Customer satisfaction now requires a web of two-way communications.

• Author: Motley, L. Biff
• Position: Customer Satisfaction

With the depressed economy and balance sheets gorged with loans hung over from better times, marketers are searching to expand deposits and fee income. One target segment is the so-called Generation Y children of the baby boomers.

These folks, born between 1980 and 1994, see the world a bit differently. Unlike their parents, who made up a one-size-fits-all mass market toward whom marketers blasted one-way offers with a variety of successful premiums, promotions and response-driven tactical plans, the Gen Y folks respond to this kind of marketing with suspicion.

What they are seeking is genuineness. They want a relationship with a trusted brand embodied in a two-way communication dialogue. Of course, like their parents, they understand and believe in brands--provided the brand listens to them. Great companies that have emerged since the Internet boom of the late 1990s understand this well and build into their plan plenty of feedback channels, including purchase follow-up e-mails as well as online satisfaction surveys, customer comments and advisory panels. Older companies, like many in our industry, are beginning to catch on. Here are some road signs to mark your direction.

Speak the language. When communicating to the Gen Y clients, be genuine. Pay a lot of attention to how others communicate with this audience and the role that feedback plays. Conduct focus groups in your market to find out what concerns them, then build these into your branding solutions.

Individualize your solutions. Steeped in two-way communications, this segment's sense of individuality is amplified every day. If you can develop customized banking portfolios for them that take into account their individual spending, record keeping, servicing, informational and other needs, they will respond with loyalty. Focus on the transaction phases of their banking life. How do they like to pay for stuff (both online and face to face)? Do they trust credit cards or...