I had a lunch planned today with a friend who has become a business associate. She’s in her early thirties. She sent me a text this morning informing me she wasn’t feeling well and would like to reschedule. I didn’t see the text. My phone was in another room charging. I sent her an email. She let me know about the text. Her generation is more likely to communicate via text—it’s the technology that was in the forefront when she came of age, same with my youngest daughter. My oldest daughter doesn’t text; she’s ten years older. Texting wasn’t even thought of when she was a teen. My point is that every generation is influenced by the technology of the day.
Social Media, Banking, and Millennials
Last week I met with two marketing people from a regional bank. They wanted help and ideas on how to best use social media. I sent them a survey to help me help them. They had three challenges, how to connect with millennials, how to post on social media and stay compliant, and how to find the time. They knew they were missing a demographic. Young people weren’t coming into their branches. They had heard the younger generation wasn’t on Facebook and since that was the banks only social network the marketing team was at a loss.
Younger people are still on Facebook
Although younger folks use Instagram, Snapchat, Pinterest, and Twitter, they’re still on Facebook. According to the American Press Institute 88% of millennials use Facebook, 83% YouTube, 50% Instagram, and only 33% are on Twitter. We know where this demographic is, but why are they there? What information are they searching for? PostPlanner.com shared that millennials are searching for news (75%) food related information (62%), and travel (59%). I had two answers for the banks marketing team. Facebook was the place to be, and there were three topics they could share without being concerned about compliance—news, travel, and food. I gave them ammunition to use with their bosses who were certain to ask why in the heck a bank would talk about news, travel, or food. The answer is to reach a demographic. Why does the bank sponsor golf outings? Golf has nothing to do with banking.
Modern Tech Users don’t like Banks
The younger generations conduct business online. They buy from Amazon, work from home, and want to conduct their banking over the internet. They don’t want to go to a branch. When forced to go to a physical building to conduct business they often feel put out and wary. In general young people don’t trust big business and banks, with what they’ve seen (think 2008 and 2009) do you blame them? One major bank closed more than 300 branches in 2015, and this trend will continue. If you want to reach this demographic you’ll have to give them what they want—online banking. Millennials grew up watching the business world of the early 21st century, they want to find organizations they can trust, and they look for corporate responsibility. The small bank I was chatting with gave back to their community. They did it a lot and did it generously, but seldom shared what they had done. They didn’t want to look like they were bragging. It’s not bragging if you ask others to join in and help. If the bank wants to reach a younger audience, they should be sharing their charitable actions on social media.
Do you know who you want to reach and why?
If you have never asked yourself this question, it’s about time you did. Below is the survey I use with organizations that ask for social media or content marketing suggestions and direction. Complete the survey, send it to me, and I’ll be happy to offer my advice. firstname.lastname@example.org
Content Marketing Strategy Survey
Content marketing defined as – Sharing website published content via social media with the purpose of driving traffic directly to the website as well as Search Engine Optimization (SEO) and branding. Sometimes used for customer service and employee engagement.
- What is the primary purpose of your website?
- Who do you want to reach through social media?
- What actions do you want readers to take from your blog?
- What are your biggest content marketing challenges?
- What tools do you use, for example, TweetDeck, Hootsuite, and WordPress?
- How much time do you spend weekly on content marketing?
- How often do you post, share, and publish on the website, blog, or social media?
- What interferes with your content marketing initiatives?
- Where do you need help, training, or tools?
- What would you like to add?