Parents want their kids to be more financially responsible. Kids want more financial responsibility. Teen banking solutions in the US continue to boom.
But with more competition, teen banking solutions are finding their own ways to scale their businesses and are using different channels and business models to get there.
The journey starts with knowing your user to the max, said Simon Elkjær, the chief marketing officer of avXperten, a Denmark-based electronics store.
“When it comes to marketing to teens or any similar demographic, marketers need to realize that they have to dedicate even more effort into researching their audience,” said Elkjær. “What the current trends are, and what issues they hold dear.”
For Copper Banking, a Seattle-based digital bank made for teens, the key to understanding its customers has been going straight to the place they’re most likely to be found: high school. This has given the company a chance to hyper focus on their key demographic and avoids spending a lot of time marketing and acquiring on social media channels.
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