MILLENNIALS IN INDIA ARE OPTIMISTIC AND BELIEVE IN THE INDIAN DREAM
According to the first few findings of the LinkedIn’s Affluent Millennial Research Study unveiled at the second edition of Finance Connect in Mumbai
LinkedIn hosted its second edition of Finance Connect last at the Trident Hotel last evening and welcomed over 100 financial services marketers to the event. The world’s largest professional network, with over 30 million members in India and more than 364 million globally, unveiled the initial India findings of the LinkedIn Affluent Millennial Research Study at the event. The research, conducted by Ipsos, brings to light the affluent millennial's mindset shift and the ‘disruption’ caused by digital and social channels.
Here are some interesting insights from the study:
Exceptionally high optimism:
According to the study, 96% of affluent Indian millennials believe and are optimistic that every citizen has an equal opportunity to achieve success and prosperity through hard work, determination and initiative. This sentiment was highest amongst other countries surveyed. The opportunities that lie ahead is what makes them feel most confident about the current period.
Marketers may therefore need to customize their products and relook at the traditional ways of marketing them to the new age affluent millennial force which is tech-savvy, more dynamic and relies immensely on what’s most relevant ‘now’.
Global and social mobility equals personal success
The millennials (18-34 year old) measure personal success through social and global mobility. This generation gives immense importance to personal vision. Success to 15% of the affluent means being financially able to travel and see the world. Moreover, 15% see success as doing better, financially, than their parents did.
With success being so closely tied to lifestyle changes and personal engagement, brands need to alter their strategies to foster and engage with the millennials to match up to their fast-paced lives.
Social networks drive personal financial strategies
Being the first generation to have grown up in a digital world, millennials are technologically savvy and socially driven. The study reveals that 86% of the affluent millennials use social media for obtaining financial information. This choice of sourcing information further impacts their personal financial strategies and their methods of interacting with financial services brands. Interestingly, 71% of affluent millennials surveyed said that they are willing to try financial services offered by non-financial service brands.
Hence, in order for brands to attract millennials, they need to be present where this audience spends most of its time. In this case, visibility on social networks is the key to engagement.
The research showed that 57% affluent millennials rate themselves as having advanced financial knowledge and this is higher than the global average. With more than half of the affluent millennials in India being confident about their personal financial strategies, marketers need to generate targeted content which can position their brand as trustworthy, transparent and in alignment with this generation’s financial needs.
Olivier Legrand, Head of Marketing Solutions, Asia Pacific & Japan LinkedIn said, “Millennials are changing the rules of the game for marketers. But the future is bright because it’s this disruptive movement that is forcing brands to invest more and more in user experience.”
“Millennials are digital natives and thrive on the information that they find online before making their own decision. For brands to be in the consideration set, it is important for them to build trust by being relevant, authentic and engaging in dialogue,“ said Ashutosh Gupta, Director of Marketing Solutions, LinkedIn India.
What is LinkedIn Finance Connect :
The finance sector is a key focus area for LinkedIn Marketing Solutions in India and LinkedIn Finance Connect is targeted specifically to marketers in this sector. Finance Connect is being held in India for the second time, after its success in New York, Sydney, Sao Paulo and Toronto.
In today’s growing climate of market disruption, financial institutions need to find innovative ways to reach their audiences in order to build and nurture prospects. Social media elevates the importance of relationships, and many firms recognize the value of leveraging technology to tap into the power of networks to achieve that goal. At LinkedIn Finance Connect, marketers can learn firsthand how leading brands and financial institutions are harnessing the power of social and digital engagement to meet their marketing goals.