A top concern among organizations across industries is a lack of brand awareness, which is the degree of familiarity consumers have with a specific brand. It is what allows an organization to differentiate itself from its competitors, build an audience and ultimately, acquire new customers. Your financial institution likely has great things to offer, but without a unified brand, your target audience may not know you exist. Fortunately, the ability to consistently build that personal brand is within every institution’s reach.
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).
In previous blogs, we discussed banking and Baby Boomers and Gen X-what each generation wants and doesn’t want in their financial institution relationships. Not surprisingly, both generations are tech users with unique financial needs. Now, let’s discuss Millennials! Love them or not, Millennials are the future!