Oct. 16, 2008 at 1:16pm

The hipster way to finance

Posted by Kacie McKinney in Choose the Right Target Audience, Differentiation is Key
Comments (1)

What do organic carrots, Macs and The Flaming Lips have in common with credit unions?

Well, a lot actually.

Hmm…interesting stretch you say. But let me connect the dots.

Credit unions have such a fun demographic opportunity sitting right in front of them, and not all are taking advantage of it. There is a target audience out there waiting for someone to come pick them up and throw them into the credit union movement…who will do it first?

You know the type…they shop at co-ops like REI , ride their bicycle to the local co-op grocery store, spend weekends at independent music festivals, buy organic cotton clothing from a local artist and bank at the commercial branch downtown with the same account their parents set them up with when they were born. Wait, what was that last one?

Doesn’t fit the category, does it?

Often called a hipster, this type of person I’ve described sees the advantage of shopping locally and taking a step away from the “mainstream.” They believe in living the cooperative and independent, alternative lifestyle.

So why not show them that their financial choices can fit this lifestyle, too?

Apple Computers is doing something right to reach out to this demographic. No matter how hard it tries, Microsoft can’t even come close to the brand Apple has created for those loyal to it. Apple has successfully reached this demographic through the music in its iPod commercials and its “Get a Mac” campaign.

In fact, it’s worked so ingeniously that Microsoft can’t even come close with its “I’m a PC” ads. No matter how much Microsoft wants to smash its boring, business stereotype into little pieces—it’s not going to work.

What can credit unions do to snag this audience? Here are some ideas from a 20-something herself.

Don’t be fake. This educated demographic tends to sometimes shun the corporate world and can smell when someone isn’t honest about their beliefs. Don’t engage in a campaign that is outside the credit union’s beliefs and values.

Team up with a local, independent band. We live in the Seattle area. Where is better to find great local bands? And how cool would it be to have them playing in your lobby or a TV commercial?

Get the local grocers involved. Hand out reusable shopping bags with your logo. Combine with a food co-op for your next campaign or plan an event that involves both of you.

Find a local artist. Get a local artist to design one of your debit card options or checks. Feature some of their artwork in your lobby.

Become one with the target audience. Make an appearance and host a booth at a local music festival. Think about where they will be, and be there.

They’re waiting for you. Last one there is a Steve Ballmer.

Comments (1)

As a long time BECU customer, I love the convenience of being able to draw out money at the ATMs of other Credit Unions with no fee and no penalty. For example, I can take out cash at the Alaska Credit Union ATM at Safeway. Obviously, I love the Mac analogy because I am also a Mac fan.


1 | Left by Fern Valentine | Oct. 16, 2008 at 2:49pm