‘Millennials’ and ‘investing’ might come across as two opposite ends of the spectrum to some. Au contraire, with the availability of social media tools, it has become a whole lot easier for them to understand, learn and get into investing, big time!
Asset managers BlackRock, in a survey determined that 45% millennials are more interested in investing in stock market today than just five years ago. The survey also found out that while baby boomers put aside an average of 11% for investing. For millennials that number was 18%.
Millennials love brands that embrace technology
BFSI brands need to stay updated on technology and be adaptive to digital trends and innovations. Because that clicks well with millennials. According to the WSJ, more than 30% of millennials they surveyed were more loyal to brands that were up to date in technology. Though not exactly a completely ‘digital’ generation, most of the millennials are constantly online. They are creating a huge demand for digital services ranging from apps to chatbots.
For BFSI brands, it is imperative to provide self-service solutions in apps and on brand websites to minimize ‘human to human’ interaction. That way millennials will engage better with a brand without being forced to interact in ways they prefer not to. Apart from chatbots for easy communication, a strong FAQ support also helps tremendously.
Hard sell hardly works with millennials
A BFSI brand should not market its product or service to millennials with an aggressive sales pitch. Slow and steady works here. Like community outreach programs, to let a BFSI brand connect and reach out individually – giving millennials opportunities to learn more about a product or service, like through free workshops, ultimately getting them to like what’s being pitched to them.
American Express does this well. With their Amex Ambassadors program, they partner with hundreds of Instagram influencer accounts with varying audience sizes and interests, ranging from celebrities to travel enthusiasts. Inviting them to exclusive parties, experiences and sneak peaks. Through this campaign, Amex users get to experience what it is like to get connected with the brand.
Get them together on an interest-based community
Community building helps create a common platform for the audience of a brand. It also helps make existing customers, millennials more so, feel special. To build one, BFSI brands need to understand who their TG is and what common interests they share.
Knowing customers better gives a better idea of what they really need. Based on that need, a brand can then create a relevant property on platforms like: Facebook Live Video, Instagram Stories, Social media Campaigns, E-mails etc.
Like how Synchrony Bank, an online-only American bank created ‘Save Like A Hero’ campaign in partnership with Marvel. The multi-channel campaign utilized Augmented Reality (AR), experiential components and traditional media like a TV commercial. It highlighted the brand’s mobile app, making it a means to ‘Save Like A Hero’ through a visual savings tracker, designed for achieving financial goals on the go.
No one’s more brand loyal than millennials
Till date, millennials have been the most brand loyal among all generations. BFSI brands need to capitalize on this by connecting with them emotionally and becoming more relevant in their ‘life journey’.
A better way to market wealth management and investment to them would be to link it to their children, family, or even charity for that matter, rather than harping on accumulating wealth alone.
Millennials seek brands they can trust with their data and money. Being incredibly brand loyal, BFSI brands should focus on winning their trust typically through personalized connection and customized service.
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