By the year 2020, Gen Z will account for one-third of the U.S. population – or 40% of all consumers. This means you shouldn’t wait to address how you can adapt your marketing strategy to reach Gen Z. While a majority of Gen Z was born after January 1, 2000 and may not be in their prime spending years yet, they are the future for credit unions looking to reach a younger audience.
According to Radon Research Insights, 33% of Gen Z already have a bank account in their name and are starting to define their financial futures. More astonishing is that in a recent Amex study, 77% said they already keep track of their finances, while 72% already have a checking or savings account. They also tend to use one primary financial institution and are generally happy with that current institution. This means a great way to help Gen Z reach their financial goals is to provide them with the financial education they need to increase their savings and avoid debt.
With this news, it should be a credit union priority to start marketing to their needs before it’s too late. If Gen Zers already have a financial institution, then you may have already missed your chance. Here are three ways you can reach Gen Z now:
- Make sure your mobile experience is seamless
In order to get the most out your marketing strategy, you will first need to have a seamless and easy to use mobile experience and app. Since 48% of Gen Z already have a payment or money app on their phone right now, they need to be able to download and interact with your app in the same way the rest of your experience is set up. Make sure each of your pages are set up in a quick loading, mobile view that is accessible through your app or browser. Your mobile experience should be a visual versus a text heavy experience for ease of use. Make sure you highlight your app through your website and integrate it throughout your overall marketing strategy by including mobile marketing techniques such as push notifications for a strong mobile experience. If you are looking for help with your mobile marketing, check out this guide on how to get started.
- Update the way you talk about your offerings
Gen Z approaches interacting with their financial institution differently than prior generations. It may sound simple but updating the way you talk about each of your offerings while also educating them about how to use them could make a difference in how they engage with your credit union. For example, Gen Z is not a generation that will use checking accounts. Try calling them something new that is easier to understand and fits their needs. In an era where mobile payments is becoming the norm, there will be less and less checks for them to write. The easier and less intimidating you make your credit union’s offerings, the more likely you will form new relationships with a generation looking for answers.
- Enhance your social media with images and video content
Gen Z is the most visual generation. With 8 second Snapchats and Instagram feeds that show more pictures than text, this generation is selective about what they spend time looking at. Leveraging your social media profile to become a visual representation of your brand and not a place where you promote your products and services will resonate more. Credit unions looking to appeal to this generation should update their social media profiles to be visually interesting and informational with fun facts and educational information. This will make them more likely to follow and engage with your brand. Short video content should also be a focus as they are a YouTube heavy generation. Building your own YouTube channel that educates them about saving is a great way to build trust, credibility, and loyalty with this audience.
If you are interested in hearing more about what Gen Z is focused on and learning how to update your digital marketing strategy. Download Getting Started with Financial Digital Marketing.