I met with a Financial Planning client earlier this year. When we mentioned utilising social media marketing they completely closed up and said they didn’t want to devalue the business as this wasn’t where their target market was.
It always comes as a bit of a shock to me when large businesses appear to have such short-term mindsets.
Yes- perhaps that’s not where they are right now. But in 5-10 years time, when you have generations of ultra wealthy, tech-minded individuals looking to manage their money, how exactly are you going to engage with them?
The future business leaders of tomorrow are a generation that will have been raised on digital consumption through channels such as Facebook and Instagram.
If you haven’t already begun engaging and nurturing this future client pipeline BEFORE you need them, you’re going to be pissing in the wind when you actually do.
Allowing your business to evolve with your target market doesn’t devalue your brand. It shows that you are ahead of the curve with your marketing strategy.
Millenials get a lot of shit in the press but we’ve recently ousted Baby Boomers as the generation with the biggest buying power.
By 2020 it’s expected to be $1.4 trillion.
Are you really telling me you don’t want a piece of that pie?
You have to be willing to adapt your strategy to suit the people you are communicating with. As we mentioned in a previous blog post, it’s not about you- it’s about them.
When marketing to younger generations you have to remember three key things:
We want instant gratification and a wealth of information at our fingertips. We prefer fully online customer journeys, through AI and Instant Messaging services, rather than having to deal with a real human being.
To quote my 21 year old cousin: “Ugh I would rather die than have a conversation. Why can they not just text/email me?”
Dramatic- but true. Give me what I want and if you really must speak to me, do it through the channels I prefer.
Younger generations have evolved to consume quick hits of pleasure/information. Think Snapchat, Vine, Tik Tok etc.
Our attention spans are at an all time low. This means that you’re going to have to work extra hard with your content to get maximum information into minimal time, and deliver this in an engaging and interactive format, through a channel we know and trust.
It isn’t all about money anymore. We actually give a shit about social and ethical causes. We care about protecting the world and what’s in it. If you can show us that your business does that- we’ll care about you too.
Yes- it can be scary if you’ve “always done things this way” and now you’re suddenly hearing terms like Digital Transformation, Artificial Intelligence and Virtual Reality.
But the simple fact is, if you don’t embrace it and start to innovate and adapt your marketing strategy now, chances are you probably won’t be here to enjoy the party later on.
So the big question is- Have you made a start on future-proofing your digital strategy yet?
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