Millennials and Internet marketing - how to shape the future of the financial industry
Henry Clifford Jones, LinkedIn Advertising Director, explains what happens when you mix millennials, social media, and finance.
Two people go to the bank ... No, this is not the beginning of a bad joke, this is the reality of financial services today. Ask any millennial when he last went to the bank, and you will encounter the expected stupor. Virtual space is where they want to interact, and financial institutions must take this into account.
The positions of financial structures have changed from those who are trusted to just transaction tools - and the situation for them has only worsened with the advent of non-traditional firms on the market. Arrivals redistributed the proportion of existing players and, doing an excellent job, entered into loyalty among key consumer segments.
What can financial brands do to gain a competitive edge? A survey was conducted of “Secured Millennials” - 18-34-year-old LinkedIn members with invested assets of more than 75,000 pounds. The report is called: Victory over the Millennials: How a New Strong Person Forms the Financial Industry, Exposing Its Motivation.
Children of Disaster
We have found that wealthy millennials are informed, well trained, and pedantic when it comes to their finances. They saw what the recession looked like, and they no longer wanted to be part of it. They are undoubtedly confident in their future finances, many are really financially prudent - they save more than the previous generation, perhaps because 39% of them (more than any other group) expect the next crisis.
It is significant that despite the expected level of apathy, this wealthy group sees great value in financial advisers and needs more involvement in making financial decisions than their predecessors - Generation X. Moreover, they are 50% more likely to remain loyal to a trusted supplier after they once made a decision.
This group clearly agrees that the decisions they make today will affect their future success. They define a product that meets their needs, resorting to new ways to solve problems. They are focused on improving their credit history and acquiring their first home much more than their older brothers.
Let's get involved
The fact that successful young professionals are influenced by social media is not news. Secured millennials have grown in the era of electronic devices. They are informed and educated consumers who want to get in touch with online brands more closely. Moreover, they want to be near not just online, but from those devices that a) are personal, b) are always at hand c) are reliably protected.
Thus, financial brands should seriously think about how to interact with millennials using the devices that are convenient for them, how to make this interaction the most secure, so that millennials become loyal to the brand, which will ensure its long-term use. It is important to think about how to maintain active contact with consumers - not only to create an application, but also to complement the impact of mobile advertising and an online support service. The use of mobile in the financial sector is growing sharply, manage to maintain your market share and even come forward. BYYD • Mobile Advertising Platform