Using Marketing Strategies to Advance Millennial Prospects at Credit Unions in Jamaica

• Main Author: Edwards, Minetta
• Format: Others
• Language: en
• Published: ScholarWorks 2018
• Subjects: financial literacy; marketing; millennials; product; technology; Advertising and Promotion Management; Marketing
• Online Access: https://scholarworks.waldenu.edu/dissertations/5003; https://scholarworks.waldenu.edu/cgi/viewcontent.cgi?article=6282&context=dissertations

Content of marketing strategies not only appeals to consumers based on their demographics and identity but consumers can also respond more positively to marketing strategies that target their purchasing behaviors. The purpose of this qualitative multiple case study was to explore how financial advisors at credit unions in Jamaica are using marketing strategies to advance millennial prospects, in an environment where consumers recognize commercial banks as the dominant institution in the financial industry. The conceptual framework for this study was the sustainability theory, with a direct focus on economic sustainability. The data collection process involved semistructured face-to-face-interviews with 5 financial advisors from credit unions in Jamaica to explore marketing strategies they used to increase the sale of financial services to millennials to improve their businesses' performance. Analysis of the audio recordings and hand-written field notes included methodological triangulation and grouping information into themes that were prevalent in the data. The coding process yielded 5 major themes -marketing strategies and funding, financial literacy, the impact of information technology, product design, development and modification and measures of success. The study results provided by the financial advisors to millennials could show how marketing communication strategies can contribute to millennials' financial literacy and enhance their financial stability and extend their economic sustainability.