LENDING & MARKETING ACROSS THE GENERATIONS Remain Relevant at Every Age Presented by Bryn C. Conway, MBA, CUDE
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SUCCESS Relevant at every age and stage Baby Generation X Millennials Boomers 1965 - 1980 1981 - 1996 1946 - 1964
Success Baby Generation X Millennials Boomers 1965 - 1980 1981 - 1996 1946 - 1964 1. Who they are 2. Loan products 3. Messaging
Baby Boomers 1946 - 1964
Age 54 to 72 75 million • Optimists • Idealists • Individuals
7 Trillion in buying power 70% of the disposable income Good credit and not afraid to borrow !
Retirement = Travel + Fitness + Fun Simplification & Adventure Life is To Be Experienced!
Baby Boomers 1946 – 1964 PRODUCTS
$90 billion in auto sales Freedom • Independence • Love Affair 28% more spent than younger generations combined
$200,000 avg home equity Travel • Relocate • New career Equity = retirement they want
$1.9 trillion in the next 5 years Downsize square footage. Upsize the view!
Baby Boomers 1946 – 1964 MESSAGING
See themselves as 10 years younger 50 is the new 40.
No cardigans or slippers here! Vibrant • Vigorous • Vital Market the experience. It’s about the image, man!
Faster Horses Promote Experience over rate WHY BUY: How does it make them feel?
Generation X 1965 - 1980
Ages 38 to 53 Skeptics • Realists • Independents 49 million | 23% of adult population
Worse off than parents • Recession/Bubbles • Student debt • 40% kids under 18 • 25% parents @home $142,000 average debt
77% Gainfully Employed Prime Earning Years • Baby Boomer Exit Need homes and cars for expanded families
Generation X 1965 – 1980 PRODUCTS
Buy most expensive homes Median price is $263,000 27% in the market to buy FAMILY home
Auto • Home • Student 60% aren’t brand loyal = Opportunity
Loan demand second only to Millennials OPPORTUNITY: Credit report to target.
Generation X 1965 – 1980 MESSAGING
Transparency Least likely to believe traditional marketing Help control financial future
Least likely to consult a financial advisor Debt • Insurance • Savings Help! Don’t Judge.
Many Lending Needs Raising families • Helping parents • Present & Future
Millennials 1981 - 1996
Ages 22 to 37 Diverse • Connected • Educated 42% of the adult population
6 in 10 have student debt $25,500 Average balance Marriage at 27.9 | Home at 33
Pent up demand Shared economy • Mom & Dad • Scared of debt $1.3 trillion in spending power!
Millennials 1981 – 1996 PRODUCTS
Buying Cars 14% 5 years ago 25% Today 23% Next year 61% plan to buy or lease in next 3 years
70% want to buy a home in next 5 years 32% of homebuyers First time home buyer programs
23% carry cash On average only $5 a week Mobile payments & rewards: Must have!
Millennials 1981 – 1996 MESSAGING
66% follow brands on social media Company on social media = trustworthy See Product reviews are key!
Direct Mail Most likely of all generations to open
Relevant • Concise • Understandable Only 20% find financial content interesting Expert advice • How to survive a crisis • Local
Love of community 90% have bought because of family or friend Use the power of referral to reach Millennials
SUCCESS Relevant at every age and stage Baby Generation X Millennials Boomers 1965 - 1980 1981 - 1996 1946 - 1964
Resources Generating Loans by Generation CUES Credit Union Management Magazine, February 2017.
LENDING & MARKETING ACROSS THE GENERATIONS Remain Relevant at Every Age Presented by Bryn C. Conway, MBA, CUDE
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