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“Good, solid banking principles, customer service practices and marketing tactics are an effective way to reach

any generation.”

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By Jeff McCarthy

I find myself bombarded constantly by articles and “insights” regarding marketing to Millennials. In the last WBA peer group meeting I attended, we spent considerable time discussing how to market to these individuals.

You know Millennials, right? They’re the ones born between 1982 and 2000, and they represent the largest generation since the Baby Boomers.

I recently read an article by Joe Sullivan, CEO and Founder of Market Insights, where he was describing a generation that:

• Is looking for new experiences and expect their bank to keep up

• Is not brand loyal• Expect you to know who

they are

Simply put, it’s imperative for banks to be at the right place, at the right time, with the right solution, for any customer. It means having convenient branch locations with employees that listen and respond, having an online presence that meets the needs of today’s customer (on a desktop computer and mobile device) and being active and generous in the community. These aren’t just things that Millennials value; they’re things that people across all generations value.

The Financial Brand recently reported that, nationally, only 31 percent of consumers agree that their bank knows them and their financial needs well. And 28 percent of consumers say that their banks put their own needs ahead of those of their customers.

Perhaps it’s time to stop trying to figure out what Millennials want, what Boomers want, and what moms, women, kids, retirees, grads, small business owners and their dogs all want and simply provide what we all want: ease of doing business, great customer service and dependability.

But providing all these things is hard work, because treating our customers like we wish to be treated ourselves isn’t easy. If it was, everyone would do it.

McCarthy is vice president – marketing director at First Bank Financial Center, Oconomowoc and a member of the 2015-2016 WBA Marketing Committee.

iStrategyLabs, 23.3 percent of Facebook users are age 18-24, 24.4 percent are age 25-34, and 31.1 percent are age 35-54!

Likewise, consumers of all ages follow their banks on social media. At our bank, 42 percent of our Facebook followers are over the age of 45. And according to BazaarVoice, 70 percent of all consumers who are looking to change banks start their search using websites, search engines and social media.

We’re also told that Millennials rely heavily on recommendations from family and friends when choosing a bank (or any other service provider for that matter). Why would we expect anything different from the generation that has grown up with social media, the “like” button and online reviews?

But according to Sullivan, word of mouth is also the top influencer for Baby Boomers when considering financial products and services. And if Boomers don’t trust you, Sullivan says, “they won’t share you with their friends and family.”

All of which leads me to this conclusion: good, solid banking principles, customer service practices and marketing tactics are an effective way to reach any generation.

Marketing Across Generations

StrategicConnections

JeffMcCarthy

• Are active on social media• Are active, and on-the-go

Surely he was describing Millennials, right?

Wrong.Sullivan had written an

article about marketing financial services to Baby Boomers.

Across generations, I don’t think we’re all that different. Look at the demographics of Facebook users. What was once a social media tool for college kids has grown into a phenomenon that people of all ages enjoy and rely on for information. According to

22 OCTOBER 2015