Why MyLifeMyMoney is great for the CU Industry (And possibly even better for Currency Marketing)

There is a lot of talk about the rip off job Resource One’s MyLifeMyMoney campaign did on Currency Marketing’s Young & Free efforts which are live in Alberta and Texas. It has created quite the buzz around the CU blogosphere and in case you’ve been living under a rock, you can go here and here to catchup with all the happenings.

My Take: This is exactly what the CU industry needs to better understand how to reach Gen Y

Yes. Anyone blessed with sight can easily tell a quality difference between what Currency Marketing is rolling with and what Resource One has put out there. It’s honestly pretty sad if you put the two side by side. But beyond aesthetics, this campaign has the opportunity to offer a ton of insight into many questions out there about this type of campaign (Some of these I now realize where even asked by Jeffry Pilcher in his post breaking this story.):

  • Does the quality of the spokester search campaign effect the quality of applicants?
  • Is the spokester more important than the infrastructure?
  • Is a part timer (MLMM) more or less effective than a full timer (Y&F)?
  • How much traditional media is needed to accompany one of these campaigns?
  • Is a 200k* budget required to effectively reach out to and participate with Gen Y?

From strictly an industry perspective, you should be rooting for this campaign to work. You want to think that you don’t need hundreds of thousands of dollars to be relevant to Gen Y. You want to think that if you can just make a little effort, you can make headway in this space.

Currency Marketing could come out the big winner

As much as it sucks to have your hard work ripped off, if I were at Currency, I would be very excited about how this is currently playing out. If the MLMM campaign is doomed to fail (as everyone predicts), then Young & Free just became a heck of a lot more valuable. Resource One will have provided the case study that participating with Gen Y is no easy task, and just hiring a Gen Y-er and giving them some cool gadgets won’t do the trick. They will have proved that you NEED the experts of Currency Marketing. And that will be 200k*…please pull forward and pay at the first window.

Don’t get me wrong, I definitely feel for what Currency Marketing is going through, but I think it’s a great thing for the industry and could have a huge silver lining for Young & Free.

————

* I don’t know what the exact numbers on a Y&F rollout are. They have been mentioned in the hundreds of thousands of dollars by various sources.

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2 comments so far

  1. Morriss Partee on

    The answer lies in-between. For some CUs, a Y&F level campaign is appropriate. For other CUs, there are scores of other ways that social media can be used to engage and connect with GenY and the online world. A large budget is definitely not required, especially if your CU is a smaller one. Unfortunately I think for R1, they have misstepped into a grey area that might be the worst of both worlds instead of the best. They are attempting to go on a route that requires a certain degree of budget instead of forging a new ground which effectively uses social media in a different way that doesn’t require the kind of resources that a successful Y&F campaign does. But perhaps R1 will be successful, it’s too early to tell yet.

    CUSkeptic, glad you are back and making hay before your grand unveiling at the Partnership Symposium.

  2. James W on

    I’ve talked about this on a few blogs till I’m blue in the face… but….

    As a gen Y-er:

    I don’t find the ‘ripping off’ offensive.

    I find the actual site ‘offensive’. It’s quite clear to me that it’s been devised and written by a 30/40 something, intent on getting my business.

    It was even worse when it was first launched, before they picked up on criticism from The Loop.

    For home grown Gen Y campaign to work, and I mean really work, you need to have Gen Y people in control… otherwise it just feels plasticky and fake.


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