Millennials form a large percentage of the world population. Born between the early 1980s and late 1990s, these young adults are a powerful driving force in every economy and are expected to contribute to nearly 35% of the global workforce by 2020.
Being tech savvy, this generation is armed with unique insights, opinions and outlook towards the world we live in. Even their spending habits break away from general patterns and are research-oriented.
As such, comparison websites dealing with financial products, such as Bbazaar.my, that help people access the right financial products tend to fare well.
When it comes to a millenials, the problem lies with engaging the audience. So, how do we tap into this potential customer base and market personal finance products like credit cards, personal loans, and car loans to millennials?
Keep the Communication Conversational and the Content Original
Selling a product is all about speaking to your customer. Young adults prefer an informal, personal and engaging tone to their conversations. Using original content will help shine light on your product or service and reel in the audience’s attention.
Highlight the Value of Your Product
Millennials are more likely to invest in a product that makes their lives better. When it comes to financial products like loans and credit cards, educating your audience about the pros and cons of a product, and offering it as a solution lends a personalised approach to marketing.
Tap into the Potential of Social Media
Social media plays a vital role in all aspects of a millennial’s life, from connecting with friends to voicing opinions. It is essential to leverage these platforms to drive traffic to your business through easy-to-find information. Use channels like Twitter, Facebook, and others to allow millennials to get to know you and your product better.
Matter Over Brand
A characteristic most widely associated with millennials is that they are not brand-loyal. In fact, they prioritise the value offered by the product or service over big name tags. Businesses need to put their their product in the spotlight and keep marketing strategies engaging and relevant.
Understand the concerns they might have while applying for a loan or a card, like rate of interest, the cost of the product, how to go about repaying debt or securing their finances and bring those factors into focus. Market financial products like loans and credit cards as a solution to their concerns could have a lasting impact.
Siddharth is a Content Marketing Journalist at BBazaar.my, an online consumer financial marketplace in Malaysia that will help Malaysians to make the smart choice and save money with personal financial matters. Stay tuned and learn about current financial market and products including credit cards, car loans, insurance and more.