Many financial institutions have acknowledged the fact that Gen Y is a unique audience with untraditional communication preferences and they will have a long-term impact on the success of their financial institution.
A 2009 Grunwal Associates National Study predicted Gen Y will outnumber Babyboomers that in 2010 – well, it’s here! And if you have not started a plan to attract Gen Y customers, then give us a call to get started today! However, if you already have a Gen Y Marketing Plan that you are implementing, consider these tips to keep content fresh and customers engaged...
1.) Educate.
Educate your Gen Y audience with general financial education, product functionality, financial tools, and other news and events. Keeping content fresh is key. Provide content in various contents to expand reach and deepen relationships.
2.) Expand Communication Channels.
The more interaction your customers have with your financial institution, the deeper you make your connection to them. Communicate with your customers via social media, targeted newsletters, emails, podcasts, videos and blog, online chat etc. to make Gen Y customers more engaged.
3.) Encourage Interaction.
Your communication schedule should consist of information messages, tools, tips, events, and news…each can elicit interaction. Also encourage interaction by offering contests, scholarships or challenges or starting a Gen Y Advisory Board.
4.) Tailor Products. Review your product line to ensure you have a complete package to offer Gen Y customers to fulfill their loan, deposit, and access needs. When communicating to them, focus on the product benefit rather than a typical product feature description.
5.) Provide Functionality. Financial Planning and Budgeting Tools, Website Enhancements, iPhone Apps and Financial Management Software are just a few ways you can bring functionality to Gen Y customers. Gen Y has high expectations for technology, and they expect for useful information to be at their fingertips. If you aren’t providing it – someone else will.
Keeping Gen Y engaged is key to successfully capturing this market segment. Make the most of your Gen Y communications!
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