If you wanna be in marketing, you need to understand people. And if you believe Abraham Maslow, the most fundamental human needs in his hierarchy are: air, food, drink, shelter, warmth, sleep and … sex.
Sex is a primal need. Banking, however, is not. If you want to help attract Millennials to your branches, try to understand what is driving their primal needs.
So what if they’re having less sex?
So what’s going on with the Millennials?
According to a study published in August by the journal, Archives of Sexual Behavior, younger Millennials are more than twice as likely to be sexually inactive in their 20’s compared to previous generations.
15% of 20 – 24-year-olds say they have not had sex since turning 18. That’s 9% higher than it was for people who were that age in the 90’s.
The good news: They won’t want to get screwed by Wells Fargo or the other big banks.
So why are Millennials “gettin’ it on” less and what does it mean to you?
Pressure to succeed: This is a more highly motivated and ambitious generation. Unless they can put it on their resume, they simply aren’t interested. Also, the more time you spend at your desk means less time in the bedroom.
So what? Understand the difference between what has to get done from a checklist and what will help them succeed in life. Day-to-day transactions need to be as quick as possible. But, if you have something that will help them succeed, make sure they know about it.
Fewer in-person relationships: There are some things that technology simply can’t replace, but “real” relationships are simply too time-consuming.
So what? This generation is as comfortable, if not more comfortable, connecting over the internet than in-person. Make sure that your online resources and mobile apps are top-notch.
Difficulty forming deep romantic connections: There’s a lack of trust. There’s a fear of getting into something that they can’t easily get out of. There’s a feeling of self-reliance and bringing another person into your life will just confuse it.
So what? You will not quickly motivate this generation to come to you with a toaster. A solid relationship will take time and start with something small. Focus on a strategy of promoting trial – then prove yourself as a trustworthy, more caring option.
Increased use of anti-depressants which affect sex drive: Anti-depressant use among young people has increased by about a third in the past decade.
So what? Make their life easier. When you roll out a new product or new marketing campaign, ask yourself how this will make your target’s life better … then tell that story in no uncertain terms.
Sex is a primal need. Banking, however, is not. If you want to help attract Millennials to your branches, try to understand what is driving their primal needs.
More About Millennials:
- Engage Millennials Through Gamification
- Millennials Prefer In Person – Survey Shows
- How Millennials Bank – Survey Results
- Attract Millennials With your Branches … Yep, I Said Branches!
- 60% of Banks are NOT Ready for Millennials
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