Posted by Jami Delperdang on December 2nd, 2015
With the holiday season officially kicking off last week, retail marketers everywhere are looking to engage an important generation of shoppers … Millennials. The 75 million Millennials (age 18-34) currently living in the US are expected to spend $63 billion this holiday season,1 and 77.5 percent will shop online or in retail stores over the Thanksgiving weekend.2 Furthermore, 47 percent plan to spend more this year on the holidays versus last year.3 So, how can you cash in on this potential billion dollar generation? Speak to them digitally.
Below are a few additional shopping trends for this digitally savvy group of shoppers:
They are mobile.
92 percent of Millennials will be using their smartphones to shop during the holiday season and more than half are expected to shop more on their devices than they do in physical retail stores this year.4 Provide customers with a fully-integrated mobile shopping experience; mobile web, branded app and mobile payments.
They expect an exceptional digital shopping experience.
They are heavy users of mobile web and branded mobile apps for shopping, but they demand a flawless shopping experience across channels. 81 percent of Millennial smartphone and/or tablet owners say they will abandon transactions and shop elsewhere if a mobile site or mobile app is buggy, slow or has poor performance. 5
Millennials want to find a good deal online, purchase the product in the store and scan their coupon on their phone at checkout. This integration of online mobile shopping and retail stores has lead to a new generation of shoppers who value a shopping experience that involves a number of different integrated channels.
They rely on social media and online reviews.
In terms of what influences Millennial’s holiday purchases, more than half lists word of mouth (53 percent). However, tech driven influences such as online reviews (72 percent) and social media (58 percent) illustrate this generation’s digital orientation.6
Having a presence on Twitter, Facebook and Instagram is key when looking to engage with Millennials.
They want it now.
34 percent of Millennials plan to take advantage of retailer’s same day delivery options and are willing to pay more for expedited delivery.7
The path to purchase for Millennials crosses digital, mobile, in-store and every touch point matters, Making sure your customers have the best, easier and most convenient shopping experience — no matter how they choose to shop — is the surest route to a successful holiday season.
1. PwC’s. “2015 Holiday Outlook Report.”
2. NRF. “Preliminary Holiday Thanksgiving Weekend Survey.”
3. NRF. “Preliminary Holiday Thanksgiving Weekend Survey.”
4. Dynatrace. “Consumer study 2015.”
5. NRF. “Preliminary Holiday Thanksgiving Weekend Survey.”
6. Influenster. ” 2015 Holiday study Influenster.”
7. NRF. “Preliminary Holiday Thanksgiving Weekend Survey.”
Posted by Mallory Green on October 8th, 2015
Since the Great Recession, financial institutions have experienced difficulty targeting the next generation of people entering the work force…Millennials. These young men and women have helped financial institutions see that the tides are changing from previous generations. For example, Millennials know less about investing and more about money sharing websites like PayPal™. Furthermore, studies have shown that Millennials struggle to prioritize their money outside of paying for necessities like rent. An article in the Wall Street Journal found that Millennials have a savings rate of -2.0 percent, meaning they are spending more than they are saving,1 which might attribute to the fact that financial institutions struggle to get Millennials through their doors.
In order to combat this growing trend, financial institutions are looking for ways to engage Millennials in hopes to build long lasting relationships. With the youngest of the Millennial generation just graduating college and the oldest in their early 30s, financial institutions hope that as these adults begin to accrue assets, they will turn to the financial institution with whom they built the strongest relationship.
A report published by Redshift Research stated that, “55 percent of Millennials would trust a financial institution more if they received helpful, unbiased content.”2 Make your financial institution a reliable resource for this group by providing them with helpful information based on common pain points, such as an inability to save money or a struggle with credit card debt. They might not be ready to make any solid decisions right away, but the more educated and well informed they feel, the faster and more willing they become to do business with you. The key is to plan ahead and create a content calendar that is filled with fresh, seasonal and topical content.
Fill your calendar by:
- Playing to your strengths: In a study conducted by Viacom Media Networks, 53 percent of Millennials don’t believe there is a difference from one financial institution to the next.3 Make it a point to show key differentiators, whether it be the financial planning services you offer, customer service, online banking, etc. Prove why your financial institution is equipped to meet the needs of this generation.
- Exuding confidence in your areas of expertise: Millennials want to be fully informed before they make any kind of decision. Use your content pieces to make it perfectly clear that you know what you’re talking about and have the tools to help each current and potential account holder meet his/her goals. For example, use case studies and testimonials to show success and take the opportunity to fully explain the steps you took to get your account holders where they wanted to be.
- Highlighting the benefits of financial literacy: Managing money is stressful on anyone regardless of your age or generation, but feeling uninformed can cause new levels of anxiety. In an article from the Financial Industry Regulatory Authority, only 24 percent of surveyed Millennials could answer 4 out of 5 questions correctly on a financial literacy assessment.4 Provide Millennials with the tools they need to better manage their money and combat common issues felt by many in this age group, such as debt management, credit, borrowing, etc. This is a great chance to offer them tips on how to improve their financial health and highlight the benefits of using products and services from your financial institution.
Millennials have proven to be a difficult age bracket to tackle. As they reach adulthood and the cusp of making financial decisions, some not only feel skeptical about committing to one financial institution, but also lack some basic financial knowledge to make smart and realistic choices. It’s important to create a content strategy that appeals to their needs and offer information they actually care about. This will help build a solid relationship putting your financial institution in this generation’s consideration set when he/she is ready to get serious with his/her money.