I've written in the past about how credit unions can better reach millennials. The truth is, the millennial opportunity is a well-known one for credit unions. The generation shows a high loyalty for socially responsible, community-oriented brands and are willing to spend more supporting those brands. Contrary to popular belief, Pew Research indicates their top priorities are being a good parent among other family-oriented concerns. Credit unions and millennials should be a match made in heaven.
However, credit unions continue to struggle to reach this elusive segment. Within the generational cohort exists an emerging new segment that could be a new opportunity for credit union marketers: the millennial dad.
Redefining the role of dad
With 100 million millennials in the U.S., many are growing into adulthood and with this aging demographic cohort comes a new definition of dad. Many studies find millennial dads to be far more involved in household shopping and decision making as well as spending more time with their kids and involved in the family planning process than their predecessors.
Pew research echoes this changing trend in "dad" across demographics with the number of stay at home dads doubling over the past 20 years.
With this shift in the role of dad comes a new opportunity for credit unions to be present and help a new generation looking for the information to plan their family needs.
The online super-dad
According to a report from Google,
"88% of millennial dads feel it's at least somewhat important to be 'the perfect dad', a higher percentage than millennial moms feel about their own role."
Among the largest opportunities for credit unions are location-based searches, think banks near me, financial advisor near me etc.
"Near me" related searches across demographics has increased 34x since 2011, doubling since last year alone according to Google Trends data.
The way millennial dads go about achieving their "super dad" goal is being involved and finding the answers to 'go', 'do' and 'buy' moments instantly, online. But the same report finds that nearly 70% of millennial dads feel there isn't enough content online that answers their questions while being dad focused.
Read: content that answers "what dad's can do to prepare for baby's college fund,' etc.
Credit Union Content Marketing Opportunity
Credit union's have an opportunity to be present for a new generation of millennial super-dads by creating and producing the content they're seeking in a dad- friendly, dad-centric way. With nearly 60% of millennial dad's using smartphones to conduct their searches, mobile friendly content is crucial. These 'do', 'go' and 'buy' moments represent micro-moments and winning them with millennials create lasting loyalty.
Credit Union Takeaways
- Millennial dads are an emerging market opportunity
- Reach them with dad specific content that empowers them in the family planning process
- Build content mobile first