I recently opened a new account with First Entertainment Federal Credit Union out here in Los Angeles. I didn’t do this because they were offering me the best loan rates or mobile banking platforms. I didn’t even do it because they were offering the best checking and savings rates. Those were the basics. Those were elements that EVERY financial institution I looked at offered. I did it because we had opened up our kids’ accounts there. And we did that because they were offering something NO ONE else was: a 5% return on the first $500 our kids saved with them. That rate was above and beyond what I found at any other credit union or bank. It was a “special perk” that they offered for their youth members, and it stood out to me and my wife.
I am not writing about this to promote my company’s youth marketing program. Heck, they don’t even have our Money Mammals youth marketing and education program at First Entertainment. I just want to make the point that it’s absolutely essential for marketers to think about how they can differentiate themselves from the pack.
The importance of doing something different should not be taken lightly. That’s just my two cents for this America Saves Week and National Youth Financial Literacy Month.