Marketing to Millennial Consumers

by Lauren Schneidewind on February 25, 2016

Although there are currently six living generations, everyone from the financial industry to clothing empires are scrambling to figure out the best way to market to the millennial consumers.

Generation Y is comprised of Americans born between 1981 and 2000, which puts the oldest group at around 34 years of age and the youngest at 16 years. The fact that a majority of Generation Y is in charge of their own finances makes the group a top target for advertising. However, to do so means knowing what makes this young group of individuals in college and career tick.

Generation Y straddles the line between two eras: print and digital. The middle of the group’s academic timeline parallels an increase of technological awareness in the classroom. There were chalkboards, overhead projectors, and movies on VCR, but there was also the introduction of smart boards, online educational platforms, and an increase in the use of technological devices like laptops.

Witnessing strides in technology was so commonplace for Generation Y, it is now almost expected. The oldest in the generation witnessed the advent of social media, and now the entire group dominates on platforms like YouTube, Vine, Snapchat, Instagram, and Twitter. Web services thought to be fictional at the conception of Generation Y (like being able to see a visual of a person on the phone during conversation) are now a reality (i.e. Skype and Facetime).

This introduction, progression, and expansion of the digital age paralleled the life of Generation Y, which means the young consumers still expect to see a steady advancement. To remain still is to be stagnant, which is something the generation tends to rebel against. Learning to use the latest applications across various platforms does not deter this generation. In fact, marketers who wish to remain relevant must meet and exceed the expectations of the digital-capable millennial.

More than most markets, the financial industry has had to learn and adapt to the changing times—especially since millennials became the largest living generation in 2015, with 75 million people. In addition to the digital expectations, Generation Y needs help. Due to their current age range, millennials are buying a home, increasing their portfolio, trying to handle slight to crippling loans, and stepping out from under mom and dad’s umbrella.

Instead of sticking to the bank their parents have used, millennials prefer to decide for themselves which institution will work best for their life. Since the group not only dominates current social media platforms, but also flocks to them for entertainment, marketers are looking for new ways to advertise on sites like Pinterest and Twitter. However, once a millennial decides to check out a bank’s website, they need to be captivated, which is where LD Studios can help.

Millennials are less likely than the generations before them to place their money into an institution that looks archaic and out of tune with the current age. It is not enough to offer online banking, the consumer needs to be wowed and courted with interactive web applications and comprehensive software. At LD Studios, we are equipped to deliver code that matches the level of complexity your app needs. We can say this because we know we have the talent, drive, and knowledge necessary to make your business a stronger, leaner organization, equipped to tackle today’s challenges.

If your goal is to reach the tech-savvy Millennials, then we have the services necessary to help you succeed.

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