Another American Idol Blog?

So what does the mot popular television show in recent history have in common with banking…A LOT! I am going to make some generalizations that are backed up by fact.The objective of American Idol is to find the next Top-40 superstar that can rival Beyonce, Matchbox 20 and Miley Cyrus. I am not sure about you, but my baby boomer parents wouldn’t know who Miley Cyrus was even if I called her Hanna Montana (OK, bad example…they haven’t been hiding under a rock for the past year, but you get the point.). It is safe to assume that the target audience for American Idol are teens, tweens, gen Y and maybe a few young Xers.
Demographically speaking, American Idol is drawing viewers significantly outside their target audience. The Neilson Television Ratings were released a couple of weeks ago and here’s we’ve learned…

According to The Nielsen Company, 29% of the audience (audiences average more than 30 million viewers each week) is between the ages of 35 and 49. This is the single largest group of viewers.

How does this relate to banking, you ask? I’ll make this easy…just because you INTENDED to appeal to a specific audience doesn’t mean that you won’t experience GREAT success with a different group incidentally. American Idol is setting viewership records left and right. Hopefully the executives at the record labels are learning to be prepared to cut records that reflect the buying behaviors (or listening behaviors) of those who cast their votes for the next Idol…keeping in mind that that they are not necessarily those you intended on appealing to.
What I am trying to say is that if you have an amazing promotion that is aimed to get lots of stable, reliable deposits (probably from those that have been in the workforce for 10-15 years), be prepared to attract smart Generation Y kiddos who have a good college job and want to open an interest bearing checking account. They are a smart, savvy and very thrifty group those GenYers!

So maybe it’s a bit of a stretch…but it’s important that you think about it. They may not be your target market but they are your inevitable market. As bankers, we need to think differently about the way we do things. What we did 10 years ago that attracted the savvy generation X will not work for this new group. Their expectations are higher, their reliance on technology to accomplish most tasks is unprecedented and they have grown up in a world where it is easy to jump a fence if the grass is greener on the other side.

I suggest your start watering your lawn.

Happy Monday!
Jenna