|Commerce Bank||Next Challenge: How would you promote renters insurance to Millennials?|
Commerce Bank offers a wide variety of financial services and is ranked in the top ten on Forbes' 2014 list of America's Best Banks. We have a large group of customers between the ages of 18-30 years and are developing a strategy to keep these customers engaged with the bank throughout the coming decades.
One of the biggest obstacles in engaging this group is that they do not communicate in the same way most banks communicate. Emails aren’t read, snail mail doesn’t resonate, and social media is flooded with competing content. As a result, we are frequently thinking about which products are relevant to this demographic, how best to share those products, and lastly where to share them.
Propose a way to successfully engage 18-30 yr. old customers more consistently across a 10-year timeline. Specifically submit answers to the following:
1) Product – What product/feature would you use to engage and provide value to these customers? Feel free to select an existing or new product. We’ve tried savings accounts, credit cards, online banking, online bill payments, gift cards, student loans and money management tools.
2) Messaging – How would you market and position the bank in a novel way?
3) Placement – What strategies would you use to place our brand and product in their every day life?
4) Why – Why do you think your solution is the most effective way to engage this target audience?
[Bonus] Reference a product or brand that used a similar approach and describe how consumers responded.
Things to consider:
- Top ideas will build on consumer behaviors. Preference will be given to novel solutions or creative communication strategies.
- Some banks have a "keep the change" program that allows their members to add the change from each purchase to their savings account- This is a great place to start thinking about your submission: A process or product that is geared toward young customers.
- Your idea should fit in well with the busy, social, digital lives of Millennials
- Get Creative! Simply saying "build an app" or "create a rewards program" is not acceptable. Let us know unique app functions or what special rewards we can offer
|Top 5 share $750||Next 5 share $250|
|$150.00||Austin Pearl Babson College|
|$150.00||Taylor Maloney University of Florida|
|$150.00||Miles White University of South Florida|
|$150.00||Tarun Jha University of Florida|
|$150.00||Yacine Brini University of California at Berkeley|
|$50.00||Christa Abert Lvc|
|$50.00||Sai Agnikhotram Instituto de Empresa|
|$50.00||Matthew Gaiser Queen's University|
|$50.00||Andrew Christian Fredonia|
|$50.00||Jennifer Perrault University of Wisconsin - OshKosh|