As Millennials get older, banks and credit unions could get caught off guard if their marketing plans don’t evolve.
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Banks’ marketing teams are right to see Millennials as a market segment worth capturing—many haven’t committed to one bank, and their loyalty is up for grabs. However, it’s possible that marketers have erroneously pigeonholed all Millennials into a single group based on their age. The fact is that some Millennials are now starting to act like Gen X-ers, seeking help with college funds, investments, IRAs, and mortgages. The best pre-qualified prospects are going to come from this subset of the Millennial population. So, it might make more sense to segment Millennials based on their different lifestyles, and stop targeting campaigns exclusively toward the beer-drinking hipsters of the bunch.
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