Many accounting firms target the same types of clients that are currently on their rosters when looking to expand financial services and attract new clientele. Instead, now is an excellent time to expand your horizons and target younger generations of clients — millennials and Generation Z, also known as zoomers.
First, let's define who we're discussing. According to the
Before you decide that millennials and zoomers don't need your financial services, let's clear up two common misperceptions about these generations:
- Millennials and zoomers don't have enough assets or earn enough money to need professional financial services.
- They're so tech-savvy they find everything they need — tools and advice — online.
Those stereotypes are not reality. Millennials and zoomers are actually desperately in need of professional financial services and guidance.
Depending on their age and personal situation, many of these people are saddled with crushing student and credit card debt. They would benefit from financial services that help them manage repayments.
Your expert financial advice can help them understand refinancing options or participate in student loan forgiveness programs.
Younger millennials and zoomers also need expert input on financial planning. Your firm can help them create realistic financial goals and a plan to achieve them.
Many are confused by the numerous investment options available. Should they get an IRA or participate in their employer's 401(k) program? Do they really need to maintain an emergency fund, and how much money should they keep in it? What's the best way to save for a house?
Older millennials may be concerned with saving money for their children's college education, while younger ones and older zoomers may want to know if they can afford to have a child in the first place.
Offering financial services to startups
Many millennials and zoomers work full-time in the gig economy or have part-time side hustles. In either case,
Startup business owners are, on average, in their late 30s to mid-40s. Whether they start planning their business years ahead of time or mere months before, new entrepreneurs need expert financial input on the best way to fund their startups. And this is a perfect opportunity for you to become their long-term financial services provider for their new businesses.
There are numerous reasons why millennials and zoomers should seek financial services providers, including the need to learn more about how to save and invest money and make sound financial decisions.
How to sell financial services to younger generations
Now that you know the financial needs of millennials and zoomers, you have to sell your services to them. You will likely have to change your marketing outreach strategy to find them and some of your business practices to keep them on your client list.
Reaching these younger generations with your financial services offerings may present inherent challenges. Your tried-and-true marketing strategies may not resonate with them as they do with your current clientele. Ask yourself:
- Is your approach too formal (and perhaps intimidating) to them, since many millennials and zoomers communicate more casually?
- How digitized are your operations? Most millennials and zoomers prefer to communicate digitally, often using mobile devices. Your company must offer mobile-friendly financial services and solutions to work with them. Offering user-friendly mobile apps and mobile payment solutions is also a must.
- How updated is your technology? Zoomers and millennials often prefer to use cloud-based accounting solutions they (and you) can access anywhere at any time.
- Can clients pay via digital wallets like Apple Pay, Google Pay and Venmo?
To effectively reach millennials and zoomers, you must create an integrated marketing experience for potential clients. In addition to traditional marketing practices, like email marketing and asking for referrals, you should add social media, influencer and content marketing to your mix.
Your social strategy should include a mix of platforms, including YouTube and Instagram. While many zoomers use TikTok, others consider the platform a security risk.
Hone and customize your marketing message
Using industry jargon will turn off millennials and zoomers. Your language should be professional, transparent, clear and approachable. And be sure to emphasize the value of working with an accountant who offers far more financial services than tax prep. Your marketing message should stress how hiring an accountant saves them time, money and stress.
Obviously, the needs of older millennials differ from those of younger millennials or zoomers. So, customize your messages to appeal to their specific needs. Look for email marketing solutions that allow you to personalize your messages.
Since this audience may not fully understand complex financial issues or the value of working with an accountant, it's best to inform them through educational and engaging content. Use blogs and videos to explain the basics of financial literacy, the essential practices of budgeting, saving and investing, and the benefits of the various financial services you offer.
Interactive tools like quizzes and calculators can make your content more engaging. Consider offering webinars, workshops, events and/or live chat sessions to further engage potential and current clients. These help personalize your firm and cement client loyalty.
Sealing the deal to selling your financial services
There are other factors millennials and zoomers consider before doing business with a service provider.
1. Trust, security and support: Trust is essential to these generations. They often worry about being taken advantage of, so be transparent about your fees and deliverables. Don't bury a lot of boilerplate in the fine print.
Everyone is worried about online safety today, too. But with accounting, people are especially concerned since they're sharing sensitive and confidential information with you. Explain how your
Customer support is key. Offer FAQs and chatbots to answer questions 24/7, and a live staff member should be available during business hours (and longer if possible).
2. Social consciousness: Sustainability, ethical business practices and social responsibility are of primary importance to millennials and Gen Z. They expect companies they do business with to be socially conscious, so highlight any socially responsible initiatives or sustainable practices your company engages in.
If one of your financial services involves investment opportunities, make sure socially responsible and sustainable businesses are included in the offerings.
If you take the time to understand the unique financial needs and behavioral practices of millennials and zoomers, your accounting firm will be better positioned to attract these new generations of clients. Adjusting your marketing strategies and financial services offerings can help you maintain long-term relationships with these new generations of clients.
