They were born into a digital world, they hyper-share and are self-aware, but they are the biggest generation in US history, which means that if not already, – they will become a massive consumer group for your business. A new survey released today can help you better understand how to market to Millennials and how to communicate your brand in a way that interacts most effectively with them. The findings, from Bank of America Trends in Consumer Mobility Report, explored timely mobile trends and forward-looking behaviors that increasingly impact our everyday lives across generations, genders, and lifestyles. What’s unique this time around, is that the ‘Gen Z-ers’ (ages 13 to 17) have been included for the first time.
The report highlighted some very substantial differences between the “digital natives” and those of us who remember the world without mobile devices. Gen Zers, for example, would give up daily “must-haves” to remain connected to their mobile device, including their friends or money (28 percent). Other less shocking concessions include television (80 percent), tablets (78 percent) and gaming systems (64 percent).
1. Communications
Seems like a simple and basic concept, right? Well, attention has become a luxury. The dominating mantra now is “if you can’t say it in 140 characters or less, don’t say it at all.” According to the survey, Generation Z is significantly more likely than their older counterparts to use emojis (95 percent, compared to 79 percent), social media (88 percent, compared to 77 percent), acronyms (87 percent, compared to 69 percent) and even selfies (81 percent, compared to 45 percent) to converse with others.
Consider speaking their language. You may want to hire a professional social media individual to accomplish that. Don’t worry about the old-school branding rules. Seek to innovate in a way that anticipates the ever-evolving wants and needs of your young consumers.
2. Boundaries
With the broad adoption of mobile constantly in the palm of our hands, the time to face your consumers is almost all day long. In fact, more than two in five (42 percent) consumers have indicated working on their mobile devices remotely during the day, sometimes at doctor appointments, in transit, at the gym or even on the beach, according to the study. Nevertheless, Millennials and ‘Gen Z-ers’ need a ‘digital detox.’ 46 percent of adults were found supportive of intentional habits to disconnect for more than 24 hours – with 11 percent reporting they’ve previously done one. Nearly three-quarters of consumers (73 percent) indicated they also practice digital boundaries in their household. Dinner tables without devices and avoiding mobile while having a conversation or while driving were some of the popular practices.
Respect those boundaries. When planning marketing campaigns or social media initiatives, consider the time zones and anticipate where people would be at the time you’re reaching out.
3. Big Data
Great news: Millennials love sharing, and sharing it all. Consumers seem to want their mobile device to track their daily activity, with millennials the most comfortable storing their personal (93 percent, compared to 82 percent) and financial (84 percent, compared to 63 percent) information. Other shareable categories include their schedules, location, physical activities and news preferences. The interest stems from the value back, which is being found more efficiently and being serviced with targeted offerings that are relevant and timely. Businesses who tap into such data can better target the demographics and location, making digital campaigns more successful and cost-beneficial.
4. New Payment Options
The bank discovered that 62 percent of Americans use their bank’s mobile app, up from 54 percent in 2016. Of users, more than four in five access their mobile banking app at least once a week, with 29 percent checking their app daily. What that means to you – is that you may want to consider the payment options that you offer today. Younger generations are leading the charge as it relates to mobile finances, with three-quarters of Millennials using a mobile banking app. This is only one piece of the story, as adoption is strong across all generations overall. Two-thirds of Gen Xers use the app, followed by 47 percent of baby boomers and 40 percent of seniors.
5. Selling Point
I’ve met and worked with many businesses who are still in that junction of having ‘light’ digital presence, rather than doubling down on everything digital and mobile. Well here is the latest: Americans are increasingly turning to mobile as their go-to sources. For news over digital channels, to entertainment, shopping, and key life events. The biggest generation in history relies on digital sources for information on both routine activities as well as key events in their lives. Those can range from planning vacations to saving for college, planning for retirement and buying a home.
If key life events include services, products, and solutions that pertain to your business you need to make sure you are there when and where they need you. Be proactive and creative in your mobile presence, so they don’t miss you when it matters most. Loyalty in mobile has a whole new set of dynamics. Most consumers were found to keep apps on their devices even when no longer in use, millennials are the most likely to delete them if not in use. According to a study by Alligatortek, cited in Business Insider Intelligence, 63% of users keep unused apps on their smartphones. Millennials though, delete apps over three times more often than baby boomers.
If there is anything to learn from Bank of America’s study specific experience in servicing mobile customers, it’s all about granting 24/7 access and making it a vital part of your strategy. It’s how you will do business with the “digital natives.”
The opinions expressed here by Inc.com columnists are their own, not those of Inc.com.