Recently, it’s hard to ignore all the attention on marketing research about millennials. From their buying habits and purchasing preferences to who they trust and how they communicate, every aspect of this demographic is being thoroughly examined.
The reason for this extensive research is clear. Millennials are a significant group with unique preferences. Research from Nielsen shows there are 77 million millennials in the U.S., making up 24 percent of the population and holding substantial long-term buying power due to their age.
The challenge for financial services marketers is not just to absorb the abundant research available but to use these insights to create effective marketing strategies that engage and convert this influential market segment. Here are some ways to apply key marketing insights into your own marketing programs:
Think DIY…PDQ.
According to millennialmarketing.com, adults under 35 crave “active participation, individual customization, and experiential value.” For financial brands, this means incorporating creativity and technology into marketing solutions that allow millennials to customize and create products and services to meet their needs. Apps, e-tools, and digital marketing solutions that let millennials go online and create a personalized experience with your brand are essential.
Make the Connection Between the Internet and Millennials
A recent research report from the American Press Institute found that 90 percent of millennials own a smartphone, and most (51 percent) are almost always online and connected. This means they can interact with brands anytime, anywhere, if those brands have a strong digital and mobile presence. So, ask yourself (or your digital marketing team), how is your brand’s digital strategy engaging millennials? Are your websites and digital assets mobile-friendly? Can they interact with your brand in various ways at any time, whether they’re at home or traveling? Can they make purchases, get service, and ask questions from their cell phone or tablet? Can they test your product or service online before buying? Answering these questions will help you refine a strategy to stay connected with them.
Recognize the Power of Social Media
Millennials don’t trust financial advisors much. Instead, they rely on friends and family, staying connected through social media. According to statista.com, about 74 million millennials in the U.S. use social media. Effective marketing will leverage popular platforms like Facebook, Instagram, Pinterest, YouTube, and Twitter to highlight the experiences their trusted network and influencers have with your products or services.
Do Away with Silos
Integrated efforts work best. This is crucial for your online experience. Millennials engage with your brand at various touchpoints: your website, social platforms, online ads, and search campaigns. Remember, your brand is only as strong as its weakest touchpoint. Ensuring all your digital properties are integrated and work together is essential. They should reinforce your brand message and identity, creating a consistent online experience for all audiences.
One Last Thought
The principles of marketing to a new demographic haven’t changed, but the methods have. Financial brands that use social, mobile, and digital channels to make their brands more visible and relevant to millennials will have more success connecting with this group and making those connections last.
