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Modify Your Mindset and Market to Millennials
I know what you may be thinking, “Here’s another post about why I should be marketing to Millennials.” You are right; it is. Marketing to Millennials is important because the longevity of your business depends on your ability to adapt and serve a multitude of generations. The Silent Generation is transferring wealth to the Boomers, and the Boomers are transferring wealth to Gen Xers and Millennials. All of this is happening now.
Do you think it’s wise to have a one “generation” track mindset?
Here is something else to consider. In the past, marketing was heavily focused on life stages and assumed a generation was in a specific life stage based on their age. The rules are changing. You can have a Generation X client starting a new family and another Generation X client getting ready to retire. Millennials are not rushing to the altar, and many prefer to live at home with their parents, leaving Boomer parents with a not-so-empty nest. If you can’t market based on life stages, it’s time to change your mindset and market based on preferences, interests, and values.
There are mountains of research on Millennials, and if you are going to be successful in attracting them you can’t ignore some of the following, which may potentially descript your millennial prospects:
- Millennials Engage Online
- Millennials Value Transparency
- Millennials Earn Less than Their Parents
- Millennials Have Short Attention Spans
- Millennials Have Mountains of College Debt
- Millennials Expect an Inheritance
- Millennials are Diverse and Value Diversity
- Millennials Want to Make a Difference
Taking the above into consideration, here are some ideas on how you can change your mindset to start attracting Millennials:
Stay Digitally Engaged. Keep your website up to date. Post new content for repeat visitors regularly. Post a variety of content forms. Maintain a blog. Maintain your social profiles. Share more of who you are and what you value, and not just from a business perspective. Let people see more into all aspects of your life, including your family and how you are passionate about making a difference. Think multi-media. Record a short video on a topic and release it.
Host a Happy Hour with the Purpose to Educate. Provide insight into how to reduce debt, increase savings, purchase a home, and make the most out of a salary increase.
Engage with relatable stories. Talk about how you’ve helped other clients, with similar financial issues, overcome obstacles and reach their goals.
Help Your Boomer Clients Increase the Success of their Wealth Transfer. Provide Boomer clients with tools and resources to help them better educate their adult children on financial matters. Ask to be introduced to your client’s adult children. Offer to host a family meeting.
Hire a Millennial. If you want to attract millennials, diversify your team, so it too is multi-generational. Remember, like attracts like.
If you’d like more ideas on how to transition your practice to be more multi-generationally focused, contact our Business Development Team at 360-866-2345.