Okay, so millennials might not care that much about banking, but they do care about other things that we as marketers can and should tap into.
Through marketing studies, we often see millennials described as well educated, tech savvy, and committed to the greater good of society. This generation now makes up the majority of the U.S. workforce which means their ability to influence is reaching another level.
Aside from taking home paychecks, millennials are hitting pivotal life stages that demand financial responsibility. They are buying first homes, getting married, and starting families. So how can you influence Gen-Yers during this impressionable time of making grown-up decisions?
Maintain presence where millennials carry conversations but do it in a way that they would appreciate. Such as this Fifth Third Bank ad which compares the speed of its mobile app with how quickly a dog can brush its teeth.
Support a greater cause.
Generation Y actively seeks brands who support philanthropic efforts. In fact, according to this article, “The millennial generation is the most philanthropically active generation in the United States.” To create a bond with millennials, identify with a movement you are both passionate about and authentically show you care.
Millennials are loyal to brands who are available to listen and engage whenever and wherever they want to. They see value in direct communication and want to share experiences with their social circle. A recent Facebook study on millennials revealed 60% want a bank to be their friend.
Focus on mobile and have fun doing it.
With millennials constantly on their phones, banks have realized the importance of a seamless mobile app experience. But how do you get millennials to download your app and talk about it with their friends? Look for opportunities to make them laugh. Just like Bank of America, who launched the #LLOVEYOURAPP campaign in April 2016. The campaign features multiple videos of a llama who navigates the app. Why didn’t we think of that?