I recently had the privilege of speaking to the seasoned banking professionals at the Arkansas Bankers Association Mega Conference in Little Rock, AR. I always jump at the opportunity to network with bankers across the US. Community bankers are beyond resilient in their efforts to make their client’s and prospect’s lives easier. After all, community banks have the ability to compete because they know their clients, they know their communities, and they simply can just make things happen! It is inspiring to see how these, sometimes competing, financial institutions come together and share best practices with one another.
Companies today face a unique challenge: engaging and marketing to their customers across more generations than ever before. This is because older generations are living and working longer and younger generations have more spending power at an earlier age. In fact, Americans 50 years and older were responsible for $7.6 trillion in economic activity in 2015. And Gen Z (those born after 1997) already reportedly commands $44 billion in purchasing power, according to an Ernst & Young report. As a result, companies must focus their marketing efforts across at least four generations at any given time (Boomers, Gen X, Gen Y, and the up-and-comers, Gen Z).
This past week I got to spend some time with my younger sons at a Boy Scouts of America camp. My middle son was involved in a climbing exercise called a “smooth chimney”. This is one of the harder climbs because you have to basically push yourself up and stay in the chimney with that friction. During his climb about 30 feet up, he started to get fatigued. The problem with this climb is that if you stop applying force you either don’t progress, or worse—you fall.