Banks won’t have any young customers in 10 years unless they transform their marketing: Mediacom
Financial institutions risk completely losing their hold on the youth market as their marketing efforts fail to keep pace with evolving market trends, Mediacom’s global ECD and head of Mediacom Beyond Advertising, Gemma Hunter, has warned.
The source of the problem, she said, is poor advice being dished out by partners and agencies, as well as the bureaucratic layers within banks.
Hunter (second from right) says some banks are getting bad advice
Except that most kids important interactions with banks or money in general have little to do with the marketing examples you cite. The banks have partnerships with the schools and kids do ‘banking classes’ to learn how to handle money and through that they understand the value of the bank to them. Also its a big moment for a lot of families to take their little one along to open their ‘first bank account’, parents often times did this with their parents and its something they want to do with their own children. The message from both these institutions that hold massive influence over children (parents and school) is of the importance of looking after your money, where as the messages around things like YouTube and Minecraft are all around limiting the potential dangers of watching the wrong thing or talking to the wrong person. Any mention of transactions, real or imagined, are filled with trepidation for parents and kids. By the time they’re reading the collateral you held up they’re already in the system.
I think we should maybe cool our jets a bit on the ‘in ten years’ stuff until we see a genuine alternative to banks appear.
In 10 years will young customers have any money to bank?
It’s amazing what masquerades as expert opinion these days. This is utter drivel.
When you have no money, you can be rebellious.
When your parents have money, you can be rebellious (and hypocritical).
When you start to earn money, pious rebellion transforms.
The assumption that young people don’t change as they get older, or that a snapshot of the author’s current milieu is translatable into a longterm trend, is not something I’d base a strategy on.
I think you mean “she cited Commonwealth Bank’s Dollarmites initiative”, not she “sighted” it. Unless of course it was spotted off the starboard bow.
Oh, and, er… the big banks were supposed to lose their hold on the market when foreign banks were allowed in in the 1980s. Instead, the Big Four tightened their hold. It won’t be any different in ten years, no matter what the advertisements are like. The children of today are tailor-made for banks that push customers online while closing branches right and left.
Hi Pairdell,
I did indeed mean ‘cited’, well spotted.
Apologies for the typo and thanks for flagging. It has been amended.
Vivienne – Mumbrella
Perhaps if MediaCom hadn’t been found to be fraudulently reporting their tv campaign data and had retained Westpac as a key client, they might have been a bit more publicly supportive less than two years on. GroupM must be so proud…
Meanwhile, Mediacom has no more value banks clients…