Snapchat recently published a study detailing the insights gathered from over 27,000 daily Snapchat users, providing in-depth insights into what they pen as “The Snapchat Generation.” Although financial brands continue to struggle in determining whether Snapchat is a viable channel to grow their business, understanding emerging generational preferences can’t be ignored. Determining how your brand can capture their attention and engage them is a crucial strategy for future growth and brand loyalty.
Here is what we learned from the Snapchat study.
Pictures Over Words
Gen-Z, aka The Snapchat Generation, is 150% more likely to prefer to communicate with pictures over words than non-Snapchat users. So even as you “umm” and “ahh” on whether to add Snapchat to your social channel mix, this is a pretty powerful insight that could be applied to your overall Gen-Z communication strategy.
We all know that Instagram is one of the fastest-growing social channels and a heavily visual and storytelling medium. But there are opportunities to using these visual design elements in your marketing as well to effectively reach this younger demographic and drive engagement.
Social Good Alignment
2020 brought us marketers a lot to consider around crisis communication, channel distribution, and the customer experience. But another key area of focus centered on social good. Whether that is about aligning your brand with the Black Lives Matter movement, boycotting Facebook due to their advertising practices, or supporting small businesses through PPP, the data has spoken. People are speaking up for what is important to them.
Over 50% of Gen-Z’ers state they are less likely to buy from a brand that promotes social issues that have opposing views. It is no secret within the financial services industry that, between CRA requirements and community banking and credit union philosophies, financial brands have been giving back to their communities for years. It is at the core of who they are. Still, historically, some have done a poor job in communicating it and strategically incorporating social good into their growth and acquisition strategy. Now is the time.
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An alarming statistic is that 60% of Gen-Z feels stress weekly or daily. This is 9% higher than non-Snapchat users. As you begin to break this down further, the #2 reason for this stress is money. As you start to wonder about how this generation fits into your marketing strategy, think about how you can provide resources, education, and support to help reduce that stress.
Looking at this with the glass half-full, this generation likes to have fun! This offers financial brands the opportunity to engage in financial literacy education in a new and exciting way. This can include gamification, VR, and creative engagement. Embracing these new forms of content will help your brand differ from the competition.
You may have had the CEO say a time or two that Gen-Z is not a core audience. “They’re not business owners,” or “they don’t carry high deposits.” However, 2 in 3 people surveyed stated they want to be self-employed, and 9 in 10 said it is important to them to be financially independent. This tells us that we have a future generation of entrepreneurs and financially ambitious individuals. Ones looking for a financial brand to partner with for the long-term. Do we have your attention now, Bank CEO?
This generation provides financial brands to connect with them in new ways, challenge the status quo of how we communicate, and potentially capture them at a time in their life that can provide opportunities to nurture relationships that can evolve into highly loyal, highly profitable, and stable financial customers.
Lastly, this generation loves stories. 1 in 2 survey respondents says they like to learn the backstory of brands and products that they support. Suppose your financial brand does not have a clear brand identity, or vision and mission statement, to communicate. In that case, you will have a tough time convincing others of your unique brand position. As marketers, we are storytellers, and most financial brands have tremendous stories and histories to tell. If done well, these stories can capture the hearts, minds, and, do I dare say, wallets of their customers and communities.