the millennial opportunity: marketing financial services to the digital generation
DESCRIPTION
This presentation is based on research from our recent whitepaper – The Millennial Opportunity: Marketing Financial Services to the Digital Generation. The whitepaper focuses on the Millennial Generation - or Gen Y - and how financial firms communicates to and about members of this generation. Inside, we take a high-level look at the key findings from the whitepaper and three case studies from industry leading firms. The slide deck concludes with a set of recommendations for helping your firm market to Gen Y.TRANSCRIPT
COPYRIGHT 2013 CORPORATE INSIGHT, INC.
MARKETING FINANCIAL SERVICES TO THE DIGITAL GENERATION
ALEX FILIACI
SENIOR RESEARCH ASSOCIATE, BROKER MONITOR AND E-MONITOR
REPORT PUBLISHED: MAY 2013
THE MILLENNIAL OPPORTUNITY
ABOUT CORPORATE INSIGHTA
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Connect With Us
Corporate Insight provides competitive intelligence and user experience research to the nation’s leading
financial institutions. For over 20 years, the firm has tracked technological developments in the financial
services industry, identifying best practices in online banking and investing, online insurance, mobile
finance, active trading platforms, social media and other emerging areas. There are no assumptions in
Corporate Insight’s work – we use live accounts at all of the firms we research, providing our clients with
unparalleled, unbiased intelligence on the competition.
Corporate Insight welcomes the opportunity to speak with the media. If you are interested in citing our
research or would like to schedule an interview with our analysts, please contact Intermarket
Communications at 212-888-6115 or [email protected].
ALEX FILIACI
Senior Research Associate Broker Monitor & E-Monitor
646-751-6961
BEN POUSTY
Marketing Manager
646-454-2662
Media Inquiries
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TABLE OF CONTENTS
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Introduction
Case Studies
o MetLife: Profiling Gen Y
o MFS: Surveys and Strategies
o The Hartford: Millennials in the Workplace
Key Takeaways for Financial Services Firms
About the Author
INTRODUCTION
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BACKGROUND
This presentation is based on research from our recent whitepaper – The Millennial Opportunity: Marketing Financial Services to the Digital Generation. The whitepaper focuses on the Millennial Generation - or Gen Y - and how financial firms communicates to and about members of this generation.
Inside, we take a high-level look at the key findings from the whitepaper and three case studies from industry leading firms. The slide deck concludes with a set of recommendations for helping your firm market to Gen Y.
CASE STUDIES
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METLIFE: PROFILING GEN Y
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Familiarize advisors with potential clients through demographic profiles
Provides concise info that help advisors understand and connect with Gen Y
Six-page profile on Gen Y drawn from research articles
o Statistics
o Charts and graphics
o Qualitative descriptions
Timeline of significant historic, social, and cultural events that shaped the generation
MetLife Demographic Profile
Gen Y Timeline
MFS: SURVEYS AND STRATEGIES
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Uses surveys and interview data to
build advisor sales resources:
o Investing Sentiment Survey
o Getting the Digital Generation to “Like”
the Market E-Book
Detailed e-book offers:
o Statistics on Gen X and Y
o Videos and Stories of young investors
telling their stories
o Actionable advice about presenting
investing options in an empathetic and
effective manner
MFS is ahead of the marketplace by
repeatedly promoting the idea that
younger investors are the future of
an advisor’s practice
MFS Video
Statistics from MFS E-Book
THE HARTFORD: MILLENNIALS IN THE WORKPLACE
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Warns advisors of “Generational Mashup” and reminds employers and marketers to simultaneously appeal to the oldest and youngest targets
My Tomorrow page is dedicated to generational trends. Page contains:
o Tips for both employees and employers
o Infographic about employment benefits
o Statistics and insights on Millennials
The Hartford attempts to speak in the parlance of the generation, using phrases like “YOLO” and “Let’s get real” to connect with Millennials
The Hartford’s Benefits Infographic
The Hartford’s Advice Column
KEY TAKEAWAYS FOR FINANCIAL SERVICES FIRMS
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MFS STANDS OUT
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MFS is ahead of the industry by insisting that advisors think of younger generations as a target market and providing many tools to help advisors better communicate with Gen Y.
MetLife provides detailed demographic profiles on Gen Y and while some statements may seem patronizing, it is important for the industry to refrain from creating stereotypes.
The Hartford’s attempt to communicate with the Millennials by speaking in the parlance of the generation could seem out of touch and be completely dismissed by the older audiences.
FUTURE OF MILLENNIAL MARKETING
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Gen Y is not yet a direct target segment for financial services and the industry still lacks a general understanding and strategy on making connections with them.
Gen Y has an unique identity and history which makes them very different from any generation before them and their complex relationship with financial services requires the industry to find new ways to reach out to this future generation.
It is important to approach Millennial Marketing in ways similar to MFS: acknowledging that the younger generations will be the future and is a target that need not to be ignored but taken seriously.
THREE TIPS FOR FINANCIAL SERVICES FIRMS
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#1 Avoid negative characterizations that could lead advisors to
pre-judge Gen Y clients.
#2 Stats are great, but providing actionable strategies for advisors
marketing to Millennials is better.
#3 Start marketing to Gen Y now. Establishing a positive relationship
with Millennials now should pay dividends over time.
ABOUT THE AUTHORA
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ALEX FILIACI
SENIOR RESEARCH ASSOCIATEBROKER MONITOR AND E-MONITOR
Alex Filiaci is a Senior Research Associate for Corporate Insight’s Broker Monitor and e-Monitor research services. He has conducted extensive research on the brokerage industry, examining the online platforms and technological innovations leading brokerages offer prospective investors and clients. Alex has been tracking the tactics and online resources financial services firms use to market to Millennials since the start of 2013 and this whitepaper is an outgrowth of his ongoing research on the topic.
CONTACT ALEX:
T: 646-751-6961
CONNECT WITH CI:
Broker Monitor and E-Monitor are service marks of Corporate Insight, Inc.; all rights reserved. 14
Alex graduated from Binghamton University in 2010 and has been a member of the Corporate Insight team since 2011.