Let’s play a little word association game. When I say Gen Z marketing, what word comes to mind? Does digital immediately leap into your head? While this response does describe Gen Z, it doesn’t tell the whole story.
If you want to meet that strategic goal of attracting Gen Z consumers, your credit union or community bank must look at the bigger picture. Yes, that means looking at their digital preferences. But it also means looking at how they view money and the economy.
Here’s a quick crash course on Gen Z marketing, with an emphasis on their pain points and how to address them.
Up Your Digital Game
Like our word association game showed us, digital engagement is a defining Gen Z trait. This generation already sees tech companies as all-in-one financial solutions. In fact, 75% of Gen Z is fine using these companies for payments.
To truly grab Gen Z, you need convenient financial solutions – ones where the consumer never enters a branch. Online loan decisioning is a good example. Once you have these solutions, tell your potential consumers. Advertise the incredible combination of local charm and high-tech processes to outdo your competitors!
Give Them Financial Advice
According to Deloitte, 46% of Gen Z lives paycheck-to-paycheck and 30% don’t feel financially secure. This insecurity causes a lot of stress. In other words, this generation is looking for ways to improve their financial lives and remove that stress.
Luckily, credit unions and community banks have the solution – financial advice!
You’re the guide Gen Z desperately needs to lead them into a more secure life. Don’t shy away from this role. Use social media to provide weekly tips, write longer pieces on a blog and train your staff to know sound financial principles. Chances are, Gen Z will stick with you if your advice works.
Show Them a Secure Future
Gen Z has a lot of reasons to feel insecure. Many missed high school graduations, college graduations and weddings during the pandemic. Their outlook is bleak, and one out of seven believes their job might not be “future proof.”
Once again, you’re the guide to a secure future. Little benefits like early direct deposit give Gen Z hope to pay next month’s bills on time. Hiring and developing them also helps, since you can show them future proof jobs do exist.
Once they see what you do, they’ll want to come on board as a member or customer. Plus, they’ll introduce some much-needed youthful energy into your culture and marketing - a youthful energy likely to attract more Gen Z consumers.
Hopefully this helped you understand Gen Z marketing a bit better. But sometimes a crash course isn’t enough. An in-depth marketing assessment can help you diagnose larger reasons why your current marketing doesn’t resonate with Gen Z.
