Marketing any business isn’t as simple as it used to be in the olden days. Back then, one-way communication by businesses through an ad in the Sunday newspaper, distributing brochures and flyers and the word of mouth sufficed to attract customers and clients. However at present, with the rise of digital media, influencers, and fast-developing technology, marketing a business requires a much more complicated game plan.
Not only have the mediums increased through which to market (the social media alone can be divided into 7 different branches), the strategies have had to evolve as well in order to effectively promote a particular business. While some businesses may only attract one particular age group, promoting something like your financial advisory firm may be much more complex. Thus creating the need for generation marketing.
David Fallarme, Asia Head Marketing of Hubspot, explains that businesses should constantly identify the changes happening in the market and should adjust their marketing strategy or demand generation strategy accordingly in order to ensure it remains effective.
Over time businesses realized that various age demographics responded to different messages in a diverse manner through different mediums and that each generation had varying degrees of expectations and preferences than the other. Aiming to attract clients from all segments with a synonymous marketing strategy would most likely result in ineffective and failed marketing techniques. Having surpassed the population of baby boomers in 2019, it is therefore compulsory that you are able to successfully pitch your service to the Millenials and this requires a better understanding of the habits, proclivity, and interests of this generation.
In Canada, Millennials count for the majority of the population at 33%, whereas 29.5% were Gen Xers, 19.7% were baby boomers, and 17.6% were Gen Zers. For you to successfully attract the largest age group in the nation, it is essential to know what drives this particular generation.
The time period that the millennials identify with is considered one of the most significant time periods in the age of digital media and technology. Unlike the most recent generations, Millennials have seen a world without the internet and smartphones. They were the first to experience the impact of access and witness the exponential growth in technology. Seeing the world transition from paper media to digital has allowed them to embrace the “fast and smart experience” much more comfortably than the Baby Boomers.
Because they have witnessed and experienced the best of both worlds, they can manage to juggle between them much more comfortably than the others. Also often called “digital natives” their adaptability requires that you use both written and video formats of marketing strategies to capture their attention. They have to learn to use social media and are well aware of the latest trends. This means it is essential for you to aim for the latest digital marketing techniques while making sure to regularly marketing your service via social media.
The median marriage age for a millennial stands at 30 years old, according to the millennial demographics stats. With them entering their 30s and 40s, this particular group often comes with the burdens of student loans or long-term financial goals in addition to the dreams of “settling down”, purchasing a car or a house, or being debt-free. Comprising 50% of the global workforce, Millennials make for a highly lucrative market.
Not prone to being easily distracted by digital noise, baby boomers tend to prefer reading text, unlike the later generations. With the average attention span at 12 seconds, Millennials fare better than generation Z (9%,) therefore you can expect them to last while watching “longer” ads or videos in both written and digital formats.
In addition, unlike baby boomers, they have learned to adjust to the fast-paced technological advances, have adopted social media into their daily lives, and know the latest trends, however, at the same time can manage to survive if the usage of either one of these is disrupted. So while for generation Z, a digital footprint might be enough to capture their attention, for millennials word-of-mouth marketing through perhaps local events, conducting workshops, hosting client events, conducting seminars, or sponsoring events may prove to be highly effective.
The baby boomers also known as the “silent generation” can have trouble trusting the new forms of technology and prefer “seeing” the results in actuality than viewing them on social media whereas the newer generation Z, since birth has been bombarded with flashy ads, fake news, highly competitive industries, unrealistic picture-perfect photos, and highly saturated markets.
The millennials are laxer when it comes to such skepticism and more willing to give a chance. Although, they require that they see effort from your end in return for their unwavering loyalty. Statistics show that 60% of young consumers of the millennial generation state that they have been loyal to a particular brand for ten years or more.
Generation Z was mostly born during an economic recession. Since their birth, they have faced struggles with worsening climate situations, the pandemic, record-high inflation, and soaring unemployment. The millennials, however, were raised during the economic boom.
Both have faced different forms of major global events, the millennials tend to be a bit more optimistic and trust comes a bit more easily.
A survey found that millennials tend to prefer a more personalised service compared to others. This requires a more “direct” marketing approach. A call rather than an email? Personalised messages on special occasions? Furthermore, statistics show that one in five millennials will unfollow a brand if it has an aggressive or annoying marketing strategy.
Unlike the newer generations who are all about “digital,” millennials may even prefer a non-digital or simplified experience in some cases. In-person meetings rather than video conferences or reminders through a phone call rather than an SMS or email to a millennial may prove to be just as effective as digital communication. In short, use all sorts of mediums to attract them and deliver a service that incorporates both online and offline experiences.
The Canadian workforce in majority is comprised of millennials (33%) and almost half of them are married. Thus, they tend to expect flexibility in their service due to them balancing careers along with care commitments. That may include more than one job, child care, or perhaps extended education. Furthermore, for many Millennials getting their money's worth may be more important since they value a better customer experience. A study showed that they are willing to pay more for better customer experience and expect higher standards of customer experience. This requires that you are promoting services that will adjust to your client’s scheduling demands along with promises of providing an outstanding client experience that is uniquely tailored to their demands.
Although your financial advisory firm may be aiming to target all age groups, knowing the preferences of each and devising a specific market strategy to attract the particular demographic will yield more prospects. Since millennials tend to have different expectations and preferences than other generations, you should take them into account while devising your marketing strategy. You need to understand what sets millennials apart from the others to capture their attention and hold on to it longer and provide them with an experience that is tailored to their preferences. An effective marketing strategy specifically targeted at this age demographic could result in much better retention rates for your firm.