y Crowd

Young people are attracted to things that are easy, fun and free! An excellent way to boost credit union marketing success is to implement a promotional stunt right in the lobby that will generate a lot of buzz among these younger customers.

Generation Y (consumers age 18-30) is one of the largest demographic groups in the nation with 45 million people. 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 in this demographic.

By utilizing truly unique lobby promotions, a credit union marketing manager has a much better chance at wowing the Gen Y group.

Cash Cube Money Machine

Who wouldn't want to earn the opportunity to grab as much cash and prizes as possible? In order to attract the attention of the Gen Y crowd, a credit union marketing promotion must have a huge wow factor. With hundreds of bills swirling around inside just waiting to be caught by a lucky contestant, a cash cube money machine accomplishes just that.

Credit union marketing managers can offer new customers the opportunity to step into the cash machine to win hundreds or thousands of dollars worth of real cash or custom imprinted vouchers that represent cash or prizes.

Based on the available credit union marketing budget, the cash and prizes contained in the cube can be altered to meet any needs. Prizes may include anything from cash, checking incentives, savings bonds and CD's to pizza coupons and sporting tickets.

Promotional Prize Wheel

A large colorful prize wheel in the lobby is a great visual incentive for new members to join the credit union. Credit union marketing managers can determine the appropriate prize denominations in this promotion as well.

An excellent idea for cross promotion is to use credit union products and services as wheel prizes. By doing so, the promotional prize wheel becomes even more valuable marketing tool - getting people through the door and interested in learning about all the credit union has to offer.

Free Food!

Nothing attracts people more than the prospect of free food. Credit union marketing managers can use this to their advantage by keeping their lobby stocked with goodies. Many credit unions offer coffee and such, but that doesn't really speak to the younger crowd like a cold soda or freshly popped popcorn!

An old-fashioned popcorn machine provides a nice marketing visual - especially with the credit union's name on the side of the machine and/or imprinted on the bags. The cost of producing popcorn is so inexpensive that it is the ideal treat to give away for free as a thank you to all of your customers. Customers appreciate it when the credit union that they trust offers a thoughtful gesture of appreciation.Christine OKelly is an author for Bank Marketing Consultants, a bank marketing and credit union marketing service provider offering bank marketing tools designed to drive trade show traffic and increase conversions.