As children of the late 90’s and early 2000’s, they grew up on PlayStation and XBox. They don’t know a world without smartphones and have spent countless hours collecting “badges” in games to “level-up.” They love to compete and EXPECT to have fun.

“Gamification appeals to Millennials’ natural sense of competition and desire to see how their performance stacks up against their peers. Use gamification to incentivize wellness and transform what has traditionally been considered a chore into a fun activity.”

Let’s face it, folks, its officially a Millennial world.

Assuming that they get out and vote (and every indication is that they will, since they see themselves as world-changers), Millennials will select their first US President this year.

Fortune Magazine calls them “millennipreneurs” and states that they are, “starting more companies, managing bigger staffs, and targeting higher profits than their baby boomer predecessors.”

Any HR manager will tell you that, those Millennials who aren’t off starting their own company, will be dominating your workforce.

If you want to attract this generation’s “Boomers,” engagement is key!

As children of the late 90’s and early 2000’s, they grew up on PlayStation and XBox. They don’t know a world without smartphones and have spent countless hours collecting “badges” in games to “level-up.” They love to compete and EXPECT to have fun.

Gamification is a natural solution.

A July ShapeUp article says, “Gamification appeals to Millennials’ natural sense of competition and desire to see how their performance stacks up against their peers. Use gamification to incentivize wellness and transform what has traditionally been considered a chore into a fun activity.”

It’s not hard to Gamify your workplace:

  1. Set your corporate goals
  2. Identify how to track those goals
  3. Assign points to achieving each goal
  4. Provide a “leader board” so everyone knows how they stack up. Millennials expect real-time feedback on everything.
  5. Create several “bite-sized” levels, each with its own reward
  6. Make it FUN!!!

One of the amazing things about partnering with banks and credit unions from all over the country is that, even as the consultant, I get to learn new things and best practices from all over. Yesterday, a client told me about a company called GameFI who provides a system to better engage your staff. Their website says, “Humans are wired to play games. Games provide rewards, show progress, create surprise, clarifies goals, and drive continued engagement.”

Whether you create your own system or invest in a proven solution, attracting, engaging, retaining and maximizing the performance of Millennials is about “more carrot and less stick.”

Some examples of internal gamification “badges” you could create for your staff are:

  • Do Gooder: Employee with 20 + hours of community volunteerism
  • Savior: Employee who finds way to lower customers’ payments
  • Ada Boy: Employee who receives positive customer comments

Could you imagine motivating your Millennial customers to deepen their relationship with you through phone app-style rewards?  What if each customer was engaged through a PURL (personalized URL) that tracked their relationship with you?  You could then send email to reinforce positive activity and promote “special badges” on your social media – challenging customers to earn more badges (106 customers earned the “Tree Hugger” badge this week, click here to see how to earn yours).

POSSIBLE BANKING BADGES/POINTS

  • Gamification BadgesEasy Rider: Motorcycle Loan
  • Car & Driver: Any auto loan
  • Gonna Need a Bigger Garage: 3rd active auto loan
  • It’s mine, all mine: Any paid off loan
  • Tree Hugger: Sign up for eStatements
  • Activist: Help you through involvement in a community event, like a food drive
  • Professor: Attend education seminar
  • EZ Access: Open a checking account
  • Charrrrge It!: Credit Card
  • Trifecta: Checking, Debit and Online Banking opened
  • Far Far Away: Vacation Savings
  • Tis The Season: Christmas Savings
  • Rockafeller: $150,000 in total deposits
  • Entrepreneur: Small Business Loan
  • This Could Go Platinum: Any CD
  • Banking in Jammies: Online Banking
  • Mmm: Money Market
  • Writer’s Cramp: 30 signature-based debit card transactions in 1 month
  • Single-handed Stimulus: 50 plus debit card transaction in 1 month
  • Loyalist: 4 or more total products
  • No More Rent: First time mortgage
  • Home Sweet Home: Any Mortgage
  • Nest Egg: IRA
  • Pass It On: Referrals

The challenge, of course, is measurement and tracking of the badges. But, realistically, most of the above criteria are built on simple triggers or reports from your core, MCIF or CRM system. The more immediate the reward notification, the better – so monthly updated files aren’t ideal. But don’t let the tech-geek in you kill a potentially good idea. If you think it will work with your base, make it happen.

In addition to being a bank and credit union strategic consultant, MarketMatch also has nationally and internationally requested speakers. Contact us to bring our marketing ideas to your institution or next conference.
See our story here. (click)
Email me directly (click)
937-371-2461
Follow us on Twitter @MarketMatch

More about Millennials: