Reaching Millennials a Changing Game
Effectively marketing to Millennials–consumers who fall in the 16 to 31 age range and are typically grouped with Gen Y–requires flexibility, adaptability and fluidity, said a new report released by trends and futures consulting firm The Futures Group.
“Unmasking Millennials: The Futures Company on a Misunderstood Generation,” summarizes consumption habits and reveals that Millennials live in a constant state of flux, with technology playing an integral role in their ever-changing lives.
To appeal to the four Millennial tribes, The Futures Group recommends companies employ a blend of four marketing strategies: performance, which focuses on functionality and end-benefits; identity, which emphasizes status and coolness; supportive, which relays a product’s value in everyday life; and conscientious, an approach that highlights “collectiveness, resourcefulness and creativity.”
What could the research mean for credit unions? Brent Dixon, an adviser with the Filene Research Institute, said before credit unions put any new, creative marketing plans into action, they must ensure their products and services are meeting the needs of Millennials. Dixon recommends credit unions look at their online channels and self- service tools and make sure their technology is up to speed, and examine their culture to see if Millennials are represented among their employees and board members.