Attracting a younger demographic can be challenging, especially with the competition of online-only financial institutions and fintechs. Do you feel like you have a good understanding of what it takes to market to a younger audience?
In marketing, it is essential to really understand your target market. American millennials have an average net worth of less than $8,000, meaning they’re financially worse off than any other generation before them. On average, they earn $35,592 and have average savings of less than $5,000 according to a SmartAssest Survey.
A variety of circumstances contribute to millennials’ well-being, including student loan debt, rising cost of living and smaller salaries. You may be wondering, why you should even market to millennials if they are not as financially stable as previous generations! According to Adweek, 93% of millennials have purchased a product after hearing about it from a family member or friend, and 90% of millennials will share their brand preferences online. Millennials are more brand loyal than previous generations, and according to Bank of America’s 2018 Better Money Habits Millennial Report, more than half have a savings goal and are actually working toward it.
continue reading »