SLIDE 1
LENDING & MARKETING ACROSS THE GENERATIONS
Bryn C. Conway, MBA, CUDE
LENDING & MARKETING ACROSS THE GENERATIONS Remain Relevant at - - PowerPoint PPT Presentation
LENDING & MARKETING ACROSS THE GENERATIONS Remain Relevant at - - PowerPoint PPT Presentation
LENDING & MARKETING ACROSS THE GENERATIONS Remain Relevant at Every Age Presented by Bryn C. Conway, MBA, CUDE ABOUT US DISRUPTERS RELEVANT? BACK TO BREAD & BUTTER SUCCESS Relevant at every age and stage Baby Generation X
SLIDE 2
SLIDE 3
DISRUPTERS
SLIDE 4
RELEVANT?
SLIDE 5
BACK TO BREAD & BUTTER
SLIDE 6
Baby Boomers 1946 - 1964 Generation X 1965 - 1980 Millennials 1981 - 1996
SUCCESS
Relevant at every age and stage
SLIDE 7
1. Who they are 2. Loan products 3. Messaging
Baby Boomers 1946 - 1964 Generation X 1965 - 1980 Millennials 1981 - 1996
Success
SLIDE 8
Baby Boomers 1946 - 1964
SLIDE 9
- Optimists • Idealists • Individuals
Age 54 to 72 75 million
SLIDE 10
Good credit and not afraid to borrow! 7 Trillion in buying power
70% of the disposable income
SLIDE 11
Retirement = Travel + Fitness + Fun Life is To Be Experienced! Simplification & Adventure
SLIDE 12
Baby Boomers 1946 – 1964
PRODUCTS
SLIDE 13
28% more spent than younger generations combined $90 billion in auto sales
Freedom • Independence • Love Affair
SLIDE 14
Equity = retirement they want $200,000 avg home equity
Travel • Relocate • New career
SLIDE 15
$1.9 trillion in the next 5 years
Downsize square footage. Upsize the view!
SLIDE 16
Baby Boomers 1946 – 1964
MESSAGING
SLIDE 17
50 is the new 40.
See themselves as 10 years younger
SLIDE 18
Market the experience. It’s about the image, man!
No cardigans or slippers here!
Vibrant • Vigorous • Vital
SLIDE 19
WHY BUY: How does it make them feel?
Faster Horses
Promote Experience over rate
SLIDE 20
Generation X 1965 - 1980
SLIDE 21
49 million | 23% of adult population
Ages 38 to 53 Skeptics • Realists • Independents
SLIDE 22
$142,000 average debt
Worse off than parents
- Recession/Bubbles
- Student debt
- 40% kids under 18
- 25% parents @home
SLIDE 23
Need homes and cars for expanded families
77% Gainfully Employed
Prime Earning Years • Baby Boomer Exit
SLIDE 24
PRODUCTS
Generation X 1965 – 1980
SLIDE 25
27% in the market to buy FAMILY home
Buy most expensive homes Median price is $263,000
SLIDE 26
60% aren’t brand loyal = Opportunity
Auto • Home • Student
SLIDE 27
OPPORTUNITY: Credit report to target.
Loan demand second only to Millennials
SLIDE 28
MESSAGING
Generation X 1965 – 1980
SLIDE 29
Help control financial future
Transparency
Least likely to believe traditional marketing
SLIDE 30
Help! Don’t Judge.
Least likely to consult a financial advisor Debt • Insurance • Savings
SLIDE 31
Raising families • Helping parents • Present & Future
Many Lending Needs
SLIDE 32
Millennials 1981 - 1996
SLIDE 33
42% of the adult population
Ages 22 to 37 Diverse • Connected • Educated
SLIDE 34
Marriage at 27.9 | Home at 33
6 in 10 have student debt $25,500 Average balance
SLIDE 35
$1.3 trillion in spending power!
Pent up demand
Shared economy • Mom & Dad • Scared of debt
SLIDE 36
PRODUCTS
Millennials 1981 – 1996
SLIDE 37
61% plan to buy or lease in next 3 years
Buying Cars
14% 5 years ago 25% Today 23% Next year
SLIDE 38
First time home buyer programs
70% want to buy a home in next 5 years 32% of homebuyers
SLIDE 39
Mobile payments & rewards: Must have!
23% carry cash
On average only $5 a week
SLIDE 40
MESSAGING
Millennials 1981 – 1996
SLIDE 41
See
66% follow brands on social media
Company on social media = trustworthy
Product reviews are key!
SLIDE 42
Direct Mail
Most likely of all generations to open
SLIDE 43
Expert advice • How to survive a crisis • Local
Relevant • Concise • Understandable
Only 20% find financial content interesting
SLIDE 44
Use the power of referral to reach Millennials
Love of community
90% have bought because of family or friend
SLIDE 45
Baby Boomers 1946 - 1964 Generation X 1965 - 1980 Millennials 1981 - 1996
SUCCESS
Relevant at every age and stage
SLIDE 46
Resources
Generating Loans by Generation CUES Credit Union Management Magazine, February 2017.
SLIDE 47
LENDING & MARKETING ACROSS THE GENERATIONS
Bryn C. Conway, MBA, CUDE