How Do You Market to
Millennials? Answer: You Don't
Kevin Tynan, senior vice president of marketing at Chicago-based Liberty Bank, says marketing to millennials remains a hot topic, but community banks have not been very successful in attracting young consumers. He believes articles offering advice on how to reach millennials or detailing what bankers need to know about millennials suggest a one-dimensionality about the demographic. "Most advice is based on viewing millennials as one homogeneous group -- an inherently flawed approach," says Tynan. "That's ludicrous. It's tantamount to saying everyone born between 1980 and 2000 acts, responds, and can be marketed to the same way. There is simply too much economic, geographic, and demographic diversity within the group to make meaningful generalizations." He emphasizes that individuals are shaped mainly by parental values and community and that millennials are not necessarily more technically proficient than other groups. Tynan adds that not all millennials are drawn to the newest app or digital product, but instead look for apps that simplify tasks and increase convenience. "Millennial marketing may be a trendy buzz phrase but it's never a substitute for a carefully developed marketing plan," says Tynan.
From "How Do You Market to Millennials? Answer: You Don't"
American Banker (06/19/15) Tynan, Kevin
Kevin Tynan, senior vice president of marketing at Chicago-based Liberty Bank, says marketing to millennials remains a hot topic, but community banks have not been very successful in attracting young consumers. He believes articles offering advice on how to reach millennials or detailing what bankers need to know about millennials suggest a one-dimensionality about the demographic. "Most advice is based on viewing millennials as one homogeneous group -- an inherently flawed approach," says Tynan. "That's ludicrous. It's tantamount to saying everyone born between 1980 and 2000 acts, responds, and can be marketed to the same way. There is simply too much economic, geographic, and demographic diversity within the group to make meaningful generalizations." He emphasizes that individuals are shaped mainly by parental values and community and that millennials are not necessarily more technically proficient than other groups. Tynan adds that not all millennials are drawn to the newest app or digital product, but instead look for apps that simplify tasks and increase convenience. "Millennial marketing may be a trendy buzz phrase but it's never a substitute for a carefully developed marketing plan," says Tynan.
From "How Do You Market to Millennials? Answer: You Don't"
American Banker (06/19/15) Tynan, Kevin
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