Millennials - they're the fastest growing generation since the Boomers and they're slated to take over the Baby Boomers by numbers sometime in the next 5 years. Below we've written a bit about what this means for your firm's marketing and how you can successfully navigate this transition.
A primer on Millennials:
- Millennials do a lot of online shopping. As it is easier to compare costs from all businesses on major online retail sites, they have created maximum competition amongst retailers and were able to invest as little as possible buy to buy.
- They've created the Share Economy. MIllennials see little to no value in possessing possessions themselves, but instead have the mindset of sharing everything they possess. Co-working and co-living spaces have arisen in major cities across the world. Firms like Airbnb, Uber and Lyft, etc. are all patrons of the Share Economy.
- They value ethical companies. Millennials value companies that have a strong code of ethics and stick by them. 3 out of 4 Millennials have said they are prepared to pay more for sustainable services and products rather than supporting their more economical, less ecological competitors.
- Technology is key. Millennials have found ways of incorporating technology into every part of their day; from measure counters to GPS to grocery deliver, the accessibility and evaluation of a product things. The same as retail, Millennials are shifting the market on the internet: over 85 percent of Millennials have smartphones and approximately 39 percent interact with them than they do with people.
Key Takeaways in Marketing to Millennials:
- User Their Communication Channels. Since Millennials are constantly on their phone, your firm's client responsiveness processes and marketing should meet them were they're at - online. Forget asking them to send a fax - they don't own fax machines.
- Personalized Marketing is Essential. Millennials like to feel a personal connection to the brands they do business with. An advertising program that is relevant and personable is a must. As Flores says,"Millennials understand how to get what they are searching for online. Your job isn't to give them direction, but to be the destination."
- Expand Beyond the Telephone and Fax. Building on the social networking existence, Millennials would rather have the option to get to know you and your practice through less direct means; messages and texting via Facebook and Twitter. This is just as much about faith because it is about time. Ensure that you're listening and reacting appropriately prior to moving to more conventional touch to progress the consultation.
- Millennials value integrity and honesty. If it is possible to be clear about your law firm, the services you offer, and supply referrals or additional information whenever you are not a fantastic match for their requirements, they will thank you for it. Simplifying their procedure for selecting an attorney isn't simply a part of your work, but it's making you memorable for them for all the ideal reasons.