SALT LAKE CITY, Dec. 1, 2011 /PRNewswire/ -- Putting new market research about the Millennial Generation into action, Zions Bank has launched an Internet reality series called Cheapster at Facebook.com/CheapsterTV. The innovative eight-part series follows young adults as they compete in a frugality contest for a $10,000 prize. For Zions Bank, it is the first campaign of its kind designed to educate Millennials through Facebook about financial products.
In 2011, Zions Bank concluded extensive research about its emerging market demographic, Millennials ages 13 to 28 years old. The bank found this audience is unaware of effective money-managing techniques, and some rely on extreme budgeting behaviors. Utilizing these findings, Zions Bank developed Cheapster as a nontraditional communication outlet to show Millennials firsthand how certain Zions Bank products are used. As contestants scrimp and save their way to the grand prize, the series also provides money-management tips to educate this generation as they financially prepare for the future.
Zions Bank engaged in research efforts among young adults consisting of thousands of responses from online surveys, in-depth interviews and parent focus groups. In their responses, Millennials admitted they feel uneducated about certain banking products and view banking as a low priority but value the ability to receive financial updates on the go.
Additional research also indicates that this generation responds differently to financial situations than previous generations. According to the March 2011 MFS Investing Sentiment Survey, the 76.6 million young adults in the U.S. who fall in the Millennial Generation have spending power of $889.3 billion, but rarely carry cash and lack overall confidence in banking and financial decisions.
The Zions team used this research to reach Millennials through its Cheapster Web series. Each Cheapster episode features outrageous budgeting challenges in which cast members compete, such as dumpster diving or purchasing formal attire from a thrift store. Episodes are embedded with brief budgeting tactics and tips from Zions Bank employees to educate viewers. To promote the series, Zions Bank distributed 20,000 packages of ramen noodles to local college campuses in a guerrilla marketing effort.
New episodes launch each Tuesday on Facebook.com/CheapsterTV, with the finale to be released on Dec. 13. The final winner will walk away with the grand prize of $10,000 and the "Ultimate Cheapster" title.
"From our research, we realized that Millennials have financial fears and are hesitant to follow previous banking trends, a key finding that shaped the way we communicate with them," said Rob Brough, Zions Bank executive vice president. "So we are reaching out to them to let them know that Zions Bank can be the financially serious bank for financially unserious consumers. Our message to them is: when you're ready to open a student checking account or take out a student loan, we have the resources and mindset to match your needs."
About Zions Bank
Zions Bank, a subsidiary of Zions Bancorporation operates 133 full-service branches throughout Utah and Idaho. In addition to offering a wide range of traditional banking services, Zions Bank is also a leader in small-business lending and has consistently ranked as the No. 1 lender of U.S. Small Business Administration 7(a) loans in Utah for the past 18 years and Idaho's Boise District for the past 10 years. Founded in 1873, Zions Bank has been serving the communities of the Intermountain West for nearly 140 years. Additional information is available at www.zionsbank.com.
SOURCE Zions Bank