Show Your Millennials They Matter
September 4, 2015
From the beginning, there was a stigma that came along with being a millennial. We were classified as entitled, narcissistic and to be riding on the coattails of our parents success. But what are we really? We’re determined to succeed, to get an education along the way, hopeful the future is positive, extremely mobile and most importantly, engaged online. We grew up with MySpace (gasp!), were some of the first to be on Facebook, latched onto Pinterest & Twitter and eventually came to appreciate LinkedIn.
Tip: Millennials are social. We want brands that are social too.
When I first started at Geezeo, there had to be a dozen credit unions advertising at me on Facebook, just because I worked with them to provide a seamless financial management experience for their members. These credit unions didn’t offer me anything extraordinary, but they started the conversation. I wasn’t ready to “buy” from these credit unions, but 2 years and a wedding later, I was and I knew what I wanted. I wanted value and a great digital experience.
We Millennials place heavy influence on word of mouth, especially through this thing we call social media. We check out reviews and ask our parents, friends and peers for additional insight or input. What does this mean? If I have a fantastic experience with your brand, I’m 70% more likely to come back all while influencing everyone I know. If I have a terrible experience with your brand, along with 55% of Millennials, I will yell it from the rooftops (I literally like rooftops. There is nothing like a party on the roof) & my friends and followers will also know. That would not be so good for some brands.
The fact is, the only positive thing I can say about my new bank is it’s digital (I haven’t set foot in a branch in 3+ years). In the last 3 years, I’ve bought a car, gotten married, bought a house and started my MBA journey. In no way did my digital bank help my husband and me purchase our first home, nor did they help finance our wedding or my grad school classes. They have never personally engaged me, and based on their track record, I’m not sure they ever will. Yet, through Facebook and Twitter, countless other brands offered me their services. Why not you, Mr. Digital Banker?
Keep in mind, we Millennials have tremendous spending power. In fact, by 2020, we’re predicted to spend upwards of $1.4 Trillion. When I direct deposit my paycheck to my checking account and give my bank direct insight into where and when I spend or if I don’t spend at all and choose to save. They don’t offer me a single product or service. My bank simply holds my money. They are not engaging. They are not social.
Tip: Millennials want you to proactively market to them.
Millennials want to matter. Financial institutions have the unique opportunity to support millennials through most if not all of the financial milestones during their lifetime. Take advantage of that opportunity. Be the financial institution that engages & shows your millennials they’re important now and in the future.
That over-confident & entitled Millennial
Product Marketing Manager, Geezeo