A recent study from online product review mecca Influenster reveals fascinating online video preference statistics about Generation X, Generation Y and Generation Z. While many bank and credit union marketing professionals increasingly turn to video to make a brand impact with consumers, they should also keep in mind their target generation when using this powerful tool.
According to the data, 35% of Gen Xers watch videos daily on YouTube, followed by 49% of Gen Y and 70% of Gen Z. So, video consumption increases as age decreases. However, what are these consumers watching? The majority of Gen X and Gen Y viewers are checking out how-to videos and product review videos. Gen Z has a preference for product un-boxing videos and “haul videos” (basically a video posted to social media site in which someone shows off and describes the products they recently purchased on a shopping binge).
What does this mean for bank and credit union professionals? They must customize their video content for consumers with an eye towards generational differences.
For example, usage statistics indicate video is least popular amongst the older Gen X demographic and wildly popular as consumers get younger. Video content is also critical. Gen X and Gen Y indicate a preference for how-to and product review videos. This indicates your financial institution might do better with this age group by creating videos with a how-to approach.
On the other hand, Gen Z, while still watching product review videos, is also diving into newer genres like product un-boxing and “haul videos.” Thinking creatively, can your bank or credit union create some type of un-boxing or “haul video” featuring products and services you offer?
While video is not the “silver bullet” marketing cure-all, it is a powerful tool that increasingly more financial institution marketers utilize. When creating video, keep a generational approach in mind. What works well for the aging Gen X crowd does not necessarily translate to success for their younger peers in Generations Y and Z.