As the Millennial generation makes strides in the workforce and begins to gather their nest egg, it is exceptionally important for financial advisors to adjust their marketing strategies to speak to this up-and-coming demographic. This is easier said than done, however. Millennials were born between 1982 and 2003, growing up in an age bombarded by digital advertising on all sides. As a result, they are more skeptical of traditional advertising than any generation before. Their lack of trust in the business world as a whole requires financial advisors to use a light and gentle touch when trying to get their attention. So how do you begin?
In order to reach a Millennial audience, you have to establish a presence on social media. The statistics here are astounding…The Pew Research Center reports that 88% of all American adults aged 18-29 are on Facebook, 59% are on Instagram, and 36% are on Twitter. Utilize these existing audiences by sharing social content that speaks to millennials.
- Say what?
So you’re on social media…What now? You want to speak to the current financial priorities of your Millennial audience. Share content that is most important to this key demographic. Information on first-time home purchases, Roth IRA’s, and student loan repayment establishes you as a trusted source of information and emphasizes that you have the knowledge to address their financial dilemmas. Encourage your users to share your helpful content with their friends, and engage with all comments and shares to start a meaningful conversation.
- Showcase your values
Being inundated by advertising at such a young age has created a general mistrust for corporations among the Millennial demographic. These feelings were amplified by the financial meltdown of 2008, which occurred right as they were entering the workforce. As a result, the “profits-over-people” mentality is extremely unpopular, and they want greater moral accountability from the companies they invest in. Crafting a meaningful mission statement, offering Socially Responsible Investments, and highlighting your volunteer work makes it clear that you are dedicated to making the world a better place…Something that Millennials will respond to. An astonishing 70% of Millennials will spend more on brands supporting causes they care about, so make sure your brand stands for something!
- No mobile, no go
It should be no surprise that Millennials are the most mobile generation. Not only are Millennials more likely to browse the web on their mobile phone than any other generation, an astonishing 18% are mobile-only. Confirm that your website passes Google’s Mobile-Friendly Test and that all content loads quickly and easily on mobile devices.
Using these tips, you can ensure that you are including the next generation of investors in your marketing plan. Though they are less trusting of advertising than any previous generation, they can be won over by authentic messaging and engaging content.