Gen Z looks for ads that are as creative and unique as they are. Traditional marketing methods have often failed with this group. Born between 1995 and 2012, Gen Z now needs to manage their own money more than ever. Here are five financial campaigns that have successfully captured their attention.
Venmo
Growing up in the digital age, most of Gen Z found Venmo’s online presence perfectly aligned with their lifestyle. Mobile payments are becoming the new norm, overtaking cash and cards. A study in 2020 showed that 90% of Gen Z prefers Venmo over any other mobile payment service, making it their second favorite payment method.
Venmo’s primary marketing strategy relies on word of mouth, knowing that Gen Z values brands their peers support. Venmo’s recognizability and accessibility have even made “venmoing” a part of everyday language, cementing its presence among Gen Z.
Klarna
The pandemic hit Gen Z’s financial stability hard, but Klarna offered a solution to keep shopping accessible. Klarna acts as a payment plan with retailers, allowing users to buy items on credit and pay in four easy installments.
Klarna’s marketing focuses on influencer partnerships and connecting with trusted brands. One notable campaign featured Snoop Dogg as the “King of Smoooth,” linking the hip-hop icon to a smooth shopping experience that resonated with Gen Z.
Despite the stereotype that financial brands bore younger audiences, Klarna uses quirky and effective methods to engage Gen Z. Partnerships with popular online retailers and the “buy now, pay later” option provide instant access to merchandise, integrating Klarna into Gen Z’s shopping habits.
Step
Step uses influencer marketing to reach Gen Z, partnering with TikTok star Charli D’Amelio to tap into her 100 million+ followers. Other notable investors include actor Will Smith and pop duo The Chainsmokers, boosting the bank’s appeal to this generation.
Unlike other mobile banking services, Step targets younger Gen Zers aged 13 to 18, offering beginner financial services like a physical bank card, checking and savings accounts, and educational programs. This approach, combined with endorsements from popular influencers, has led to rapid growth, with Step gaining up to 10,000 new users daily.
Chase and Greenlight
JP Morgan Chase and Greenlight target the youngest Gen Zers by advertising to their parents, who are potential Greenlight clients and current Chase customers. This strategy builds brand loyalty from a young age.
Greenlight offers a physical card for kids and teens, managed by their parents. Allowance and chore money fund the card, helping children learn about spending and saving. Greenlight’s app also includes an investment platform to teach kids about stocks and earning money.
H&R Block Budget Challenge
H&R Block engages Gen Z through an educational game called Budget Challenge, aimed at schools and teachers. This game teaches students financial literacy and offers a chance to win a $20,000 scholarship.
The 10-week simulation covers various aspects of money management, including checking accounts, bills, loans, and credit. By promoting financial education, H&R Block positions itself as a brand that prepares Gen Z for future success.
Each of these campaigns employs different strategies to connect with Gen Z, but they all share a common value: trust. Building rapport with Gen Z means establishing relationships within their social networks, which serve as gatekeepers to gaining their interest and loyalty.
