Introducing the Xennial
It’s time to reevaluate your credit union marketing and note what has worked and what needs some fine-tuning. Financial marketing has focused heavily on capturing the ever-demanding attention of the mobile-first user, especially Millennials. While Millennials will still need a technology-centric strategy moving forward, there’s another nearby generation who are prime for marketing.
The Xennial generation is the micro-generation between Gen X and the Millennials, members born between 1977 & 1983. The generation known as the Xennial is perhaps the last generation to grow up without technology at the core of everyday life, but on the flipside the first generation to embrace it wholeheartedly in adulthood. The Xennial is ready to adopt mobile banking, but will pick up the phone to make a call, or gasp! even stop by a physical branch. They seek a type of personalized member services akin to Gen Xers but are also comfortable with the technology Millennials demand.
Credit Union Marketing and the Xennial
Xennials occupy that credit union member sweet spot where they are looking to increase their 401(k) contributions, are maintaining retirement accounts, refinancing mortgages, paying college tuition, planning for children’s weddings, and more. This is the prime time to market to this generation. We’ve identified several credit union marketing strategies to capture Xennials’ attention:
- Offer savings programs that allow Xennials to build their rainy-day or vacation fund
- Create online videos for easily digestible content, but be sure to have someone at the branch they can call and consult
- Offer multiple investment plans for retirement goals like 401(k)s and IRAs
- Have e-Signatures as an option for closing loans and accounts
- Offer lending solutions that allow them to purchase big-ticket items like a boat or second home that their increasing salaries allow
Reaching the Xennial Members
As you put together your marketing budget, consider focusing on this age group with their key interests in mind. Remember that they grew up with and without technology. Facebook ads, Google AdWords, email campaigns, Twitter, and Instagram are all platforms in which they are fluent. Snapchat may not be the ideal platform to target their attention. Print advertisements and traditional mail are more than just accepted, they’re encouraged. The Xennial is a bridge generation that spans both the analog and digital era. They need to be marketed to accordingly.
Don’t make the mistake of lumping the Xennial in with Gen X or the Millennials. Now is the perfect time for your credit union to pay attention to this niche generation and make the most of your marketing efforts.