Many of your millennial audience will trust people they barely know on social media for financial advice. Why are they not coming to you with their questions instead?
While your bank has many resources, much of what you’re advertising is related only to products you have to sell. But your most valuable asset is trust.
Stop advertising products and start offering a valuable relationship.
What about sharing the wealth of expertise you have? It’s valuable and you’re hiding it under a basket.
I recently read a post to a private Facebook group where someone asked important financial advice from the other 13,000+ members. (Meaning, most are “strangers.”) Here’s what it said:
“Financial Advice: I have some credit card debt I could almost pay off or get it down to super manageable levels if I use my savings to make a large payment.
Question: should I keep putting money into my savings while making small payments on my credit card OR make a large payment on my credit card wiping out my savings and starting from scratch with very little debt?
I know there are methods that say build savings then pay off debt but I want actual person advice not articles hahaha HELP”
There’s more. In this group, questions about insurance coverage, rent vs. buy and how to raise a credit score are a common daily occurrence.
They're asking strangers instead of you.
Typically, the questions they post only give part of the picture because people asking the questions don’t know what they don’t know. They do know they need answers. They are also asking for personal, face-to-face help.
Here are some other questions members in the group have posted:
This is a big deal, my Banker Friends.
These are important questions that will make a long term impact on peoples’ financial lives. I believe it’s your purpose—and in your best interest—to help them make the right decisions.
When you're developing a marketing and advertising campaign for your bank, we say "dig deep."
You should be asking your team these questions:
- Who is our target audience?
- What do they care about?
- What is their day like?
- Where do we find them?
- Are we showing up to answer their needs and meet them where they are?
Now is the time for a new approach with your marketing dollars.
It’s time for you to stop focusing solely on mass-market advertising campaigns of days gone by. What worked before is history.
Start supplementing better designed and targeted ad campaigns with activities and resources that truly serve your audience.
Don’t just write (or buy) an article and post it to your website or social share.
Don't be condescending.
Do demonstrate a genuine desire to help.
Do share practical advice.
Do create one-on-one and social interactions that build trust in your expertise.
Here are some ways to do it:
- Offer live chat or live bankers who can answer questions on your website.
- Invite questions on your Facebook page.
- Put real, actionable tips on your website and social media.
- Consider creating a private online social group for your millennial customers to post questions.
- Add millennial members to your board of directors so you get well-rounded feedback.
- Create a drop-in advice table in your branches and let people know you’re there to help untangle the knottiest of questions.
- Teach and mentor your bankers to lead with offering expertise and value, not products.
Be flexible and be ready to meet people where they are: at events, in their businesses and online.
Advertising car loans and free checking will only get you so far. For loyal customers and long term revenue and profit, you need to add value to their lives. Be the go-to for your knowledge and help. You’ll have friends who turn into lifelong customers.
For more insights into helping your bank answer important questions for millennials, find out more about our national Banktastic Millennial Advisory Board, and our Millennial Money Mindset. You can also subscribe now.