Millennials seems to be one of the buzz words heard everywhere today. That is because this group (born between 1980 and 2000) are entering the work force and impacting many markets as the demand evolves from previous generations. Businesses that want to stay at the top of their game constantly need to find ways to market to millennials with increasing purchasing power. Credit unions, such as Tropical Financial Credit Union, are targeting this segment of the population by gaining their trust and tailoring marketing strategies to millennials.
According to Jaques Hart, president and CEO of Roar Media, Millennials prefer hyper-local, small businesses as opposed to the large banks. At credit unions, millennials feel a sense of belonging and trust, that they lose at large financial institutions where they become just another number. Part of the reason for the large distrust of banks is the memories of the Great Recession of 2008 and the feeling of being victimized for multiple unnecessary fees. The negative feeling towards banks drives millennials into the welcoming arms of credit unions where they won’t encounter overdraft fees.
Tropical Financial Credit Union has targeted the 18-25 year-old age group specifically through their marketing tactics, ideas that other businesses looking to do the same should use. Social media, offering contests to win, paying attention to what the demographic specifically wants, and breaking down banking in an easily explained way have helped attract millennials. Additionally, the use of millennial “spokesters” has increased the amount of millennials joining Tropical Financial Credit Union. A spokester is another millennial that is trained by the credit union to represent them to the younger generation.