How to Market Banking to Gen Y

On July 2010, Bloomberg Businessweek reported that “Gen Y lacks confidence about making financial decisions”. Despite stepping up their marketing efforts, investment companies claim that they cannot get the attention of Gen Y.

As an example, Bloomberg Businessweek cites that fewer than 4,000 Facebook users have clicked the “like” button for Fidelity’s Page and about 9,000 have done so for Vanguard’s. Meanwhile 4.2 million people say they like Apple iTunes on Facebook. As another example, Schwab, which began sending Twitter feeds in mid-June 2010, has 277 followers. WholeFoods Twitter account has 1.8 million followers.

Let’s analyze this problem by first realizing that there is a big potential for investment companies to engage Gen Y online, then explaining why social media is not the appropriate media to target Gen Y with banking/investment offers. Last but not least, showing how to market banking/investment to Gen Y.

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How to Market to Millennials

[This is a guest contribution by Josip Petrusa of It’s Josip not]

The Millennials (or Generation-Y) demographic have proved to be an interesting group that we’ve tried to reach. I’m sure we’ve all read and even seen how different this generation is from previous ones. Whether that is in the workplace, on the street and even at home (for those of you who have siblings or even Gen-Y kids), you can tell there is something different about them.

The Millennials have also been the hot-topic in the marketing world. How can you market to a generation that is absolutely everywhere but with no traditional usage of media as opposed to previous generations. The way they read, watch TV and use the internet is different. They might be doing a combination of these, so marketing to them is just being overshadowed by their multi-tasking abilities, but they’re also as likely not to do any of them, so reaching them seems to be near impossible.

As a Millennial and member of Generation-Y myself, I’m going to provide you with 3 insights of how to market to Millennials.

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