What, exactly, is the Millennial generation?
Millennials (also known as the Millennial Generation or Generation Y) are the demographic cohort of individuals born from the early 1980s to the early 2000s. There are more than 80 million of them in the US alone, making their generation larger than Baby Boomers and 20 percent larger than Generation X. Based on research conducted by Millennial Marketing, we know the following about this generation:
- Millennials include some of the earliest digital natives.
- Millennials are interested in participating in your marketing.
- Millennials are known as content creators and users.
- Millennials are ‘’hooked’’ on social media.
- Millennials grew up in a socially networked world.
- Millennials have an estimated purchasing power of between $125 billion to $890 billion
Millennials As the Young Investor
Young and potentially wealthy millennials can be an extremely profitable segment for Advisors and present an excellent opportunity for Advisors to expand their client base. Ironically, they also seem to be a large segment of the population largely overlooked by financial firms. Many Advisors are business people following the money as they seek higher fees and more commissions. However, any Advisor building a business for the long term should find solid opportunity in the millennial group. Advisors can build a relationship with them as they continue to grow and aspire to be high-net-worth retirees someday. According to Time, millennials are saving more now than boomers did at their age. They know that they must manage their own financial future and want someone to guide them in a way that makes sense to them.
I am, in fact, a Millennial. I rely on very specific marketing avenues for information in order to make my decisions. So, how should Advisors market to me? In part 2 of this series, I will look at the most effective ways Advisors can reach millennials in their marketing efforts. Hint: Content is King.
But first, let’s take a look at Millennial’s buying and browsing habits in this Infographic courtesy of AdWeek. One common theme is that Millennial’s expect technology to work and will go elsewhere if it doesn’t (hint: importance of mobile optimized sites, which we will cover in part 2). So, how can you reach the Millennial generation? In one word……online.
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