While it’s easy to jokingly relate millennials to their love for avocado toast, expensive lattes, and other “frivolous” spending practices, this generation is quickly becoming the one to watch. According to a recent study by Guardian, millennials are actually very open to learning about financial strategies. Nearly 75% of young people would visit in-person financial seminars, and this is higher than any other generation.
What we can learn from this is that people in their 20s and 30s want greater access to advisors. They value financial planning much more than we give them credit for. It’s time to shift our marketing to include this demographic.
What makes marketing to this younger generation different than marketing to gen x or baby boomers? In this guide, we’ll explain how to market to millennials successfully. This younger group is the USA’s largest generation, so why not turn them into future (or current) clients?
1. be visible online
Millennials feel at home online more than any other generation. While a digital-focused marketing approach is essential no matter who you’re trying to reach, it’s especially important for younger audiences.
Millennials search for their information online. Older generations might be more likely to rely on word-of-mouth, their network, or other in-person opportunities for discovering trustworthy financial practices. Millennials also value personal references, but they trust the internet and their power to search online.
This is where it pays to invest in SEO (search engine optimization). Young people are searching phrases like “Best financial advisor in New York City” and similar terms that help them discover what they’re looking for. If you’re not appearing on search engines, they won’t see you.
2. Utilize Social Media
Social media is another important way to market to millennials. Aside from having a financial advisor website, you should also have active social media accounts. This doesn’t mean you need to create a profile on every platform. It simply means thinking about what platforms your ideal clients are using and making sure you appear on those regularly.
For financial advisors, it’s a good idea to have a LinkedIn profile. This is a professional platform young people use often to find businesses and to stay on top of the latest trends in the finance world. Make sure you optimize your LinkedIn profile to help your target audience find you effectively. You can’t overlook social media when it comes to making a first impression online.
3. Niche down
It’s not enough to market to millennials as one giant group. With the range of this generation including people from their early 20s to late 30s, you need to be specific about who you’re targetting. People in this generation come from a variety of backgrounds, have different experiences, and are in unique financial situations.
As a financial advisor, you’ll be targeting sub-groups that need financial services. These include:
- Recent grads – While many recent grads leave school with debt, those who have financial assistance from their parents might be ready to start looking for help managing their money.
- Growing careers – Millennials who are in their 20s and early 30s are focused on their careers. They might be married, have kids, and begin saving for retirement. If they have loans, they’re actively paying them off. They’re seeking help with this process and increasing their financial literacy.
- Emerging wealthy – Those in their 30s might be part of the emerging wealth category. This means they’re more stable in their careers, they might own a home, and they’re looking to save for retirement. The emerging wealth group is also open to investment opportunities.
Just from reading through these descriptions, you can see how different each sub-group is. You’ll want to focus specifically on how you can help one group of Millennials when creating your marketing strategy.
4. Understand Millennials’ Needs
People in their 20s and 30s today don’t have the same financial needs as the generations before them. Most young people feel financial stress much more acutely than generations below them. They’ve dealt with the 2008 financial crash, high student loans, and stagnant wages.
Creating a customer journey map will give insight into how millennials think about money. What pain points do they have? What financial literacy do they need? There is most definitely a market for filling these gaps in the younger generation’s money management, but it needs to be filled by someone with empathy and understanding.
5. focus on sustainable investing
Millennials are interested in sustainable investments more than any other generation. Because they’re affected by social and environmental problems at a greater rate than ever before, they want to see their money work for a better world.
This movement towards a brighter future of investing has continued to grow largely due to millennial involvement. Learning more about sustainable investing and how to put cash towards positive change will go a long way towards impressing potential clients.
Welcome millennials into your practice
Millennials often face a lot of judgment from older generations about how they handle their money. Financial advisors are in a position to change this stigma. With a large shift in wealth coming in the next few decades, it pays to keep a close eye on today’s younger generations.
If you’re willing to rethink your communication process and focus on digital marketing, you’re ready to market to millennials with confidence. The world is changing, and it’s up to you to change with it.