These days, it seems like every business wants to target the millennial generation. And at over 8 million strong, that makes sense—it is hard to ignore the largest demographic of the U.S. population. As a millennial myself, I’ve seen business after business fail to recognize the importance of connecting with my generation, and I’ve also seen how simple shifts in awareness can make all the difference in gaining millennials’ business. So whether you want to attract them as new clients, or retain them as clients as they inherit their parents’ wealth, it’s time you learn how to connect with this generation to build a lasting relationship with them. Here are 5 simple ways to appeal to millennials:
1. Be real.
Millennials want to connect with the real you. They are great at sniffing out “fake” people, and authenticity means a lot to them. That’s why, at the end of the day, they want to work with someone they like and trust, who can share who they are as a person, not just as a financial planner. Your credentials and awards are great, but a heart-based connection is more important to millennials.
2. Go where they go.
If you want to target millennials, then go where they are. Where do they hang out online—Facebook, Twitter, YouTube, Instagram? What events or conferences do they attend, and how can you get in front of them there? Think of ways to enhance your social media marketing and offline marketing to get in front of this demographic, and be creative. For example, can you host a personal finance workshop at a trendy art space or retail space? Or maybe partner with another expert to offer a joint workshop related to overall health and well-being? Millennials are all about living healthy, well-balanced, inspiring lives, and they love when experts think outside the box to get their attention.
3. Speak their lingo.
No one ever likes being talked down to, but it feels even worse when the subject is money. Millennials want to work with people who speak their language, who can break down the complex financial world in a way that makes sense to them. Don’t be the stuffy expert who talks to them like a parent would. Instead, have fun with your money talks and find analogies to explain financial planning in ways they can relate to. When people feel empowered and educated about a subject, they’ll be more likely to find value in your services and follow your recommendations.
4. Offer special VIP access or deals.
Of course, you will have to work with your compliance team on this, but what are some ways you can offer your ideal clients special access or offers? Our mentality is to always find the best deals, and sites like Living Social, Groupon and Gilt have made doing so the norm. Plus, the millennial generation is known as the more “entitled” one, meaning they want instant gratification and love feeling special. Some examples of how to make this work for your business include offering a special rate if millennial clients refer their friends to you, or hosting a special VIP-access-only event for your clients and having them bring a potential client for you to meet. Think about creating “wow” experiences and making millennials feel special. This is what will make you stand out—and what will make them want to share your services with their friends.
5. Have more fun.
The more fun you have with your business and marketing efforts, the more you’ll stand out. So get creative. Build a brand that speaks to the niche you’re targeting. Personally, I make YouTube videos every week and make sure to dance at the end of each one to show how much fun money can be. When you show your fun side, it builds that personal connection, and people will be more naturally inclined to listen to what you’re saying once they’ve determined they like you. Business and life are meant to be fun, and people are attracted to those who are leading the way and helping them create a fun, fulfilled life using their money, too.
Hopefully this helps you see that attracting more millennial clients doesn’t have to be that hard—and that it’s actually something you cannot afford to neglect. After all, it’s projected that millennials will make up 50% of the U.S. workforce by 2020, whether you’re ready for them or not.* I certainly hope you start preparing now, and implement these simple tips in your business sooner rather than later.
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