Today’s discerning young consumers bring unique challenges and opportunities to the financial services industry. Building a connection can be difficult — but once a connection is established, the payoff can be considerable.
Marketing to Gen Z and Millennial consumers can be incredibly challenging. These young customers know what they want. They aren’t willing to settle for less, but they can also prove to be loyal. The key to success lies in genuine yet memorable communication that conveys the essence of your brand.
One way to make your mark is through experiential marketing. Experiential marketing strategies help Gen Z and millennial customers feel empowered, which leads to a highly engaged community that will commit to your services for the long run. Keep reading to discover the many facets of an impactful experiential marketing campaign:
Entertain & Educate
Young consumers crave value-driven experiences that boost their knowledge or challenge their preconceived notions. Financial institutions can accomplish this with a strategic blend of insight and intrigue.
The goal is to pique consumers’ interest while teaching them something new and valuable. Gen Z and millennial consumers are especially eager to participate in experiences promoting financial literacy. Different financial institutions achieve this with a range of exciting events that draw on the prestige of local entrepreneurs while helping attendees of all ages learn how they can pursue and achieve their financial goals.
Build Community
Young consumers crave connection, but often struggle to achieve it in their everyday lives. Brands that facilitate these bonds can capture a loyal following among Gen Z and millennial followers, who will happily build entire communities around the influencers or businesses they find compelling.
A major American financial institution is a great example of how financial brands can help to build a community. The brand has leaned into its wildly successful cafes, which are popular among current customers but also open to the community at large. Ambassadors are always available to answer questions, but there’s no pressure; the goal is to simply make visitors feel comfortable while improving the brand perception.
Emphasize Social Responsibility
Gen Z and millennials are all about voting with their dollars. They want to feel confident that their favorite brands have similar values and support worthwhile causes. To that end, experiential initiatives should highlight efforts to promote financial inclusion and otherwise pursue corporate social responsibility. Better yet, build these concepts directly into marketing campaigns.
Integrate Cutting-Edge Tech
Millennials and Gen Z view the world through a technological lens. They appreciate in-person experiences but find them even more engaging when they incorporate high-tech details. These often center around hybrid outreach. Live streaming, for example, extends your footprint beyond limited physical spaces, making it the perfect solution for building brand awareness.
Virtual and augmented reality can similarly expand the scope of your campaigns while delivering impressive engagement among young consumers. For example, Ally struck the right chord with its Monopoly-themed campaign, which brought the excitement of a Pokemon Go!-style adventure to the banking world.
Don't Neglect Event Content Strategy
The success of any experiential campaign depends not only on the targeted event or interaction itself, but also on the messaging that precedes this big occasion. Therein lies the value of a solid event content strategy; it ensures that all messaging creates excitement while remaining true to your brand. From social media updates to marketing emails and even blog recaps, all content should be as compelling as the experience, products, and services it aims to promote.
Immersive, value-driven events and experiences are key to engaging with Gen Z and millennial audiences. Don’t miss this opportunity to build a lasting connection with today’s most passionate consumers.
