It seems like Millennials have been analyzed and reported on more than any other generation. From their purchasing habits to their motivations, we can’t seem to say enough. The omni-present question behind this ongoing generational analysis seems to be: How can we capture market share of this generation in a real and significant way? We’ve put together a list to help you win over this elusive generation and gain millennial membership.
- Make it convenient
Millennials are all about convenience. Instead of waiting for a taxi they download an app to call a car to them. Instead of renting a DVD, they are streaming their favorite shows and movies. For banks, this translates to offering services that make it easier and more convenient to do business with you – or more simply put, offering services that allow millennials to conduct their financial business without physically going to your business. Whether it is receiving your account statement electronically or check deposit capabilities on your website, offering a more convenient solution will win the hearts of millennials everywhere.
- Relate it back
The early 20s to late 30s crowd isn’t gearing up for retirement or planning out vacation funds. Instead, they are paying off student loans and saving money to buy their first home. Understanding millennials and their motivations is the key to gaining their trust and their business. By marketing towards these millennial-specific needs, you showcase how your products and services can benefit your millennial customer base directly. After all, how likely are you to buy into something if you can’t figure out how it will enhance your life?
- Communication is key
You can’t win over a customer and build a lasting relationship if you aren’t communicating with that customer – and choosing the right channel of communication has a lot to do with it. While you may be used to sending out direct mailers, many of your millennial customers are communicating digitally, via email, social media and mobile apps. Including these channels in your omnichannel communication strategy ensures your message is always reaching your customer.
Like generations before them, millennials’ needs and expectations when interacting with their financial institution are vast and varied. Understanding exactly how to target this generation is the key to increasing your millennial membership numbers. Not sure how to initiate a millennial member push? Let our Account Executives get you started.