It seems like I talk a lot about marketing to Generation Y. If fact, I have used the term so many times in this blog alone that I am beginning to question whether or not I will ever get through to anyone. Maybe I am a lone soldier fighting this uphill battle.
Nevertheless, I will carry on.
Did you know that Generation Y makes up 21% of the American population? Did you also know that 4.8 billion pieces of direct mail were sent by financial services companies in the first quarter of 2007? The good news is that number fell to a meager 4.2 billion in the first quarter of 2008. UGH...it's no wonder that the anticipated response of a direct mail campaign has fallen below 1%.
A recent report from Mintel Comperemedia states that 69% of Generation Y (the kiddos between 14 and 31 today that make up 21% of our population) workers who can participate in a tax-deferred 401k retirement savings plan are not doing so.
Why? Are they not receiving those 4.3 billion pieces of direct mail? Mintel also reports that "In 2007, adults aged 30 and under received only 2% of investment direct mail offers tracked by Mintel Comperemedia. In contrast, adults over age 60 got 41%."
Right. While we talk about brokerages and insurance companies having all the sales skills, they are also clearly missing the boat on the greatest opportunity that will propel them into the future.
So what does this mean to you? It means that you need to identify those Gen Y customers and potential customers in your marketplace and help them understand not only WHY they should start saving now, but HOW to start saving now. In theory, it should not be that hard. A little creativity, ingenuity and segmentation and you should be good to go.
So go get 'em already!!
Make it an extraordinary day :)
Jenna
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