Financial firms should build relationships with college students as they leave their homes. College students have long term, lifetime value for financial firms and those that reach this lucrative demographic during this impressionable period have the chance to gain loyal customers for life.
Why Financial Firms Should Build Relationships with College Students
1. To Reach Students as they Leave their Homes
College students are a very important group for financial firms, as college students are leaving their homes for the first time and just beginning their customer journey with financial service providers. College students are transitioning into semi-financial independence and are exploring many different financial services options for the first time, including: opening a checking or savings account, obtaining a credit card, taking out student loans, receiving grants and scholarships, planning a budget, just to name a few. Reaching college students during this transitional period is an excellent way to gain new clientele.
2. To Raise Awareness with College Students
Since college students are just beginning to explore their financial options, they are still relatively new to financial companies and brands. This is a great time for financial firms to raise awareness among this impressionable demographic. College students are looking for companies to help them make their transition to college as smooth as possible. Banks that advertise financial advice and services to students are more likely to gain the attention of the college crowd. There are many different options companies can use, such as: hanging posters on college campuses, using college street teams to pass out informational flyers, hanging door hangers in dorms where freshmen live, and having an informational table on campus with bank representatives. Advertising on college campuses is an excellent time to raise awareness to prospective clients and gain new business for the future.
3. To Develop Loyalty
Another reason financial firms should build relationships with college students is to develop loyalty. College students are the economic force of the future and companies that gain them as customers early in their financial journey have a strong chance of keeping these customers for life. It is much harder to persuade someone to convert from one financial institution to another, than it is to gain them as customers initially when they haven’t developed strong brand loyalty or established financial habits or routines. Financial firms should consider the long term benefit and financial gain of reaching college students. Once you have done this, you will understand why financial firms should build relationships with college students.
To learn about college marketing opportunities for financial firms, contact NAM Youth Marketing at 888-631-9222. Don’t miss out on back-to-college marketing opportunities!