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Branding for millennials: updated marketing required

July 17, 2013 by Rebecca Hellmann — Marketing and Sales Coordinator, Welch ATM

I can't stop raving about my financial institution's new iPhone application. It's been in development for more than a year and I have been eagerly awaiting its release.

Now that it's finally here, I have constant access to my account and cash 24/7 via my phone and a wide range of surcharge-free ATMs. (I don't just say this because I work for an ATM company. I genuinely prefer cash to cards and use an ATM at least once a week.)

Unless I want a loan, I have no reason to visit a branch — which is the type of convenience I have wanted since my cousin told me her FI accepted scanned checks for remote deposit.

While showing off my new toy/FI mobile app at a recent conference in upstate New York, I cited its key features with bouncing enthusiasm. "I can check my account balances, review my account history and pay my bills. But, most importantly, I can finally deposit checks directly from my phone!"

The response to this pronouncement was, most often, indulgent nodding. After all, it seems a bit silly that depositing checks from your phone would be important. Most companies have direct deposit, don't they? Such a lackluster reaction suddenly made me realize that I really am a Millennial. The age bracket and designation had never made so much sense to me.

Millennials are those born between 1980 and 2000, i.e., anyone aged 13–33. However, our difference is not about age; it's all about the times we live in and how we were raised:

• Most Millennials grew up with computers. We played "Oregon Trail" and had computer labs in our schools. We didn't take "typing" classes. We took "keyboarding," "desktop publishing" and "computer networking".
• You hear about people living longer now? For most Millennials, that statistic is thanks to our parents, grandparents and even great-grandparents … who often send us checks for birthdays, holidays or simply for mowing their lawn.
• Millennials are on social media and were probably there first, thanks to MySpace. Heck, a Millennial invented Facebook.
• You want to talk to us? Many Millennials do not have a home phone, and rely on mobile phones for communication, entertainment and information. While this usually means you can reach us at any time, a good portion of us would prefer that you text or email us rather than placing that call.
• Remember that mobile phone I just mentioned? Chances are I just used it to compare the price, rate and product you offer with about a dozen other options. I also looked up customer reviews and have already made my decision — sometimes even before I got in touch with you.
• TV? I have Netflix and I know a lot of people who are opting for similar Internet options rather than paying a large monthly bill for advertisements and hundreds of channels they don't watch.
• Millennials have a startlingly heavy interest in civil service careers and volunteerism. We are interested in the community and helping others, not just by donating money, but also by giving our time to share information online and promote causes we think are worthy of interest.

These are just a few things that can make Millennials a very different audience from previous generations. This is not to say that some of these items do not apply to say, my mom or my cousin born in 1975. It's just that the target market is changing as we Millennials enter the workforce and the world in general.

What does this mean for the financial institution?

FIs who want to reach Millennials should keep one thing in mind: We are always on. Online. On our phones. On social media.

Studies show that we sleep with or near our phones and usually use them for our alarm clocks. We communicate all of the time and expect the brands we trust to do the same, especially when there is an issue to resolve.

So what is the best way to reach someone like me and keep me coming back? Create a relationship. Show me I can trust you. Keep me informed but in a fun, non-intrusive manner. Here's how:

• Make sure your marketing message aligns with what you actually do. This can go a long way toward maintaining a trustworthy brand image. The Internet world will catch you in a lie and will broadcast it everywhere, ruining years of brand building. The easiest way to avoid this is to say what you mean.
• Focus on customer service. Closely monitor your brand online and on social media — this means maintaining a real presence, as opposed to setting up a Facebook page and never looking at it again. Staying connected gives you the ability to respond swiftly to bad information, customer issues and other potentially sticky situations. The quicker your response, the better your brand looks.
• Be more than a brand — be a person. You don't have to go so far as to link your online brand to a specific individual (although it doesn't hurt to give customers a face and name to relate to). Simply speaking as a "person," and not an entity, is key to building a sense of relationship. Even if you don't designate someone to represent the public face or voice of the company, at least select one or two people internally to represent its personal side.
• Focus on convenience. As previously mentioned, Millennials are always on, which usually means that they are also on the go — almost always to someplace other than a financial institution. Anything we can do from home or from the devices in our hands is preferable to having to pay a visit to the branch.
• Keep us informed and keep informed. News, events and opinions are all over the Internet in real time. You should be all about your customers and what they care about in real time, too.

Brand has always been about messaging. But now more than ever, it is  about what the message means to the customer. Millennials don't just demand a brand relationship. They demand brand commitment.

It's not all hard work and change, though. Being fully committed and constantly connected to your customers can create true loyalty and keep your FI in tune with what it can do to be better — and more profitable.

Read more about branding.

About Rebecca Hellmann

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