The baby boomers were as easy to read as the large-print books some now rely on, but the millennial generation is a whole different story and agents are now struggling to communicate with these fresh-faced clients.
Here, we asked industry experts for their advice on successfully marketing to millennials.
Social media
Look beyond traditional marketing strategies and utilize what generation Y gave us. Millennials are the inventors of social media and they stay constantly connected to the world around them via the internet. This makes social media the ideal avenue to reach potential new clients and maintain contact with established ones.
“Millennials make up a huge potential market, by utilizing marketing strategies now, you will position yourself to thrive later,” says digital marketing executive Mike Renton. “Investing in marketing initiatives that are tailored towards millennials will help you jump to the top of their list.”
Start building your online reputation now and not only will you reach more millennials but the groundwork will already be laid when the time comes to attract the next wave – Generation Z.
Trust
It’s not just winning their trust which is hard, keeping it is tough too. Millennials are said to be the least trusting generation yet and it’s important that agents work towards building a reliable rapport with generation Y.
Melanie Cressman, assistant account executive at Gregory FCA, suggests hosting client appreciation events with a modern twist: (continued.)
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“Try hosting your gathering in a reserved room at the new restaurant downtown or at a local craft brewery — these settings are places that millennials will feel more comfortable in, rather than a stuffy conference centre or country club. Consider incorporating modern luxuries at events to attract young clients, too, like providing iPads or tablets for this group to use during presentations or offering takeaways like Fitbits, which are popular with millennials.”
Flexibility
Offering greater flexibility is a key factor in attracting Generation Y investors. Offer remote, virtual meetings that don’t require a commute and can be done outside of a client’s working hours. Generation Y has grown up in an age of technology and will expect their advisors to utilize it.
“If you are unwilling to try new approaches to win over new business, you won’t get far with gen Y clients,” says Cressman. “Cater to the needs and lifestyle of the younger generation, and they will notice.”
