Who Dey...

In case you are unfamiliar with the phrase "Who Dey"....it is for the Cincinnati Bengals!!

I am a true fan...hard to say, I admit! But a fan nonetheless!  Typically our best part of the season is pre-season.  We have been involved in two Super Bowls-- losing both in exciting fashion.

My post today talks about the pending trade of our former "franchise" quarterback to the Oakland Raiders for several 1st round picks and a starting linebacker.

The story is not really about the actual trade...but the implications of "why" the trade is necessary and what is means for your institution.

First, Carson Palmer was tired of losing...so he said, "trade me or I will retire."  He retired.  The Bengals drafted a rookie quarterback, Andy Dalton, is the 2011 draft...and he has been tremendous.  Many fans were worried that if we let our old quarterback go that the young quarterback just wouldn't be able to deliver.  He has.

So now the transition to my point...most of the banks and credit unions have an aging customer base and are hesitant to truly reach out to the Gen Y group with any sort of gusto.  We have a fear that our current customers won't "get" our messaging or that the young customers "just won't be profitable."  We HAVE the make the move... just like the Bengals that faced an agonizing decision.  For the benefit of your organization and for the future of your deposit and loan generation, you have to begin the transition.  Now, I am not advocating a "trade" of customer for customer...but certainly a most focused approach to reaching out to the Gen Y group.  We have to go where they go...which is not necessarily the branches...and use the tools they use...social media and referral networks.  Here are four steps to take:

1. Segment your customer and marketplace into demographic and psychographic groups
2. Segment your messaged to match the groups
3. Be even more dimensional in your marketing strategy (and then your advertising, too)
4. Embrace the changes and focus on retaining your current customers while onboarding and welcoming your new customers

The transition will be bumpy and you may have questions along the way.  However, you will be better off in the long-run and the short-run may also bring unanticipated benefits!!

Need help?  We can show you the ropes and help manage the process...you have an expert in your corner with MarketMatch!

Cheers!

Bruce