Not only did they basically grow up with cell phones, these consumers also get married, have their first child and buy their first home later than previous generations.
Denver, Colorado (PRWEB) November 16, 2015
“Millennials are distinctly different than Boomers or Gen X,” said Greg Sultan, Customer Communications Group senior vice president. “Not only did they basically grow up with cell phones, these consumers also get married, have their first child and buy their first home later than previous generations. Shaping communications to their preferences can keep this potentially profitable audience loyal to financial institutions.”
1. Millennials’ Mobile-Loyalty Connection
One-third of Millennials have cited excessive service fees, real or perceived, as the single main reason they switched banks. Banks’ mobile apps might change that -- despite being a more likely group to use mobile banking, surveys have shown that almost a quarter of Millennials were not aware their bank offered a mobile app.
Step: Promote the no-cost aspect of bank apps in Millennial-preferred channels: social media, television ads and, especially, word of mouth.
2. Beef Up Digital
Not only are mobile apps important, when it comes to urgent notifications like messages about suspicious transactions and overdraft alerts, texts are better than email for Millennials. Plus, they expect to choose how they receive different kinds of information, so it’s critical that websites include a comprehensive preferences center.
Step: Forgo the business card and encourage employees to connect with younger customers on LinkedIn.
3. Keep Design Fresh
Skip long blocks of text with endless detail. Whether it’s an email newsletter, website landing page or product brochure, plenty of infographics, pictures and videos help Millennials scan quickly and absorb easily.
Step: Use responsive web design to provide an optimal viewing experience across a variety of devices, including laptops, tablets and smartphones.
4. Protect Brand
Millennials are more likely to connect with a bank across a variety of channels, such as depositing checks via a mobile app, following bank posts on social media and logging into an online account to pay some bills. More than ever, messaging and brand identity need to remain consistent across all marketing channels.
Step: Offer value-added content educating Millennials on financial topics — become a trusted resource, not just a place for their checking account. And it helps banks stay top-of-mind during the Millennials’ longer-than-average purchase cycle.
How many Millennials are in your customer and prospect base? Which age group or audience segment holds the most profit potential? Find answers to these questions in Have You Scored Your Customers Today?
For a complimentary, no-strings-attached discussion specific to your bank marketing, email Greg Sultan or call 800.525.0313, ext. 122.
Customer Communications Group (CCG) is a full-service customer relationship marketing (CRM) agency that helps Fortune 2000 retailers and financial institutions improve their bottom lines by improving their customer relationships, loyalty and retention.