As the millennial generation surges into the workforce and begins to make up the majority of household income across many American families; advisors are increasingly starting to shift their focus on ways to onboard these younger prospects. So how can advisors begin reaching out to those younger audiences successfully?
Find Creative Ways To Break The Noise
An important first step is to attempt to break through the noise. Studies have shown that over 41 percent of Millennials suffer from information overload, which is higher than any other age group. That’s probably because this age group is constantly being bombarded by content across every medium. In order to stand out, you need to break through that clutter with provoking and impactful marketing techniques. Interestingly enough, a recent study showed that direct mail ended up impacting millennials the most. Surprisingly enough, a whopping 92 percent of Millennials stated they were influenced to make a purchasing decision as a result of direct mail they received.
Focus On Issues That Matter To Them
Unlike older generations, certain topics are not going to be as inspiring or appealing to your younger audiences. But topics like that of taxes or student debt can become extremely relevant pain-points and concerns for most of the millennials in the workforce today. Doing the due diligence to find these unique pain-points within these younger age groups can potentially yield fantastic results.
Connect In More Sincere Formats
Contrary to what one may believe, seminars and face to face meetings could potentially be the best formats to connect with younger generations. That’s because one of the main issues you encounter with younger generations is their complete emotional detachment and indifference to media. The younger generations have grown up in a world of marketing, making it very unlikely they will fall for quick tricks and insincere forms of marketing. But if you can talk to them one on one, or bring them in a closer setting to see and listen to your expertise, they will connect with you on a much deeper and even more sincere level than older generations do.
Communicate Your Values
It may sound surprising, but millennials care about values. The more you can convey the reason you are suggesting to them that they follow your advice and put it into context by sharing a personal story, the more likely you are to win over a younger prospect. That’s because more than just doing something, millennials want to know the, “why” factor. Perhaps this ties into an inherited distrust of mainstream corporations and media, but nonetheless, it seems to be an important factor to emphasize with these younger prospects.
Just as is the case with any other generation, there is no silver bullet in marketing and relating to millennials. It is important to realize that each generation carries with them unique challenges and opportunities. Figuring out how to overcome these differences can be both rewarding and fruitful for the advisors that lay down the ground work. For more insightful articles make sure to follow us on Facebook and LinkedIn, or subscribe to our monthly Newsletters!