How to speak “millennial”
by: Georgann Smith
Worldwide, there are 2 billion Millennials – a powerful consumer group between the ages of 18 and 34. In the U.S., Millennials will represent more than $1.4 trillion in spending by 2020. This demographic values and expects innovation. In fact, more than 60 percent claim innovation is one of the most important qualities they look for in the brands they choose.
With more than half the world’s population under age 30, the need to build brands that reflect Millennials’ forward-thinking, creative characteristics is intensifying. Financial institutions (FIs) that understand this demographic’s preferences, goals and aspirations will have a competitive advantage.
Discerning how to effectively “speak” to Millennials in a language they not only understand, but also respond to, is a key component to truly reaching and engaging this important demographic.
Below are three examples of how FIs can “speak Millennial” in today’s ever-evolving, tech-driven environment.
- Learn their language — Don’t be afraid to be creative in the tone you use in your communications with Millenials