AI, VR, Blockchain—Everywhere, people are freaking out about advancements in technology and what they could mean for the future of business. But one thing that tends to be overlooked, in amongst all of this panic, is millennials in the workforce.
Strange, when they’re the one thing that’s DEFINITELY going to affect your firm.
When you picture this generation, you probably get an image of scruffy teenagers sat on bean bag chairs playing Grand Theft Auto or Crash Bandicoot.
But the truth is, some of them are already in their mid-thirties, sitting in offices and boardrooms and preparing to transition into more senior roles.
Senior roles in the businesses that your firm currently works with…
The point is, before long millennials in the workforce will become some of your most important clients. Which means you need to prepare your firm for the shift in buying behaviour and brand loyalty that will inevitably be created by the millennial client.
We believe there are 3 non-negotiables that firms need to embrace in order to prepare for the future:
1. ACCEPT the next generation of client.
Whether you like it or not, millennials are growing up. Today, they have more decision-making and buying power than ever before—and that’s only going to increase as the years roll on.
But their expectations and behaviours are different to today’s clients, which means you can’t rely on previous (and somewhat dated) marketing efforts to reach them.
Only once you have accepted that behaviours are shifting, can you begin to understand what the clients of tomorrow do and don’t want.
2. LEARN from the next generation.
Spend some time getting to know what tomorrow’s client wants. What matters to them? What do they expect? What will impress them?
Here at JTN, we distil this learning down into three key considerations for tomorrow’s buyers of B2B services:
Firstly, tomorrow’s client demands value for money more than ever before.
There’s no loyalty for loyalty’s sake anymore. According to Forbes, two-thirds of tomorrow’s clients will switch firms if they are offered a discount equivalent to 30% or more.
So, you need to have a well-defined value proposition for your whole firm PLUS a new approach to fostering client loyalty… Which brings me on to my next point:
Secondly, Brand matters MORE than relationships.
Immediately after slamming millennials for having no loyalty, I’ll put my hands up and say that when it comes to brands, tomorrow’s client WILL be loyal if they feel emotionally connected to it.
Millennials want a reason to connect with your content, and in turn, your brand. If you can build an emotional connection with someone, it means you can build trust (Source: Newscred.)
According to Norty Cohen, founder and CEO of agency Moosylvania, “This is a group that will adopt brands,” he said. “If you can create a friendship with these consumers, you really take it to the next level. They will go to great lengths to support you.”
So, to tomorrow’s client, your brand matters A LOT.
In fact, it matters more than existing relationships. If you want tomorrow’s client to remain loyal, your brand needs to speak to them.
Thirdly, they expect to be marketed to as an individual.
‘When it comes to engaging millennials, creating content tailored to their individual interests is extremely important’ (Source: Newscred).
With advancements in technology (cue panic), marketing messages can now be tailored to the individual. Which means tomorrow’s client will expect to be treated as an individual, not bucketed together with everyone else that you’re trying to attract.
Outdated marketing efforts that don’t directly speak to a millennial’s interests will be ignored faster than an inappropriate comment at Thanksgiving dinner.
Make sure you’re not being ‘that guy’ by creating messages that resonate and delivering them in ways that tomorrow’s client will actually listen to.
3. BUILD for the next generation of client
To ensure you’re ready for tomorrow’s client, begin to implement changes to your strategy, brand and messaging now.
Tomorrow’s client is different in subtle but fundamental ways, and because they’re no longer loyal for loyalty’s sake, you HAVE to get your strategy right. Be in the places they are, communicate how they do and prepare to compete harder for their attention.
Whether you like it or not, you need to adjust the way you do things in order to prepare for millennials in the workforce. The firms that do this successfully will be the ones who dominate the future market.
If you’re serious about becoming a firm of the future, we are serious about helping you make that happen. Get in contact, and after a quick conversation, we can tell you how we can get your firm in front of your ‘right-fit’ clients–today and into the future.