BANKS AND CREDIT UNIONS: MARKETING TO MILLENNIALS

The millennial generation consists of more than 75 million people who were born between the early ‘80s and late ‘90s. Therefore, banks and other financial organizations that fail to properly market to this segment of the population will miss out on a huge opportunity for profits and long-term growth.

But how should you market to millennials, and should your strategy be different from your traditional promotional plans? With big banks being most successful when it comes to not only acquiring but also keeping millennials loyal, it’s imperative to get your bank ahead of the curve.

What Should You Know About Millennials?

  1. One thing you should keep in mind when it comes to millennials is the fact that this generation grew up with technology at their fingertips. They use services like Netflix and Amazon every day, and they spend hours on social media sites that range from Facebook and Pinterest, to Snapchat and Twitter. Because technology plays such an important role in their everyday lives, millennials expect their bank to provide them with a user-friendly website for things like checking balances and making transfers. And they also prefer using their mobile devices to do everything from depositing checks to paying expenses.

 

  1. Millennials express themselves online, and they expect to be treated as individuals as well. Plus, they’re used to receiving customized recommendations based upon their likes and purchase history when shopping or using online services. So, in addition to establishing a brand presence on social media, it is also important to use data collection and analysis as a means to deliver personalized, real-time messaging that millennials will respond to.

 

  1. On top of preferring tech-savvy companies, millennials want to be able to trust a business, including their bank. Therefore, in order to be successful, you need to prove your authenticity through your messaging. Providing millennials with valuable financial information and tips that are easy to access will also help build your credibility and make you a source that they can turn to.

 

  1. Millennials are often willing to support brands that aren’t solely concerned about making profits, and many of them care about issues that are bigger than themselves. So if you can prove that your company is working on improving the world in some way, such as through charitable work, you can use that to gain an advantage over your competition.

 

How Can You Figure Out the Right Messaging for Millennial Customers?

Delivering the right message is key when marketing to millennials, and one way to go about doing that is by analyzing data about your customers. You may, for example, look at purchase behavior via credit and debit card transactions to determine if a millennial consumer would be in the market for specific products or services. Or you can check out the pages of your website where a customer spends the most time in order to determine their financial intentions. And you can also look at a customer’s account holdings and monthly expenses, which might include rent, a mortgage, or a loan.

As an example, if a customer doesn’t have a mortgage but has a medium sized balance in their savings account and has recently viewed your web page regarding acquiring a mortgage, you could make the assumption that they’re saving up for their first home. You can then use this information to deliver relevant messaging about your mortgage offerings. Your messaging could also include other helpful information that can guide them as they prepare to make such a big purchase.

What Are Some Ways to Engage with Millennials?

There are a number of ways that you can connect with millennials, especially online:

  • Create a strong presence on social media. This means actively posting about the products and services that would appeal to the millennial generation, as well as searching for posts where consumers are talking about your business. Answer questions and provide customer service.

 

  • Prove your trustworthiness. Millennials like doing a lot of research before making a buying decision, so it’s important to know what’s being said about your brand online via social media posts and reviews. Search out reviews that are already out there, and politely respond to any negative reviews to prove that you care. You can also increase brand awareness, visibility, and credibility by getting social media influencers on board to talk about what you have to offer.

 

  • Focus on providing experiences, as well as products. Millennials are all about experiencing everything that life has to offer. Provide a unique experience for those who visit your branch, as well as those who visit your website. Sponsor fun live events that will get your name in front of more millennials. Set up entertaining contests to get people interested and involved, and offer special deals that distinguish you from the competition.

Get Ready to Get Creative for Millennials

In order to appeal to millennials, you need to be creative and think outside the box. Traditional marketing tactics will only get you so far before you need to start catering to the needs and expectations of a generation that’s focused on experiences, diversity, and supporting worthy causes.

With the right data on hand, you can create the right messaging and establish the appropriate online presence to attract and connect with millennials, as well as convert them into loyal customers who will be excited to tell everyone they know about you. But if marketing to millennials becomes too much of a challenge, contact us for a free consultation. We can help you come up with the ideal strategy to promote your products and services to this unique generation.