May 19, 2020

Marketing to Millennials: Gaining the trust of a wary generation

Marketing
student debt
financial services
Brad Sherman
Tomás H. Lucero
3 min
Marketing to Millennials: Gaining the trust of a wary generation

Millennials watched Bernie Madoff walked off in handcuffs for setting up one of the largest Ponzi schemes in Wall Street history. They’re not eager to trust financial services institutions to manage their wealth. Nevertheless, like generations before and after them, they will age and must prepare for the future. At one time or another, they will be interested in wealth management financial services. In a recent Wall Street Journal column, Voices, wealth manager Brad Sherman discusses millennials’ needs and how to meet them.

 According to Sherman, as a result of Madoff-like financials scandals, it takes longer to gain the trust of millennials and that to earn it marketers need to meet them on their terms.

“Start by being relatable. Meet them on their turf. Millennials are comfortable with using technology to communicate, to research and to learn. You can use traditional modes of marketing, but it is imperative you engage with millennials through the Internet and social media,” says Sherman

Sherman asserts that it’s crucial to have a strong Internet and social media presence as you work at building a relationship based on trust with millennials.

“Make sure you have a current website and a presence on LinkedIn and Twitter because this is where you will make connections. Put your best foot forward on these platforms. Even if you were referred to them by someone they know, millennials will vet you by reading your website, your LinkedIn profile, and your tweets on Twitter,” he advises.

Sherman also thinks that the content most relevant to millennials will offer them basic financial education, which they didn’t get in school. Topics like “What is an IRA?” and personal finance 101 are such that millennials will be readily interested in.

“Financial planning was not something this demographic learned in school, so many of my topics are personal finance 101: help with budgeting, tackling student loan debt, managing finances, merging finances with a spouse or partner, and planning for a first home. I have also found that many millennials are working for entrepreneurial-type companies that don’t necessarily have a retirement program for their employees, so it’s helpful to present basic retirement topics, like explaining what an IRA is,” he explains.

Reminding his audience that millennials are a wary generation due to recent financial chaos as well as the student debt burden, Sherman concludes his column by emphasizing the importance of building trust and communicating through the technologies that millennials are familiar with.

“Once you’ve gained their trust and they’ve vetted you, don’t drop the ball. Continue nurturing your relationship with them. Be transparent and concise about what you offer. Be flexible and be ready to engage with them using the technologies they are comfortable with. For example, if their busy schedules make it too difficult to schedule an in-office face-to-face meeting, set up a meeting on Skype,” he concludes.  

Related Story: 4 Ways Millennials Have Transformed the Consumer Landscape

Related Story: 2 Millennial Marketing Principles: Location and Convenience

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Jun 18, 2021

Microsoft: Building a secure foundation to drive NASCAR

NASCAR
Microsoft
3 min
Racing fans can expect the ultimate virtual experience as a result of the partnership with Microsoft and NASCAR

Microsoft is a key partner of The National Association for Stock Car Auto Racing (NASCAR) and together they are driving ahead to create an inclusive and immersive new fan experience (FX).

These long-term partners have not only navigated the challenges posed by the COVID-19 pandemic with the use of Microsoft Teams and Microsoft 365, but are now looking to a future packed with virtual events to enhance the FX, well beyond NASCAR’S famous Daytona racetrack. 

“Together, we've created a secure environment that's allowed for collaboration, but the future is all about the fans”, said Melinda Cook, General Manager for Microsoft South USA Commercial Business, who cited a culture of transparency, passion, adaptiveness, and a growth mindset as to why this alignment is so successful.”

“We've partnered to create a fluid, immersive experience for the users that is supported by a secure foundation with Microsoft in the background. We are focused on empowering and enabling customers and businesses, like NASCAR, to reach their full potential. We do this with our cloud platform which provides data insights and security.”

“Our cloud environment allows NASCAR to move forward with their digital transformation journey while we are in the background,” said Cook who highlights that Microsoft is helping NASCAR

  • Empower employees productivity and collaboration
  • Improve fan engagement and experience
  • Improve environment security and IT productivity
  • Improve racing operations

 

Microsoft Teams, which is part of the Microsoft 365 suite, enabled employees to work remotely, while staying productive, during the pandemic. “This allowed people to provide the same level of productivity with the use of video conference and instant messaging to collaborate on documents. Increased automation also allows the pit crews, IT, and the business to focus on safety, racing operations, and on the fan experience,” said Cook.

“We have started to innovate to create a more inclusive fanbase, this includes using Xbox to give people the experience of being a virtual racer or even leveraging some of the tools in Microsoft Teams to have a virtual ride along experience.”

“These environments are how we create a more inclusive and immersive experience for the fans. We're working on a virtual fan wall which allows people from new locations to participate in these events,” said Cook, who pointed out Microsoft was also helping bring legacy experiences alive from NASCAR’s archives. 

“At Microsoft we can take it one level further by letting fans know what it's like to see the pit crew experience, the data and all the behind-the-scenes action. We will continue to improve automation with machine learning and artificial intelligence, from marketing to IT operations to finance to racing operations,” said Cook.

Christine Stoffel-Moffett, Vice President of Enterprise Technology at NASCAR, said: “Microsoft is one of our key partners. They have been instrumental in helping the NASCAR enterprise technology team re-architect our Microsoft systems to ensure an advanced level of security across our environment, contribute to our business outcomes, and focus on fan experience.”

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