Great Demographic Divide: 6-11-2008

© 2008 Market Insights, Inc.

THE GREAT DEMOGRAPHIC

FINANCIAL SERVICE CENTERS COOPERATIVE

2008 CREDIT UNION RETAIL DELIVERY CONVENTION

DIVIDE

JOE SULLIVAN

[email protected]

312-961-0188


GEN Y

BOOMERS

• Twenty-somethings and teenagers

• Second Largest Demographic Age Group

• Tech-savvy & Connected

• Entry-level Financial Needs

• 44 – 62 years old

• Largest Demographic Age Group

• Lucrative Members

• Diverse & Sophisticated Financial Needs


THE DIVIDE

Source: Who Are the Millennials? a.k.a. Generation YDeloitte Consulting 2005


47


”

“Not planning for the long term with respect to Gen Y will leave banks and credit unions in the same position they find themselves in today, fighting for short term profits.

Javelin Strategy and Research Generation Y Banking Behaviors and Attitudes


NEEDS, VALUES & PREFERENCES

• access

• convenience

• simplicity & ease of use

• flexibility

• authenticity

GEN Y


TARGETING GEN Y REQUIRES

STRATEGIC CHOICES

but also requires attention to your:

• MARKET

• PRODUCTS & SERVICES

• BRAND POSITION & MARKETING

• PEOPLE

about your delivery network


KNOW YOUR MARKET

Younger Years Segments Code Members Market11% 8%120 1,42812% 21%123 3,7799% 14%91 2,543

Point 1 - Overland Park

Young Up & Comers

Metro Mainstream

Fiscal Fledglings

Y1

Y2

Y3


REMEMBER, TARGETING GEN Y REQUIRES

STRATEGIC CHOICES • PRODUCT & SERVICES

• BRAND POSITION & MARKETING

• PEOPLE

• DELIVERY


KNOW YOUR MARKET


QUESTIONS?

[email protected]

312-961-0188

THANK YOU

Great Demographic Divide: 6-11-2008

Business

Transcript of Great Demographic Divide: 6-11-2008