Three marketing steps to attract millennials and millennials

By Doug Wilber

Mall traditional banks are struggling to attract younger customers today. Gen Z and millennials are digital natives, and their preferences for virtual convenience don’t falter when it comes to banking.

In a 2021 survey by EY, nearly half of Millennials and Gen Zs surveyed named a fintech company as their most trusted financial institution. In another recent report from Chase, nearly all of those generations polled said they used mobile banking apps to do everything from making deposits to checking credit scores. A younger audience is online and wants their banks to be too.

As Millennials are currently the largest group of home buyers and Gen Z becomes more active in the market, banks that cannot appeal to them risk losing important business opportunities as more people are turning to fintech options and direct digital alternatives. Already, 70% of millennials have said that a digital mortgage process will impact their decision to lender.

So how can traditional banks attract younger customers and stop wasting major opportunities? The following steps can help you:

1. Humanize your brand

Up to 88% of consumers consider trust to be an important element when deciding which products and brands to buy. Confidence plays an even more important role in the banking sector given the sensitive nature of finances. For millennials and millennials, banking isn’t just about technology; it is also about building relationships of trust. And your bank employees are your best trust assets.

Give your brand a human face by allowing your employees to connect with a younger audience where they are – on social media – with a social selling strategy. This method is about giving your employees the guidance and resources they need to step up to millennials and millennials with relevant and branded messages from their own social media accounts.

2. Focus on financial education

Young people are constantly inundated with misguided or misinformed financial advice from TikTok and other sources. Even well-meaning family members and other older mentors can inadvertently give out irrelevant or outdated information as options for savings, retirement, loans, and other financial needs have become more sophisticated.

Your bank can help fill the education gap by sharing useful, compelling, non-promotional financial information. For example, a younger audience might appreciate a guide for new investors, a step-by-step student loan repayment plan for new graduates, or first-time home buying information for newlyweds. Online banking can offer speed and convenience, but they’re not the guide young people need to make smarter decisions about saving, borrowing, financial planning, and more. This is where traditional banks can build trust and find their greatest competitive advantage.

3. Personalize your digital marketing

Young customers expect and reward brands that deliver a more personalized experience. In fact, 41% of Gen Z surveyed by WP Engine said they would share their data in exchange for more personalization. In banking, digital customer experiences need to be tailored on an individual level to attract younger customers.

Paid social media advertising is a great way to get your loan officer’s message directly to those who will find it most valuable. Consider the educational content discussed above, for example. You can customize paid social media ads based on interest, geography, and age, so you can target a student loan repayment plan guide for people in a college district who have recently graduated. This form of targeted outreach is much more effective than general tactics like television or outdoor advertising.

Landing pages are another great option for personalizing the digital customer experience. Create a landing page on your website for each guide and display the content behind an information request form. Visitors can enter their contact details in exchange for the content. Loan officers can link to relevant landing pages from their social media posts, then collect visitor information for a personalized tracking approach.

With the right technology, banks can match the speed and convenience of fintech services. But the real competitive advantage lies in building relationships and fostering trust. Meet Millennials and Gen Z where they’re online with a personalized approach and specific value, and your bank will be at the top of their list for their next financial need.

Doug Wilber is the CEO of Denim Social, a social media management software company that provides tools for marketers in regulated industries to manage organic social media content and paid social media advertising on a single platform. .

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