In Part 1 of this series, we became better acquainted with the buying and browsing habits of Millennials. In Part 2, we will take a look at one of the ways in which Advisors can reach this tech-savvy generation. As with each generation (and being a Millennial myself) this group comes with their own set of interests, expectations and abilities.
Millennials are known to be constantly checking their Instagram and Facebook accounts, as well as their Twitter feed. Our generation has become so attached to our smartphones that when we have to put our phone away for an hour, we don’t know what to do with ourselves. The average Millennial checks his or her smartphone 43 times and spends 5.4 hours on social media per day. Some would say we are a Marketer’s dream – always plugged in.
So, what are Advisors to do?
Look beyond the traditional marketing strategies and utilize what the Millennial generation has invented. Millennials are the inventors of Social Media and it has quickly become their link to the outside world, far more then even television. It is not going anywhere; so creating a great online reputation on Social Media will only help to build a future with these Millennial clients.
When it comes to marketing and education, Advisors who want to reach this generation will need to embrace Social Media, but benefiting from this avenue is all about knowing how to use it effectively. A great strategy is all about communicating in the language of the Millennial. Being in the Financial Services industry, it is important for Advisor’s to be familiar with the major spending habits of this generation, so that they can speak in the currency that Millennials value.
So, where are Millennials dishing out the dollars for these days?
Jeff Yang (CNN, 2014) suggests that Millennials are much more likely to spend their money on things and experiences that they can share with friends, such as a nice dinner out, a weekend road-trip, or a one-of-a-kind experience. They tend to spend their money on creating memories and experiences, rather than owning big and expensive materials. In Yang’s article, he discusses the top 3 things that Millennials are spending their money on:
- Travel. Millennials travel more then any other group, taking on average 9 leisure trips a year.
- Technology. Millennials are redeploying their spending from televisions to mobile devices. 45% of twenty something year olds say it is important to them to have the latest features or styles in smartphones. They don’t see this as just a gadget but as the primary way they connect with friends, family, and the outside world (social media).
- Training. Millennials are spending more on education than any prior generation to date. The average millennial graduates with a $30,000 student loan burden.
In order to connect with a Millennial as an Advisor, why not put things in the currency that they value (experiences, travel, concerts, food, digital media, education) and through the medium that they communicate (social media). Although you are an Advisor, and your expertise is in finance, wealth and management, position your Social Media strategy in the context of what this generation values most based on their spending habits. Create and share content on your Social Media platforms that speak about how to save for a vacation, or school, or point out the experiences that they may miss out on if they don’t manage their money effectively. Below are some examples of some great topics that would tie together both your expertise and Millennials interests:
- Creative ways to save for a vacation
- How to save money while travelling
- Should you invest or pay off student loans?
- Strategies to dig yourself out of student loan debt
- 10 tips to save money for leisure activities
Advisors: Establish a presence on the avenues that Millennials are spending the most time on, and tailor your created and curated content to information and insights that are relevant to us, without being overly commercial.
Millennials can be a difficult yet rewarding demographic for Advisors. Stay tuned for more articles in this series on How Advisors Can Market to the Millennials Generation.
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