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ME +YOU = COMMUNITY: How Do the Youth Like it?

Andrea Booker |

In today’s day and age when FOMO (Fear of Missing Out) is the new coined term for “the anxiety, and feelings of inadequacy that can flare up while skimming social media sites”  the question arises: are banks the ones missing out on a new world of deeper relationship with customers?

The value youth put on individuality is critical to understanding what makes them tick. They seek to be unique and approached distinctively with solutions tailored to who they are. At the same time, they seek to gather bits and pieces of information from their larger social communities that may inform their decisions on how to differentiate themselves from the rest. According to MasterCard research conducted by GFK Roper 35% of Americans agree with the statement “My individuality is reflected in how I look and what I buy” with the youth segment leading the trend, while 27% agree with the statement “I feel it is important to be an active part of the wider community” where Gen Y is in the lead.

Trust is another significant attribute that youth use to weigh credibility. Approaching youth with the sole intention of building awareness of one’s brand , product and service is no longer enough, engaging the youth segment to where they can customize the product to an expression of who they are is more palpable in the minds of young consumers.

So what better way to earn their trust than taking some time to know who they are as individuals, beyond who they are as a generational group? Though common trends exist as a larger generational group, no two youth are the same: marketing cannot take on a “one size fits all” approach. Teens and Young Adults are looking for what speaks to who they are as individuals. Top brands like NikeID and Starbucks, are seeing the value of tapping into customization campaigns.  Keds sneakers has recently repositioned its brand through its How Do You Do? campaign to reintroduce its brand to the millennial generation. Not only are these brands enabling unique experiences for individual consumers, but they are encouraging, what is already a natural inclination to sharing in their larger social networking communities.

Providing youth with a space they can customize and make unique to who they are and how they wish to bank, as well as integrating social media channels such as blogging, reviews and ratings, can cultivate a larger awareness but go beyond that to foster a trust for financial institution’s brand.

Topics: Economic Outlook

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