So how to seduce this generation Y, more connected and more demanding than ever? Millennials, a generation with great potential For banks and insurance companies, Millennials represent significant acquisition potential. They all have the idea of ​​studying, buying a car, renting or buying housing, or even starting a family and getting married. All these life projects concentrated between 18 and 30 years old are as many new contracts for banks and insurance companies. Bank account openings, loans, home or auto insurance subscriptions, etc. There are many acquisition opportunities. Millennials are thus 6 million new potential customers for banks and 4 million for auto insurance . To attract these new customers, you have to get to know them, determine their needs and expectations in order to better reach them. Thanks to study conducted by Roland Berger and Facebook , we are learning more.

Millennials, aged 18 to 30, go through key moments in their lives. Higher education, the first job, the first apartment, and marriage represent as many important steps for Millennials as acquisition opportunities for banks and insurance companies. In total, there are no less than 10 million new potential customers . What are their uses? Millennials need banks and insurance to make their plans a reality. This is nothing new. What it is, however, is the way Armenia Cell Phone Numbers List make contact with these financial players. They do not spontaneously go to an agency to find out about the available offers. Their first instinct is to go for a walk on the Internet. As we know, these Digital Natives grew up with the Internet and mobile phones. Their smartphone does not leave them all day, and it even goes beyond telephone use. Here, the mobile is an integral part of the purchasing process.

Millennials, a generation with great potential

It is also the preferred communication tool for Millennials. Online channels (email, website), and even new online channels (social networks, application, chatbot), are tools that Millennials use. Nevertheless, they remain attached to more traditional channels, the telephone or human contact in branch are still privileged in their interactions, in particular for the search for information and the purchase of financial services (opening an account, taking out car insurance). What do they want from you? Interactions with banks and insurance companies have been digitized in recent years. Who says digitization, says availability and responsiveness. Added to this is a strong desire for autonomy. The challenge for banks and insurance companies is therefore to assist Millennials in their efforts by being present at each stage of the purchasing process (research and request for information, geolocation, purchase, etc.) while being available and responsive to any time.

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This would make it possible to offer answers 24/7 or to access certain services quickly such as making an appointment. Don’t neglect any communication channel While it is entirely relevant to develop new online channels, the others should not be neglected. Banks and insurance companies must support Millennials in their efforts at every possible point of contact. Whether in a branch, by phone or by e-mail, customer service must be provided in a reactive manner while maintaining a close relationship. Simplify customer journeys and online processes Even if great efforts have already been made, there are still points to improve: offers must be easily accessible and clearer; the quotation and subscription processes must be faster and digitized (thanks to electronic signatures, for example); online appointment booking should be made easier; interactions must be simplified thanks to new 24/7 communication channels.

How to succeed in seducing them?

So no more banners and other pop-ups on websites, instead prefer sponsored ads posted in the news feed of social networks . What you must remember If the acquisition and retention opportunities are numerous with this generation of Millennials, we still have to find a way to attract these young people and stand out from the competition. Also, we must keep in mind that this generation Y has a multi-channel customer journey , juggling between physical and digital channels . In addition, mobile phones are taking an increasingly important part in the purchasing journey, whether in the information research phase of purchasing, including interactions with banks and insurance companies. Contact points must therefore be developed on all possible communication channels, without forgetting to offer efficient, available and responsive customer service.. Likewise, you need to rethink customer journeys and purchasing processes to clarify and simplify them .

How to succeed in seducing them? Be available and responsive We have just seen, the availability and responsiveness are essential criteria for this Generation Y much more demanding . According to the study, half of them want a response within an hour . We must therefore rethink the communication channels. Messaging applications and chatbots could for example be set up. Target Millennials with relevant advertising Finally, to attract Millennials, you can always use online advertising. However, you have to select the right advertising format and choose the most relevant location. The study shows that 85% of Millennials prefer native advertising , that is, one that fits perfectly into the page by resembling the editorial content of the site where it is placed. This generation Y is therefore more receptive to this type of advertising than the previous ones, especially when it is broadcast on social networks.

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