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That might mean on a socialmedia platform, or a well-crafted blog designed to appeal to particular hobbyists, or an event and ticketing website, or an online platform devoted to travel. Different consumer groups do contextual commerce in their own ways, but one of the most significant segments consists of “ bridge millennials.”
Millennial and Gen Z stereotypes often revolve around being tied to smartphones or computer screens, but these consumers love the outdoors just as much as their parents’ and grandparents’ generations. Socialmedia can show how much millennials and members of Generation Z love hiking, camping and other outdoor activities.
Effectively leading millennials requires understanding the collective experiences, values and motivators that make this group “tick.” Millennials, generally defined as the demographic cohort born between 1982 and the early 2000s, will account for half of the American workforce by 2020. Be transparent. Make work feel like play.
Here is a fun exercise – Ask a bank product team, “How do you grow customers?” For example, instead of creating a more appealing lending product and targeting a niche customer segment for a high return on investment growth number, marketing takes an existing product and tries to amplify it with email, digital or socialmedia marketing.
It’s not a “Millennial thing.” Deploy strategic delivery plans—aligning with strategic or tech plans —that may start with a journey-mapping exercise. Most of the time, self-service on-demand is more convenient because it’s on the customer’s terms. It’s now the primary way the purchasing process begins, if not finishes.
Even so, it will require long and hard work to build those better consumer experiences — and to provide tools and apps that enable bank and CU customers to exercise more control. Among millennials, for instance, some 80 percent frequently use apps that offer full controls. “Banks are starting to recognize that,” Ali said.
Notably, millennials are more lifestyle-focused, placing a greater value on health and wellness over material goods than ever before. According to Eventbrite data, 78% of millennials would choose to spend money on a desirable experience over buying physical goods. Meet Maya, our hypothetical wellness-focused millennial consumer.
As more people have worked, learned, banked, exercised, relaxed, and even sought medical care from home during Covid-19, they have gotten a crash course in just how much can be accomplished at home. This was much higher than overall video streaming, which went up by only 12%, and socialmedia usage, which remained relatively flat.
Popular media coverage of millennials often fixates on the industries the generation is allegedly killing and their supposed fiscal irresponsibility. Some industries benefiting from millennials’ increased spending power, such as travel, reflect well-worn Gen Y tropes like the general preference for “experiences” over things.
As is the case with most things that are good for us that no one wants to do — i.e. exercise and diet, to name just two — getting started is the hardest part. And so, the idea for Honeyfi — a personal finance tool that makes it easier for couples to budget and create a financial plan as a single unit — was born. How It Works.
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