Youth Marketing is Focus of New CUNA Marketing & BD Council White Paper

CUNA Councils
December 28, 2009 | COMMENTS

“Youth Marketing: Strategies and Tactics for Attracting and Retaining Young Members” is the latest white paper from the CUNA Marketing & Business Development Council (CMBDC).

It is no secret that the average age of credit union membership is steadily declining. As the US population turns grey, they're not being replaced by younger members. Perhaps it is because the benefits of membership are not sufficiently attractive to the younger population. Or perhaps, credit unions are not offering services that the younger generation wants.

This white paper discusses youth marketing/communications planning and strategies, tools and tactics, communications with young people and ways of measuring success. It includes 10 case studies featuring credit unions that are successfully attracting and retaining young people through effective marketing and communications programs.

Many credit unions now offer youth programs, both because fostering financial literacy among young people is the right thing to do, and because they hope to create lifelong members whose relationship with their credit unions deepen over time.

Lauren Mayhew, marketing director at Daviess County Teachers FCU in Owensboro, Ky. who is cited in this white paper says that “we have to attract young members before they reach borrowing age, so when they do reach it, they'll think of us.”

This statement is echoed by Sean McDonald, vice-chair of the CMBDC and director of business development, Liberty Saving SFCU in Jersey City, N.J. who adds “it's important for youth that we get to them at a young age so they can understand the importance of saving and managing their money.”

CUNA Council members are entitled to complimentary copies of these and more than 200 white papers; non-members may purchase the white papers for a price of $50 per copy.

The paper is available online in the white paper section of each council site – select the “Marketing & BizDev” tab.