According to the Pew Research Center, one-in-three American workers are millennials—making them the largest generation in the US workforce. Today, millennials range in age from 23 to 38. Compared to previous generations, millennials are more ethnically and racially diverse; they are marrying later in life if at all; they are better educated with millennial women completing their bachelor’s degree in greater numbers than men; and, they have less wealth and more debt than baby boomers did at the same age.
Considering how unique this demographic is, businesses will have to make some significant changes in their marketing efforts if they are going to catch the eye of millennials. Here are a few tips that your practice can use in order to revamp your marketing efforts.
1. Rebrand your business
Having grown up in an ever increasingly globalized world with instant access to information, millennials are a socially conscious generation. As this awareness informs their spending habits, millennials are drawn to socially and ethically-minded products and businesses. According to a recent study, 9 out of 10 millennials would switch to a company that has a social cause.
Like the generations before them, these differences in priorities are having significant impacts on the consumer market. Many businesses are working toward becoming more socially and environmentally responsible, to catch the eye of millennial consumers. And what’s more, it’s working. Companies everywhere are going through significant efforts to rebrand themselves as humanitarian and sustainable.
To attract millennials, estate planning attorneys have many options. Since millennials buy from socially and environmentally conscious businesses, an attorney should heavily promote any pro bono or philanthropic work they do. Attorneys can also focus their efforts on rebranding by creating social mission statements, going paperless, enacting energy-efficient policies, and collaborating with charitable organizations.
2. Ramp up technology-based communication
Now that we better understand who millennials are, we need to understand how they communicate. As technology saturates their world, millennials are used to quick and immediate methods of communication. These more immediate methods mean long, in-person meetings are out, and emails, instant messaging, and video chatting are in.
Attorneys must get more comfortable with technology-focused communication, including having a website and a blog. Make yourself available via online chat and text messaging. The ambitious attorney could even take their platform virtual and live—creating videos on YouTube and Facebook Live.
3. Reframe the estate planning discussion
Now that we know how to talk to and attract millennials, how do we get them to buy our products and services? It’s true; millennials are still a young generation who may not be worried about end-of-life planning. As attorneys, we know that this is only part of the benefit of estate planning, so educating millennials must be a priority. If we talk about estate planning regarding living empowered lives, rather than death, the topic becomes more relevant. Below are a few topics that millennials might find engaging:
With a national student debt of 1.4 trillion, the average student now owes over $37,000. It’s no wonder that millennials are worried about their debt. Help educate them on how wills and trusts deal with debt so that it won’t be passed on to their spouse or family. Many millennials may be unaware that, unlike federal loans, private loans will not discharge after death.
The next few decades will see a massive transfer of wealth, to the tune of $30 trillion, and millennials will be the primary beneficiaries. As such, they will need guidance on estate management. Educate them on how a trust can safeguard their inheritance and empower them financially.
Millennials are animal lovers and are not afraid to invest financially in them. Engage with them by asking if they have planned for their pet’s care in the event of their death or incapacity. Do they know that probate can delay the financial care of the pet? Does the caretaker they’ve selected for their pet have the resources to care for the animal financially or should they leave behind money in a pet trust?
Want to learn more about marketing to millennials? Download our e-book. Also, visit our website to learn how you can get more marketing support by becoming a WealthCounsel member.
¹Millennials in Adulthood. (2014, March 07). Retrieved March 14, 2018, from http://www.pewsocialtrends.org/2014/03/07/millennials-in-adulthood/
²2015 Cone Communications Millennial CSR Study. (2015). Retrieved March 14, 2018, from http://www.conecomm.com/research-blog/2015-cone-communications-millennial-csr-study