Look for the Gen Y label

By Nala Henkel

This happened Sunday night.

Can't remember what my girls and I were watching on TV, but Dara (14 years old) suddenly asks "What are baby boomers?" and I explain it. Dara asks why they call people that and I explain demographics and the different groups. I tell them how their grandpa was in the G.I. Generation, their grandma is in the Silent Generation and their uncle is a Baby Boomer. I am Generation X.

I tell both Taylor (16 years old) and Dara that they are part of Generation Y. Taylor says "I'd rather be a part of Generation Z. It sounds cooler." (She learned a little bit about demos in school.)

We chatted a bit more, and Taylor's overall take was this: Each person is different, and even though she can see how large age groups can have life experiences that shape their thoughts and opinions as a whole, she's cynical about companies that make assumptions based on generalizations (she didn't say it exactly that way, but that was the gist of it.)

That's why I believe terms like Gen Y should be kept as internal labels—instead of product or website names—because they are labels. And no one really likes to be labelled.

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Social media round-up: financial institutions, Generation Y and the Interweb.

By Tim McAlpine

More financial services organizations are jumping into the social media fray these days. Here are the latest batch of initiatives you should check out.

RBC p2p (Business to Consumer)

The RBC p2p site launched in late September 2007. Canada's largest bank, the Royal Bank of Canada, conducted a national search to find six university students to write about financial services. The lucky six have been selected and will begin blogging and vlogging on March 1, 2008.

This is a bold initiative from a very large financial institution. RBC p2p has a very clear target market and six young people that are ready to get started. This program has the potential to humanize a huge bank and appeal to a new generation of potential customers.

It appears that the bloggers will be primarily discussing money matters which might be pretty boring to follow and may not produce many blog comments. The site feels a little too corporate and also feels very proprietary and controlled. During the audition phase, comments weren't allowed which made for a very one-way conversation. A closed video system confines viewing to the microsite which will limit linking and embedding and stifle any viral potential. Since there is no product tie in, success and ROI may be difficult to measure and prove. I am also unsure how authentic and real this program will ultimately feel to young people.

RBC is to be applauded for embracing the social web and going where none of its big bank competitors have dared to go.

Agent4Change (Business to Consumer)

Agent4Change was just launched this week by Credit Union Central of Alberta.

CUCA is looking for a young person who wants to make a social or environmental change in an Albertan community.

The winning Agent4Change will be between 18 and 24 and be chosen online through a public vote. The lucky winner will be compensated with $20,000 in consulting fees along with an Apple laptop. Young Albertans will be encouraged to apply by creating a YouTube video and submitting an application online.

The basic premise has been proven to work in Alberta with Common Wealth Credit Union's Young & Free Program so it shouldn't be a problem to attract submissions. The environmental and social spin is smart and should connect with Generation Y.

I am curious to see how two similar initiatives in the same credit union system will coexist. They are actually very complementary and CUCA has asked Common Wealth's Larissa Walkiw to be one of the seven judges.

CUCA has put together a very interesting social media campaign. I know how difficult it can be to get every credit union in a province to agree on a concept. Well done. It will be fun to watch.

What Money Means (Business to Consumer)

This is a fun scholarship promotion put together by Oklahoma's Tinker Federal Credit Union. Scholarship applicants are asked to create and upload a video that expresses what money means to them. The top eight submissions will be voted on by the public and one lucky student will receive a $2,000 scholarship. Video applications are due by March 14, 2008.

The design of the site is fresh and simple. The use of original photography is refreshing and professional. For the applicants and the visitors to the site, it would be nice to see the applications as they come in. It would be a shame to put all the effort into making a video and never have it displayed unless you make the top eight.

I will be curious to see the applicants and watch the voting. I wonder if the prize values will be enough to draw in the numbers?

This is a great idea and far more interesting than the typical credit union scholarship application process. The PR potential and brand awareness with this approach far exceeds anything your credit union could garner with the typical short essays and application forms.

Bravo, TFCU!

Project New Age (Business to Business)

Project New Age is a Generation Y educational and credit card services marketing site from PSCU Financial Services, a large US CUSO. The site keeps tabs on current Generation Y marketing trends and provides useful information for credit unions looking to connect with young people.

The site combines useful information with some fun entertainment. The blog is kept up to date and highlights current youth-oriented campaigns and marketing trends.

Although the blog is kept up to date, there are zero comments which either means people are unaware of the site or the content is not resonating.

That's my quick take

More and more financial institutions are beginning to utilize social media to connect with potential young members. This is great. As the social web matures, we'll see more creative and original uses of the tools at everyone's disposal.

I would love to hear what you think of these new social media initiatives.

Am I a man?!?

By Nala Henkel

Let's start with the fact that I AM a woman. But here's what has led me to my marketing gender confusion:

1. I own five lonely pairs of shoes. Four pairs for mostly practical reasons and one pair of runners.
    
2. I really, truly, deeply don't like the term 'soccer mom.' I don't know why, but I'm sure it can't only be because I detest soccer.
    
3. I set up my home entertainment system.
    
4. I know who 'Gravedigger' and the '12th man' are.
    
5. What is a pumice stone for?!

I don't say this to start an argument about stereotypes, or to take on the many women who proudly wear the 'soccer mom' label. I simply make the point that dividing individuals by age, income, occupation and gender is not the only way to determine who to target with your next campaign. I see plenty of shiny-happy-family faces in ads and posters, so I know this still happens.

If you have a new product that you think women 40+ will love, or teens 17 to 25 will flock to, terrific. Next, talk to those groups and see if they really need or want that product. If so, fantastic!

But you're not done.

Talk to those same groups and find out how they live their lives. This may sounds like an impossibly huge task, but it isn't. You'd be surprised what a simple five-question website poll will uncover. Or what key learning can be had by having your front-line staff ask a couple of questions. I always have time to chat while I'm doing my banking, and if the member services representative asked me to help out with a two-question poll of the day, I'd love to.

An alternate approach to segmentation

An interesting alternative to standard demographics is the Filene Research Institute's Why Choose a Credit Union? An Ethnographic Study of Member Behaviours, published in 2007. It looks at people from a financial needs perspective instead of the traditional age, gender and income categories. It would be great if Filene continued the research, expanding beyond the 40 credit union member sample size. I myself am 'learning and growing.' There is a fee for non-Filene members to purchase this report.

For real simplicity, try googling 'psychographics.' Psychographics is the use of demographics to study and measure attitudes, values, lifestyles and opinions. For example, you can learn the ins and outs of appealing to non-aggressive conformists (sheep).

But the best advice is talk to your members. They're real people with specific wants and needs. They are the best research candidates you could invest in. They'll answer you, I swear on it. Especially if you share with them what a pumice stone is for.

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