Use Marketing, Images, & Social Media To Engage Millennials
Millennials think about many things (and share a lot of those thoughts online) but talking to a financial advisor isn’t necessarily one of them. However, financial planning is important to anyone starting out in the workforce. Getting the Millennial generation to fully grasp that concept can be a bit tricky, but working with their preferred social media outlets is an effective first step to getting their attention.
How Do Millennials Use Their Money?
They spend it on experiences: food, travel, concerts, digital media, etc. Then they share images of those experiences on fast-growing social networks such as SnapChat and Instagram. Consider these numbers recently put out by American Express (January 2014):
- 72% of Millennials plan to travel for leisure in 2014
- 59% of Millennials plan to spend more on travel compared to the previous year
- 51% of Millennials share their experiences on Instagram regularly
- Only 13% of Millennials have started saving for retirement
Marketing is all about communicating in the language of the target audience. To connect with Millennials, you have to put things in the currency they value (experiences) and the media they use to communicate (Instagram, Snapchat, Vine). As a financial advisor, your topic is wealth and management. However, you can place it in the context of what Millennials value — experiences, or the experiences that they will miss out on should they fail to manage their money. Instagram and Snapchat can be used to get this message out (e.g., posting a stock photo to represent what they will miss out on).
Assuming the patterns don’t change, Millennials will spend their money on a lot of fun, creative, and cool experiences over the next 15-20 years…and then be in big trouble when the reality of family and homeownership hits them. For financial advisors, Instagram and Snapchat might be considered a new marketing avenue, but in many ways, you’re also doing a favor for this generation.
Millennials can be a tough nut to crack, but we’re here to help. Take a look at this article on how financial advisors can use Facebook to reach their customers and be sure to download our free guide on how review sites can increase your financial advisor business.
By Marc Apple