Here’s the good news: No matter where you sit in the financial services supply chain, when it comes to engaging prospects and customers, Millennials are in your sweet spot. Knowing that this group is poised for tremendous earnings growth in the next two decades—and inherit an estimated $30 Trillion in family wealth—that’s great news for every marketer. Millennials are highly engaged simply because they want to be. They grew up online, and they are completely on board for posting, reading, and engaging online. That makes them easy targets, whether you’re marketing a credit card, digital payment services, or a brokerage firm or bank. Ask them to explore your brand or have lunch with the CEO and they’re all in.
What’s the not so good news? Gen Xers and Boomers—who are the bread and butter of your business today—are a pretty tough audience.
Sure, Gen Xers might take the time to read a bit about you and your offerings, and they’re at least a little more generous than Millennials may be when it comes to likeability (as long as you’re not a bank!). But as far as posting goes, you’ll be lucky to hear a peep.
And Boomers? This treasure trove of wealth simply isn’t showing up to the party. Latecomers to the web, Boomers are by far the least engaged online. Good luck getting them to read your content or hear your message, and as far as reviews, comments, or clicking your ‘like’ button, they just don’t go there. It says a lot that Boomers are even less engaged with the industry than their grandchildren in Gen Z who, even with little or no money, are finally beginning to engage, at least a little bit, with banks and payment companies. Start targeting these kids now and you’ll be golden by the time they come of age financially a decade down the road.
For every marketer and communicator in financial services, understanding these patterns matters. By looking closely at how each generation engages—or doesn’t—you can:
- Build targeted messaging and campaigns that resonate with each age group
- Engage each generation by using the most effective channels—online and off
- Break though generational barriers to boost overall engagement
Time to start increasing the Engagement IQ of your target audience, no matter what their age may be. Are you engaged?