Page 52 - Ramco JO SACCOStar _Vol 50.indd
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OPINION
POSITIONING SACCOs for
MILLENNIALS and GENERATION Z
By Carolyn Akariza Mwenda The inclusion of financial wellbeing would greatly enhance
mental wellbeing. So, in fashioning or developing housing
As children, they seem ungovernable; as employees, products, it may be worth noting the fact that “they” may be
they appear to be un-manageable and many will not, easier convinced to join in if the house purchases will be done
for a minute, consider a job for more than a few months, in groups rather than individual purchases.
if not weeks; when it comes to saving for a rainy day, they would
rather dance in the rain. One is inclined to conclude that they When it comes to learning and development, they seem to
live for today and let tomorrow cater for itself. prefer honesty and authenticity. They are least interested in
a sales pitch. They prefer listening to someone who has been
How then would they be convinced to join a SACCO? What through the battlefield, failed or lost, and the lessons they learnt
compelling reasons would convince them that membership in a from their battles. They want to hear from those who have tried
SACCO would benefit their future? severally before finally getting the winning shot. They are averse
to those who only want to paint success stories. We are therefore
They are the so-called millennials and Generation Z. What called upon to seek out the war stories that have led to growth
drives them? and change, for which the SACCOs are responsible.
These two generations live and grow on the World-Wide-Web. Seeking out the millennials need not be a tedious and mind-
They share their lives on the internet and tend to seek advice or boggling process. They appear to like the simple things in life, so
solace over the internet. They shop on the internet. If something maybe the SACCOs should consider:
is not on the internet, then it may not exist. So, for organisations
intending to engage them, having a non-interactive website 1. Interactive and informative portals where they can sign up
would be a good starting point. In order to engage them online, and complete the membership registration process quickly,
it seems advisable for a SACCO to ensure that its website allows seamlessly and without leaving the comfort of their homes,
for a simple and complete registration process, combined with phones, or iPads. They may also require the support of an
online assistance if the prospective member has any questions. officer, preferably a machine, that will provide additional
The registration process should require as basic information support and information in case they require it. A mobile app
as possible from the potential member, and assistance offered might just win it.
should preferably be in the form of a chat-bot - a call centre, at
the very minimum. A comprehensive FAQ section might also be 2. Developing and highlighting products that allow them to live
quite attractive in order to save them the time that might be a life of adventure and fun.
potentially wasted calling someone for assistance.
3. For investments in real estate, creating investment
Spending Patterns opportunities that will allow them to create holistic
If we assess what drives the millennials and Generation Z by use communities that promote physical, mental and emotional
of their social media pages, it will probably emerge that regular health, while generating wealth.
travel is one of their regular investment. They want to see the
world and experience different cultures. There are organisations 4. Offering conversation sessions instead of trainings that help
that have built a successful model around this need. A SACCO leverage on the learnings of others.
that has products that help their members save up for travel
might be more attractive to our younger generation, and such Carolyn Mwenda is the Head of Marketing at Andersen Tax, Kenya:
products should therefore be highlighted or emphasised carolyn.mwenda@AndersenTax.co.ke
during talks with the millennials. Products that give them an
opportunity to win shopping vouchers linked to the latest Andersen Tax, Kenya is a member firm of Andersen Global. Andersen
fashion shops might just be a ‘plus’ Global is an international association of legally separate, independent
member firms comprised of tax and legal professionals around the world.
Their vision for better living is centred around holistic living, Established in 2013 by U.S. member firm Andersen Tax LLC, Andersen
eating organic food, as well as living in a supportive community Global now has nearly 5,000 professionals worldwide and a presence
that would enhance physical, emotional and mental wellbeing. in over 167 locations through its member firms and collaborating firms.
50 | SACCO Star Magazine
