Did you know that with each passing year millennials are becoming more and more engaged with their superannuation and financial future? Yet, research shows that superannuation funds have been slow to develop initiatives to take advantage of this opportunity to connect and engage with this generation.
Banks are leading the charge towards offering digital solutions for their services. The result is that 40% of new accounts are being opened digitally and 89% of all digital accounts are opened by millennials. The bank’s successes have stemmed from offering digital solutions that suit today’s young adults by offering a suite of services that aren’t time or location-specific.
For superannuation – as with banking, the key to engaging millennials in their financial future is through robust digital products and services. Here are four surefire ways to get started with targeting and engaging with millennials.
Always communicate through technology.
You won’t find millennials through TV or print advertising instead you need to reach out to them online; through social media and video. The key for super funds is to develop a strong social media strategy that avoids interrupting and popping up uninvited in social media feeds. Millennials prefer to communicate through a range of channels rather than just one. In fact, 40% of millennials default to communicating through a website, video or via email where personal matters such as financial information stay private.
Build trust through communication
Unlike generations past, millennials are after tailor-made solutions, that relate specifically to them. While your fund may already be offering this, to effectively reach this demographic requires a subtle change in messaging, from being ‘financial experts with the answers’ to ‘financial experts looking to collaborate’. Make sure you are offering the right products to connect with them, not the masses.
Educate, don’t dictate.
Millennials have a strong connection with their parents, they look for their advice and guidance. They look for the same with super funds. By creating content that educates as well as being open to long-form discussions, superannuation funds can empower these young adults and engage them in thinking about their financial future and the benefits of paying into their superannuation early.
Create products and services with ‘mobile’ in mind
Millennials have never known anything but new technologies, changing technologies, adjustment and adaptation. The platform you choose to broadcast your message can be as important as the message itself. Everything must be mobile-friendly and it’s important to create the right products that connect deeply with this generation. Products and services that are convenient, online, accessible and intuitive is really important for this generation. If they are asked to perform numerous keystrokes or input multiple digits and letters, then you have lost them and they will disengage. The secret is not only having mobile functionality but focusing on maximising the volume of interactions through helpful, personalised content, think about peripheral products, activities, services and value add information that can be integrated into your platforms
To capture this maturing generation, superannuation funds need to become ‘millennial-savvy’. Communication needs to be online and mobile-friendly, helpful and consultative and most importantly PERSONALISED. Make it all about them.
If you would like to find out how we can help you build a personalised video marketing campaign for your millennials, then please call 1300 90 18 58 and speak with Damian our personalisation expert.