Marketing tactics don’t always have to require the most complex ideas or high budgets. In this week’s video Samantha Russell, Chief Evangelist for Twenty Over Ten and FMG Suite goes over 4 low-cost, easy-to-implement marketing strategies that you can use to retain and attract millennial clients today.
4 Marketing Strategies To Attract and Retain Millennial Clients
If I asked you what the wealthiest generation in the United States is and also what the largest generation in terms of sheer numbers is, would you guess it’s Millennials? That’s right. Millennials now outnumber even baby boomers just in sheer numbers. Just take a look at this data from the US Census Bureau:
And also this chart from Bloomberg shows that they are also now the wealthiest generation against all others.
And that’s even when we incorporate things like the average student loan debt that Millennials carry. For these two reasons, they are an incredible target and a population that financial advisors can’t afford to leave lying in the dust.
So today I’m going to share with you four low-cost, easy-to-implement marketing strategies that you can use to attract and entertain Millennial clients. I’m Samantha Russell, the Chief Evangelist at FMG Suite and Twenty Over Ten. And let’s dive right in.
1. Offer Alternative Billing or Fee Structures
So tip number one is to offer alternative billing or fee structures. This is sort of a no-brainer. Anyone who reads the news or who is involved in any kind of subscription service knows that subscriptions particularly have really overtaken our daily lives. Millennials were one of the biggest age groups to adopt this early on.
So for Millennials, we are used to paying – and I say we because I’m a Millennial myself – for most things in subscription models, and it is becoming prevalent in every single industry. Your own fee structure should often be able to mimic what people can find in other areas of their life. So there’s a lot of different ways you can do this. Obviously, it doesn’t mean that you need to offer this exclusively as a subscription base, but having it as an option is going to be more enticing. Here’s a great example from RLS Wealth Partners, where they have two different fee models:
Once you hit a certain threshold of AUM, it switches. So it starts off subscription-based, and then it switches. So think about your own fee model and how you can attract Millennials by changing up what you offer and how you package your services.
2. Add Live Chat To Your Website
Okay, the second thing that you can do is to add live chat to your website. So this is really more for the prospects who are checking out your firm. Millennials want immediate answers. They don’t want to have to fill out a form and wait for a week or a couple of days for a response. Being able to chat with somebody live is a huge, huge benefit when they just have a quick question and they’re not yet ready to maybe schedule a full meeting with your firm. So there’s a lot of different companies you can use to do that. Here’s an example of how it displays, so you can see there’s a little box in the right-hand corner.
Someone lands on your site, it sort of pops up and invites them to chat with you. And even if you don’t have the bandwidth to have somebody live Manning live chat all day long. There are really great responses that you can auto-populate for really popular questions, so maybe somebody saying something like Hi. Do you work with people who do X or Hi? Do you have a minimum assets under management threshold? You can kind of pre-populate the most popular questions you expect to receive and then have your bot auto give those answers. So adding live chat is going to be a great way to attract more millennials.
3. Provide More DIY Resources
Okay, number three, provide more of what we call DIY resources. So do it yourself resources. And the reason it is so popular is because many millennials are used to going to the Internet, doing a Google search or looking things up on YouTube and trying to figure it out on their own first before they go and look for a professional to help them.
So by having a blog post, how to do X or five ways to simplify Y, you’re going to appeal to them by giving that information away for free. But you can always, at the bottom of every one of those DIY resources, have something that says “struggling to implement them on your own?” or “have more questions? Our team is here to help” and have that call to action connect with your phone.
4. Offer Texting as a Communication Option
Okay, and number four, offer a texting opportunity with your clients. So there are still so many firms out there that do not allow their advisors to text with their clients for many different reasons. Often compliance. But if you are able to offer it and there’s a lot of services out there that can make it really compliant and allow it to be all archives texting is such a great way because people want to be able to just again going back to live chat. Get that quick communication. So having something where you can say and if you have any questions, just shoot me. A text is going to appeal to millennials very much. If you found these four tips helpful in the examples that we shared, give this video a thumbs up and make sure you subscribe because every single week we share a new video just like this to help you market your firm better.