Best Practice Meeting for Youth Development
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Transcript of Best Practice Meeting for Youth Development
Best Practice Meeting for Youth Development
Marketing to the Youth Market
Presented by:
Sean Murray
National Youth CommitteeOur Aims:
• Support the ILCU in its mission towards youth development within the movement.– In attracting users of Credit Unions (Members)
– In attracting volunteers to Credit Unions
• Ownership of National Youth Policy
• Work to improve the relevance of Credit Unions to the youth market
• To support Chapter and Credit Union Youth Officers in their roles and ensure their role remains relevant to the current environment
• Provide opportunities for Youth Development Officers to share ideas and network
• Act as generators, evaluators and supporters of new ideas in the area of Youth development
Comments from Last YearGeneral Feedback
– “More Time needed for youth development at Credit Unions”
– “More focus needed on youth and advertising”
– “Advertising campaign needs to be targeted to youth”
– “Would like to see sample marketing material used by other Credit Unions”
– “Would have liked more discussion on approaching schools”
– “Single message needed on a national basis why youth should join Credit Unions”
Main area for NYC to tackle– Address the “How” rather than the “Why” of youth development
– Develop programs that all Credit Unions can participate in
– What should we say to the youth market
“I want simple things I can apply in my Credit Union from this weekend”
NYC Youth BreakdownCategory Age
Profile Education
StageYouth Role in
Money Management
Parents Role in Money
Management
Who Credit Unions should
talk too
What Credit Unions should
talk aboutKids Under 5 Pre Primary N/a Full control of
finances Parents Savings &
EducationTweens 5 to 12 Primary Beginning to have
a say Still heavily involved
Tweens & Parents Savings, Saving Stamps & Education
Teens 13 to 15 Secondary to TY
Having more of a say in finances
Still involved Teens & Parents Education, Savings
Late Teens 16 to 18 Leaving Cert and College
Moving to Independence
Still involved, moving to less involvement
Late Teens & Parents to lesser extent
Education, Savings, Loans
Students 19 to 21 College & First’s – Job, Car, etc..
Independence Possibly as a Guarantor
Students Education, Loans, Savings
Young Adults
21 and Over
Post Education Maturing to individual responsibility
Possibly as a Guarantor
Young Adults Education, Loans, Savings
We do some things well1. Schools Quiz – nationally and locally
2. Poster competition
3. Significant youth activities at local level
• It is up to each Credit Union the success we make of these events.
– We need to have a positive Credit Union message to children and their parents at every opportunity
– Well planned and organised events make a big statement to members and potential members
– Take feedback after the event
Lets be Positive
<= ROIRank 1st
Overall 50% penetration by CU’s
NI =>Rank =3rd
Overall 10% penetration by CUs
Membership in the 15-34 Age Bracket
Can we do better?• Evidence suggest that we need to focus on the secondary
school and young adult sectors
• There is stiff competition with banks to attract members
• The key question is “What can we offer to the this 15 -24 age group?”
• What message do we get out there about Credit Unions to this group?
• Lets focus on the Credit Union message to this Age category
Engagement• A process for how we engage with the 15 – 24 year old
Market
Channels to Market
Acquisition Retention
Consistent Message
Schools
Internet
In our Office
Education on Finances
Build Awareness
Incentive to join
Product Benefits
One 2 One Service
Credit Union Advantage
Consistent Message
Consistent Message
Message First• As Youth Development Officers we
have responsibility for getting the Credit Union message to the 15 – 24 age group.
• We are the owners of that message.
• What do we want young (15 -24) people thinking and saying about Credit Unions?
Analysis of who we are• From Wikipedia (online encyclopaedia – written by online
community)
– A credit union is a cooperative financial institution that is owned and controlled by its members, and operated for the purpose of promoting thrift, providing credit at reasonable rates, and providing other financial services to its members.
• From Wordnet
– a cooperative depository financial institution whose members can obtain loans from their combined savings
• Youth friendly?
• 2009 Ireland friendly?
• Peoples Perception = Our Reality
Demographics• What do you offer an age group like this?
– No money– No interest in saving– Spend Spend Spend…
• Spend now, worry later• Spend without thinking
– Aware of debt issues, but find it difficult to balance savings and spending habits
– Believe they are not good at saving but downturn in economy is having an impact
Simplicity is Key
Explaining the Credit Union
Community based
Run by local people – for free
To serve the needs of local people
Any profit goes back to the users
Explaining the Credit Union
How a Credit Union works
What we do for you(th)The simple facts
1. A safe place to save your money
2. A place to educate yourself on being “money smart”
3. Somewhere you can borrow extra money if needed
The Bigger picture
1. Your interests as a customer (Member) are looked after
2. Somewhere that is flexible when there is a problem
3. The Credit Unions support your local community
4. A place that is friendly
A big family
Over 170 Million members Worldwide
Over 2.9 Million members in Ireland
The Elephant in the Room
The Elephant in the RoomTurn the Elephant into a Mouse
1. Acknowledge the limitation
2. Sell the positives of the limitation
Get the mouse working for you (Advantages of our Weakness)
1. Helps you to plan your spending and ask the question “Do I really need this”
2. No ATM Cards mean you are less likely to “Spend Spend Spend” and regret it later
3. Most CU’s are open flexible hours (late nights; 6 days; Saturday etc) to accommodate withdrawals
4. We are offering a savings account not a current account
5. Your money is easily accessible when you need it through the Credit Union office
6. We like to deal with our members face to face and give members a One on One attention
Specific BenefitsEach Credit Union is Individual
1. What are the specific or unique benefits for your Credit Union
Sample Advantages
1. WE provide a local, friendly, professional and personal service
2. WE aim to provide value in Savings and Loan products to our local community
3. WE operate as Not for Profit - You own NAAS Credit Union and benefit from the usage of NAAS Credit Union
Great time Now!Credit Unions are by and large strong
People respect Credit Unions
– Banks are in a spin– Negative Press around the Banking practices– Uncertainty of the Economy
Lets put forward the Credit Union message
“Trade sources suggest that students still tend to view banks as ‘the bad guys’.”
Mintel Report; Dec-2008
Analysis of who we are
• From Best Practice Meeting 2009 (Youth Brains Trust meeting – written by smart young people)
A credit union is locally owned Financial Institution, that provides its community with a safe local place to learn about being money smart. The Credit Union has its owners as its customers and aims to generate benefit/return for all members through its activities by being a place customers can save or borrow.
Engagement Strategy• A process for how we engage with the 15 – 24 year old
Market
Channels to Market
Acquisition Retention
Consistent Message
Schools
Internet
In our Office
Education on Finances
Build Awareness
Incentive to join
Product Benefits
One 2 One Service
Credit Union Advantage
Consistent Message
Consistent Message
Channel to Market• Internet - Your website is vital
– People (especially young) use the internet as a source of information
– Have a website but please keep it updated
– Use your current activities to have young people “out-front” on your site
• Online transactions are not vital (yet)
NI ROI
Engagement Strategy• A process for how we engage with the 15 – 24 year old
Market
Channels to Market
Acquisition Retention
Consistent Message
Schools
Internet
In our Office
Education on Finances
Build Awareness
Incentive to join
Product Benefits
One 2 One Service
Credit Union Advantage
Consistent Message
Consistent Message
” ”
Acquisition and Retention
What Banks are doing?– Incentives, account benefits and new communication
channels are not enough to capture the younger audience. Often apathetic, young consumers do not have sufficient knowledge about finance products and services or lack the inclination to learn; financial services providers must therefore take some responsibility in educating younger consumers about finance.
– Engaging the younger consumer and encouraging them to take control of their finances are essential if financial services providers are to sustain market share.
Marketing Finance to Younger ConsumersMintel Special Report, December 2008
We want you to use thisTake this away
Use it in your Credit Union to have a nationally consistent message to Youth
– Generic across all Credit Unions
– Add your own unique brand
You own the message! Buy into it and commit to engagement with youthDownload from cu4youth.ie and spread theword
A Final thought
Even if you are on the right track, you will get run over if you just sit there.
Will Rogers