Millennials are now the largest generation of consumers in the world.
Born between 1977 and 1995, this generation is 77 billion people strong in the U.S. and makes up 24% of the country’s population. That is a lot of buying power to harness, but traditional marketing tactics don’t always work with this generation. They shop differently, research differently and live differently than their Baby Boomer parents.
Millennials have grown up with digital, and it is no surprise that 93.9% of millennial respondents have a smartphone, according to the Project Catalyst survey. They rely on their phones heavily and use technology in ways that enhance their everyday lives. This generation also wants to digitize all commerce through their mobile device. So what banks should do?
Make Mobile Technology a Priority The only thing they see is what is on their screen – not the people they’re about to walk into or the cars that barely missed hitting them as they crossed the street or parking lot. Go To Them Getting their attention means reaching out to them in their own environment. Gone are the days when a postcard offering something free is enticing enough to open an account or visit a branch. You have to market to them where they are. Word Of Mouth From Parents & Peers Millennials are a very social generation. They like to eat, shop and do almost everything else in groups, and they are much more likely to make purchasing decisions based on feedback from friends and parents. Believe it or not, a recent study indicates that 85% of Millennials think of one of their parents as their best friend. Market to their parents. Hold seminars geared to parents on topics like helping kids budget, saving for college, how to fill out student loan paperwork, etc. If you can convince the parents you are looking out for their young adult’s best interest, they will convince their young adult to do business with you.