Attracting the millennial generation
December 07, 2015 at 8:30 AM
Generation Y are entering their prime spending and working years. The generation known as the ‘Millennials’ will be between 35 and 15 this year. They make up the largest generation in US history, surpassing even the Baby Boomers. Such a large generation will have a significant impact on the economy and their culture is likely to shape the future of commerce. How they access information, the spending decisions they make and their priorities differ from previous generations.
So, why should law firms be mindful of this generation? For many years the legal industry has been exempt from the economic forces of supply and demand. As competition in the industry continues to increase, law firms must work harder to attract clients and keep them. The Millennial generation continues to make up an increasing proportion of your client base. It will be beneficial to understand how to market to them. Building relationships with them now will pay dividends as the generation continues to age. In short, ignore this generation at your peril.
Millennials came of age in an era of rapid technological change. They have seen economic disruption and rapid globalisation. The world has become smaller and they expect instant access to the information they need. This affinity for technology effects their buying behaviour and how they make purchasing decisions. They count on the ability to compare prices, access detailed product information and read peer reviews. The Millennial generation are more likely to shop around and compare service providers. And if they become dissatisfied, they will not be afraid to change.
One point that I want to stress is the impact the Millennial generation should have on your marketing. You should consider the way this generation finds and evaluates services. Take this into consideration and adapt your marketing to suit.
The Millennials are an online generation. Their first point of reference when making purchasing decisions is the internet. This means having an online presence and ensuring that clients can find it. A key point I always find useful when considering how clients search for your services is to think past what it is you are offering. Think instead from the client’s point of view; why would they be looking for your services? What has led them to search for your services? What language will they use, will they know formal legal terminology?
Bear these questions in mind when you create your online presence. And ensure you optimise it so the market can find you.