No matter what year is marked on our birth certificates, we all would like to believe we’re young at heart. But as the years tack on, it can be a struggle to continuously relate to millennial customers. The implementation of new technologies and social media platforms hasn’t helped.
However, these individuals will account for 75% of the workforce by 2025. They are the future of the banking industry, so it’s pivotal to understand them and relate to their world— otherwise you’ll be left behind. (Just like that perm from the ‘80s.)
And while your bank may be staffed with baby boomers, you need to capture the millennial spirit to attract millennial customers.
You know you want to attract them—now you need to learn how to think like them. While we like to think of them as little robots that walk around permanently glued to their technologies, solving every problem with a click of a button, they actually value the opinions of family members and peers.
This leads to my point—they don’t believe everything a brand or bank tells them. They want to see all the facts before they make a decision, making transparency the key to attracting them.
Ninety-four percent of millennials use at least one outside source for purchasing guidance, and more than half of millennials consult four or more sources of information.
More importantly, social media lets them receive recommendations from people they trust.
You now can hear this same recommendation through your online profiles. It Social media links you to people you trust, and you get to view what they like, who they shop with, and the experiences they have with brands.
While millennials throw out mailers and walk past billboards with their heads glued to their mobile devices, they surprisingly don’t mind sharing their online space with brands.
Just because 41% of millennials say they enjoy interacting with brands on social media, doesn’t mean it’s not worth interacting with them. It just means we aren’t doing it correctly. But by providing your bank’s profile online, you are seen as more accessible and trustworthy.
In essence, it all goes back to millennials wanting to be able to trust and understand you.
That isn’t all that surprising of a fact really. Think about it. They have been raised in a world where any information is available with the click of a button. However, they also have experience in knowing that anyone can write anything. So they have become accustomed to using the Internet to mix their informational data with the people they trust to make educated purchasing decisions.
So if banks want to capture millennial spirit, they need to start entering the millennial world. Whether or not we like it, the way people make purchasing decisions is changing, and unless we make adaptations, we’re going to be left behind.
And while that perm should definitely have been left in the ‘80s, we don’t think banks should settle for the same.
Be sure to let us know your thoughts on the matter in the comments below!