Over the past few months, there have been a number of blog posts on how Tahzoo is researching Millennials and how we are thinking about customer experiences in the financial services industry. (Check out this post about Customer Centricity and this one about how a lot of companies missed out on a chance to connect with their customers )
Our data scientists have concluded their research and uncovered some unique insights on how Millennials think about money and how they transition from one “Money Mindstate” to another. The transition from one state to another is the marketing moment of truth, and a companies’ ability to accurately target these transitions is a way to attract new Millennial customers and deliver highly relevant content when a Millennial really needs help from a financial services company.
By harnessing tools and techniques of text analysis to study the vast Millennial online conversation, Tahzoo’s Data Scientists have discovered three intriguing triggers to Millennials’ transitions between “Money Mindstates” that are distinct from earlier generations. These insights can inform better financial services customer experience strategies and help such firms reach this elusive-but-promising audience.
When we looked into the online conversation, all the expected financial triggers appeared—college loans, jobs, marriage, divorce, retirement, etc. These triggers have been shown to drive financial conversations of essentially every generation, not just Millennials, so the results were not surprising.
In digging a little deeper, however, Tahzoo discovered three new triggers related to Millennials around topics such as “parent’s money troubles,” their “changing relationship with food,” and their adoption of “budgeting apps.” From a marketing perspective, we were intrigued by the latter two triggers, which aligned with progressions to positive mindstates and might serve as fruitful marketing avenues specifically targeting at Millennials.
Financial services’ marketers looking to attract Millennials, should look for opportunities to advertise around these triggers. Marketing messaging around financial education reinforced by content written relate to Millennials should drive engagement and relationship building – two things that financial services companies have struggled with related to younger customers. Traditional financial service marketing approaches are just not going to resonate with Millennials. It will be critical for companies to find unique approaches to targeting and marketing to this challenging market.
To learn more about our approach to uncovering Millennial insights see this post by David Dorrian.