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Marketing Your Institution: Understanding Generations - Part III: How Your Institution Can Retain Boomers

Posted by Strategically Speaking

Wed, Apr 03, 2019 @ 10:01 AM


Millennials and Gen Zers may be nipping at the heels of Baby Boomers (born between 1946 and 1964)[1] … but they haven’t caught up yet. While developing strategies to attract and retain younger generations of customers remains paramount to the future success of institutions, it would be careless to exclude today’s most lucrative group from your marketing efforts.

The Boomer generation still controls 70% of the nation’s disposable income, and over the next two decades, spending by Americans over age 50 is projected to increase by 58% – whereas ages 25-50 will only grow by 24%.[2] And yet, organizations are spending 500% more on marketing to Millennials than to any other demographic group.[3] Unfortunately for community banks and credit unions, this oversight has led to nearly 25% of all Boomers being unhappy with the banking industry and 12% being actively disengaged with their primary institutions.[4] 

So, what can institutions do to make their Baby Boomer customers happy and increase retention rates? 

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Topics: Credit Unions, banking, banks, Marketing, Baby Boomers

Marketing Your Institution: Understanding Generations - Part II: How Your Institution Can Market to Gen Z

Posted by Strategically Speaking

Mon, Apr 01, 2019 @ 07:36 AM

 

The oldest among the rising generation known as Gen Z is turning 22 this year, which means this demographic has never known a world without cell phones and the Internet. Pew Research Center defines Gen Zers as anyone born after 1997, and Millennials as persons born between 1981 and 1996.[1] While Millennials grew up with landlines and dial-up Internet, Gen Zers are true digital natives whose instinctual relationship to technology leads them to expect instant and convenient everything.

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Topics: Credit Unions, banking, banks, Marketing, Gen Z

Marketing Your Institution: Understanding Generations - Part I: How Your Institution Can Attract Millennials

Posted by Strategically Speaking

Wed, Mar 27, 2019 @ 01:00 PM

Part I: How Your Institution Can Attract Millennials

Fact #1: Millennials (persons born between 1981 and 1996)[1] make up the fastest-growing segment of today’s population and are on the cusp of surpassing Baby Boomers as the nation’s largest living adult generation.[2] Fact #2: In 2016, Millennials officially became the largest generation in the American workforce.[3] Fact #3: Millennials currently have more spending power in the United States than any other generation.[4]

The bottom line? Millennials may very well represent the single greatest opportunity for growth for your financial institution.

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Topics: Credit Unions, banking, banks, Millenials, Marketing

Three Lessons from "The Four Freedoms": What Norman Rockwell Can Teach Us about Marketing Financial Services

Posted by Peggy Gordon

Wed, Feb 20, 2019 @ 01:00 PM

Norman Rockwell’s Freedom from Want is the most iconic depiction of dinner ever set to canvas. Even if you don’t know the title, you know the image … grandma setting a massive, roasted turkey on a dining room table that’s aglow with white light and framed by a gleeful family. Everyone’s happy, healthy, and outwardly well adjusted. It’s the aspirational image you have in mind when you optimistically plan your own family gathering, even if your family doesn’t get along-and some of them are vegan.

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Topics: Commercial Lending, sales, Marketing

AI and the Modern Marketer’s Toolkit

Posted by Nicole Harper

Wed, Jan 09, 2019 @ 11:00 AM

Gartner research tells us that CMOs spend an average of 18% of their overall marketing budgets on customer experience (CX) initiatives – signaling the importance of investing in CX improvements to make your company stand out so you can gain a competitive edge. Big Techs like Amazon are already delivering seamless, simple, intuitive experiences, and as they continue to raise the bar for consumer expectations, it’s hard for community banks and credit unions to keep pace. While financial institutions may not have the fun factor of online shopping or content streaming, they still have an opportunity to create delightful and contextually relevant experiences by revving their marketing engine with artificial intelligence (AI).

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Topics: Customer Experience, Credit Unions, banks, Marketing, digital experience

Three Lessons from "The Four Freedoms": What Norman Rockwell Can Teach Us about Marketing Financial Services

Posted by Peggy Gordon

Fri, Nov 16, 2018 @ 07:00 AM

 

Norman Rockwell’s Freedom from Want is the most iconic depiction of Thanksgiving dinner ever set to canvas. Even if you don’t know the title, you know the image … grandma setting a massive, roasted turkey on a dining room table that’s aglow with white light and framed by a gleeful family. Everyone’s happy, healthy, and outwardly well adjusted. It’s the aspirational image you have in mind when you optimistically plan your own family gathering, even if your family doesn’t get along-and some of them are vegan.

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Topics: Commercial Lending, sales, Thanksgiving, Marketing

Give Me My Screen Time

Posted by Danny Payne

Wed, Jan 03, 2018 @ 11:00 AM

From Gen X to baby boomers, everyone is inundated with screen time. If it isn’t “on-demand” television, it’s “on-demand” devices. Smart TVs, phones, tablets, computers … they’re all designed to provide us with a new level of screen time. And you can find them everywhere: coffee shops, airports, doctors’ offices. News agencies and studies across the U.S. are calling this a screen time epidemic.

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Topics: Marketing

The Four Elements of a Successful Presentation Opening

Posted by Kristin Halvin

Wed, Nov 29, 2017 @ 11:00 AM

 

Can you recall a time when you were at a conference, in a breakout session, and you realized within the first two minutes that this was going to be a boring presentation? What did you do? Did you pull out your phone and catch up on Twitter®? Did you look for a back door so you could sneak out? Or did you think, “I’d better stay … after all, I am the presenter.”

A powerful presentation opening makes the difference between having an engaged audience or a disconnected one.

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Topics: Marketing

Why Banks and Credit Unions Should Stop with the Shenanigans and Focus on Creating Content that Matters

Posted by Bryan McCarty

Wed, Jun 14, 2017 @ 11:45 AM

Intercom said it best in one of their recent posts:

“Where playbook content marketing goes wrong is in trying to market and sell from the get-go. We have to give you, our readers, something of value – our knowledge, insight and experience – before we earn the right to market to you.”

This got me thinking about the shenanigans that come with white papers, e-books, industry research, and other pieces of digital content. To access this type of content, companies often require you to give them your personal details: name, email, and sometimes a lot more.

Companies believe that because they put a lot of work into their content that they should get something in return. They’re looking for the classic ROI. That something is the right to market to you. Because you downloaded that white paper, you now get the pleasure of being added to their newsletter, receiving invites to webinars and getting a slew of other marketing offers thrown at you. Yippee!

Unfortunately, this method doesn’t work.

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Topics: Marketing

Digital Marketing Trends: A Primer for Financial Brands

Posted by Chelsea Fisher

Fri, Jun 02, 2017 @ 11:00 AM

As a marketer working in the financial sector, I know as well as you that our approach to marketing must be nimble if it’s going to keep up with product innovations, disruptive technologies, and the ever-changing demands of customers. It’s a daily battle to stay current!

That’s why I recently attended a marketing conference heavily focused on digital marketing. The event brought together some of the sharpest, most creative minds in the business to provide inspiration and practical advice. It was information too good not to share.

So, here are my takeaways from the conference, a primer on the latest digital marketing trends, fully applicable to the financial space.

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Topics: Commercial Lending, Marketing

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