Generation Y – Meet us anywhere

Millennials are the most analyzed and most marketed to generation to date. Also known as Generation Y, we’re said to be extremely ambitious, tech-savvy, and socially minded and informed. We’ve got big dreams; we’re just waiting on everyone else to see them too.

Why does Gen Y matter?

We’re eight-sixmillion strong, which is 7% larger than the baby boomer-generation. We’re more than the slackers living at home with mom and dad, texting our feelings and refusing to grow up that society portrays. Evidence suggests we’re marching up the career ladder, marrying, starting families, and our social and economic influence is mounting.

If you still don’t think millennials are powerful consumers, riddle me this: our generation has an expected $2.45trillion annual spending power by 2015 and it will rise above that of the baby boomers by 2018. 

We’ll change the bank.

Generation Y is extremely different from their predecessors and the financial world needs to understand their needs. If they want millennials as customers, banks will need to use approaches that are much different than those of the past. As our economy power grows, its members will change how financial transactions are conducted. 

We’re in control.

 

 

Millennials consume brand and product information when they want to. They prefer to discover things using tools they’re comfortable. They would rather find their information on social media, use their smart phone, and read a blog than read a print ad or billboard.

Marketers no longer have control of the message. Control belongs to the consumers who review and share their collective opinions. 

We’re ready, are you?

Our values will shape consumer spending because were different than the rest. We believe in living for the now and often think “spend now, save later.” Many millennials are high earners that choose to spend it on cars, clothes, leisure and entertainment. 

Sixty-three percent of young Americans keep up with brands on social media. We’re already out here (virtually anywhere) so all you have to do is meet us there. 

Other Sources:

http://www.flickr.com/photos/scobleizer/2250735263/

http://www.flickr.com/photos/esthervargasc/9657863733/sizes/l/

Codi Mast

Want More Retweets?

The answer?

Are you sure you're ready?

Ok, here it is:

pic.twitter.com.

Tweets using photos uploaded and embedded via pic.twitter.com are 94% more likely to get retweeted! And keep in mind, photos not embedded through Twitter, like shared photos from Instagram or Facebook, are 40% less likely to be clicked!

Photos uploaded through Twitter show up directly in your stream and it only takes 1 click  to view the photo. Instagram or Facebook-shared photos open in a new window, and take longer to load. 

So keep this in mind the next time you send a tweet, and add an image!

Sources: News Archive, Michigan Municipal League, Cindi Matthews

Banking & Pinterest go together like Peanut-butter and Tuna Salad

Wait What?

 

Pinterest is one of the newest popular social media platforms. It’s just three years old and boasts 70 million users.  This fast-growing outlet is catching the attention of banks and has them wondering, “Should we start pinning?”

Pinterest is a collection of pin boards that people share with one another. It’s primarily an image-sharing tool. If your pin doesn’t have a great visual, it’s probably going to get overlooked. Most pinned images link back to a website. Any particular pin can get repined (someone “shares” your pin to be seen by others) or get a click-thru (someone clicks your image to see the original site the image came from). Clean, clear, and colorful images are most likely going to get you more attention, repins, and click-thrus. So if you’re going to jump on the Pinterest train, you’re going to have to get visual.

Corporate Insights, a user experience research firm based in New York, recently released seven ways that financial institutions can be successful on Pinterest.

1. Retirement – interactive marketing campaigns focused on visuals
2. Savings and Investment goals - sharing photos of goals
3. Credit Card Rewards – highlight credit card reward options (ex. Travel, merchandise, etc.)
4. Lifestyle – share photos from sponsored events
5. Corporate Mascots – feature proprietary imagery of mascot
6. Contests – rewards for liking or repining
7. Charitable giving – showcase philanthropic endeavors

Just like other social media platforms, brand recognition is sometimes hard to measure. Getting financial institutions successful on Pinterest is going to take some time, work and experimentation. We must keep in mind – it is possible.

sources:  http://www.corporateinsight.com/about-us/in-the-news/2003-banks-take-first-tentative-pinterest-steps.html

http://expandedramblings.com/index.php/pinterest-stats/

Written by Codi Mast, Optimum Companies

No one likes a faker

Slowly but surely, community banks are jumping into the social media revolution. And the reasons why, just keep piling up.

It’s a great idea for banks to at least join the prominent platforms, especially Facebook and Twitter. Not only does this provide an official presence, but you’re reserving your bank’s name. Reserving your name prevents pranksters from impersonating your organization through fake profiles.

The Bank of America knows all about the trouble a fake profile can cause. Soon after Google Plus introduced its company brand pages, some prankster created a fake Bank of America profile.
Their headline? “We took your bailout money and your mortgage rates are going up.” The profile was complete with the Bank of America logo, link to their official website, and the address and phone number of its New York Headquarters.

The prankster, live for about a week, accumulated over 1,200 followers. “Big company party in foreclosed house #2340087 tonight,” read a post making fun of homeowners who couldn’t pay their mortgages. Another one said, “You will sit down and shut up, or we will foreclose on you,” to the Occupy Wall Street protesters.

Although the profile was eventually taken down, the damage had been done.The takeaway idea is even if you may not have the ability to manage numerous social media profiles at the moment, still create that official presence. It reserves your name for you – not for a prankster trying to be funny. 

sources: http://www.huffingtonpost.com/2011/11/16/bank-of-america-google-plus_n_1096140.html

Written by Codi Mast
Optimum Companies

Building Relationships is More Than Face-to-Face

Community banks urged to join the social media revolution 
Community banks and their customers value trust, security, and relationships. With the changing times it is imperative that banks integrate social media with their customer engagement.  Local banks hold a commitment to their community and need to be wherever their clients are. And now, their clients are on social media. 

Social media simply provides alternate channels of communication that, for some people, are simply more convenient. It offers a method of correspondence with customers in a way that they prefer. If a customer wants to communicate with your bank, Facebook or Twitter may be the easiest option for them. Almost any question should be able to be answered without disclosing any personal information. For example, customers could request the nearest ATM location or support with a lost or stolen credit card. It is important to note that social media outreach should not be a fruitless extra step to redirect customers to call or visit the bank, but a single point of contact to resolve an issue. 

“Word of mouth,” is quickly evolving to “word of web,” and referrals are one of the most cost effective and influential methods of gaining new customers. Social media creates an outlet for community members to share positive experiences about your bank with others. Banks also use these platforms to poll their customers and receive client feedback. Even simple updates about the day or a short blurb of advice keeps the customers engaged. Contests are another way to get people connected. It could be something as simple as a weekly contest where a Twitter follower can win free product or a Facebook fan that shares a link or likes a page. Incentives motivate people and entice them to pass the word on to a friend. We've recently spoken to a banker from West Virgina who says he is generating 6 to 10 new customers per week just through social media efforts. He says with some simple experimentation he has found a formula to get new clients.

This new way of social networking is taking an updated neighborly approach to customer service; it’s simply an alternate channel of two-way communication. Although social media users are thought to be mostly from the younger generation, there are people of all ages and from places taking to the web. According to Blogworld New York, 55% of Americans 45-54 have a profile on a social networking site. In order to foster trustworthy relationships with clients, banks need to meet them on social media and go the extra mile to provide great customer service.



Written by Codi Mast
Optimum Companies