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Generation X, which is defined as consumers born between 1965 and 1980, represents a difficult audience for loyalty marketers to target. Finding just the right balance of personalized customer engagement through relevant communications and an omnichannel customer experience proves to be elusive for many loyalty marketers.
But a new study released by Customer Communications Group (CCG), a full-service loyalty and marketing agency, lists 10 ways that financial services marketers can acquire and retain the loyalty of Generation X customers.
1. Clarify the benefits of alternatives to basic savings accounts and how these options might fit into their financial plans.
2. Help them balance simultaneous demands including their student loans, their own children’s college education and supporting aging parents.
3. Share solid strategies to help them manage and reduce debt.
4. Provide an online budgeting tool.
5. Offer easy access to online banking, online bill pay, mobile banking and text alerts.
6. Give them online calculators, webinars and other financial management tools.
7. Create opportunities for personal interaction—live video chats, traditional face-to-face meetings and free financial reviews.
Gen X customers tend to be less loyal to a particular financial institution and often price shop and bank hop for preferred banking fees, the study notes. But rewards can motivate them.
8. Make it clear to Gen X consumers how they can minimize or eliminate fees.
9. Offer a rewards program tied to the overall banking relationship, rather than one specific card.
10. Make banking convenient — ATM locations are a primary consideration when Gen Xers choose a bank.
“Generation X is full of contradictions and not the easiest audience to please,” said Greg Sultan, Customer Communications Group senior vice president. “They’re motivated more by rewards than loyalty. They like online tools, but also want personal attention. They’re stocking their savings accounts, but withdrawing from retirement plans — and struggling with daily expenses and debt. Yet, now in their early 30’s to late 40’s, Gen Xers are in their prime earning years. Here are some insights on how to treat them so you can keep them.”
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