Millennials are the highly coveted demographic that marketers desperately seek to understand and reach. This sentiment is due in large part to their growing prominence in the labor force and increasingly influential buying power.
Reaching this audience is difficult, especially in the financial services industry, as many millennials do not immediately see the value of their services. By finding ways to be relevant and staying engaged with the millennial audience, credit unions can reach and ultimately retain more as their members. But to do so, you have to step onto their playing field.
Millennials place a high value on social media. As a result, they want to see their potential financial institution posting consistently on social channels relevant to their industry and customers or members. Using consistent messaging and visuals across these platforms is paramount. Otherwise, you dilute your brand and decrease your credibility. Utilizing social media effectively will communicate to millennials that you understand them, and therefore can serve them well.
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Engaging with millennials on social media demonstrates that your credit union is relevant to them and their needs. Posting authentic and original content is imperative, but so is engaging with them. Building a community in the social realm is powerful, and this includes replying to tweets and posts in a timely and engaging manner. Nothing will turn millennials off more than a brand that gives them the cold shoulder, especially online. This is even more important if their message to you is negative. Instead of ignoring it, engage with the user and offer assistance. This shows that you care and want to serve them.
The culture of your credit union should be clearly evident in all of your messaging and marketing efforts. Millennials are attracted to the feeling of community – both in person and online – and they want to find ways to connect with your brand. Using pictures, blogs, videos and testimonials are perfect ways to communicate your culture. Giving millennials the ability to envision themselves using your services and being a part of your community is critical to convincing them to keep their money with you.
And yes, it is true – millennials are not known for their patience. They grew up in the age of the internet and rapid technology developments. As a result, they are not accustomed to waiting and have been conditioned to expect, even demand, instant gratification. Therefore, your technology applications better be up to date. This includes website design, mobile banking and accessibility features.
Simply having technology applications for the sake of having them is not enough. Modern design, with engaging visuals and bright colors, is important. Even more so, however, is user experience. A dynamic UX includes fully functioning links and features that allows the user to interact with your website or app, and ultimately, your credit union. Pages must be responsive and load quickly, but also provide all of the necessary content in an easy-to-consume way.
All of these tenets must be weaved together in your strategic marketing plan geared toward millennials in order to reach and engage successfully with this highly desired market. Remember – this generation is constantly morphing and evolving, and your credit union must evolve with it or you'll be swiftly left behind.
Jami Jennings is senior product solutions manager at EPL, Inc. She can be reached at 205-408-5300 or [email protected].
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