Millennials are thought to be a generation strapped with a lot of debt from student loans. But in actuality, Millennials are saving more than almost every other age group. According to a new survey by Northwestern Mutual, millennials (defined as people between 18 and 34 years old) appear to be more sensible with their financial planning than baby boomers and Generation X, with over 50% having set financial goals (compared with only 38% of Americans age 35 and older).
These two conflicting ideas make them an audience who could greatly benefit from the guidance of financial advisors. As the first generation to grow up with technology at their fingertips, Millennials are a unique demographic to market to. Here are a few tips on how to make the most of your marketing interactions with Millennials.
1. Always connected
It’s no secret that Millennials are attached to their cellphones. In fact, 85 percent of Millennials in the US own a smartphone. Millennials grew up in a world where every piece of information and person are only a few seconds away. This environment has taught Millennials to expect 24/7 communication from not only their friends but their brands. That’s why developing websites and landing pages that are optimized and responsive for not only desktop viewing but also phone and tablet viewing are crucial components when designing your firm’s site.
2. VALIDATE YOUR BRAND
A lot of this constant contact is reinforced through social media sharing. Millennials are all over Facebook, Instagram, Snapchat, and other social platforms. That’s why it’s important to create a strong social presence for your company. When crafting your posts, it’s important to consider what types of content are most appealing to Millennials. For example, strong visuals, such as videos, are better received versus plain text. Facebook has accounted for this by allowing you to add a “Background Color” to text and use quick start video sharing. Easy sharing can help your brand create a name for itself and build credibility through digital “word-of-mouth” marketing.
3. CONSISTENT MESSAGING
Millennials aren’t like their Baby Boomer parents who are fiercely loyal to brands. If you’re looking to capture Millennials, you need to constantly be courting them with unique and fresh content. Relevant and topical memes, blogs, and infographics are a simple and quick way to generate new content. When planning out your editorial calendar, schedule content throughout the entire day. With helpful social media management tools like Hootsuite you are no longer restricted to posting during business hours.
Marketing to Millennials isn’t rocket science. As a financial advisor, you will need to adapt your marketing strategies to better market your company to this tech-savvy generation. By ensuring responsiveness online, staying consistent with your online voice via social media and generating engaging and fresh content you’re sure to captivate this demographic.
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