Millennials: Today’s Entrepreneurs, Your New ClientsSeptember 26, 2017
What is your firm’s plan for establishing strong relationships with the new demographic—millennial clients?
We have all hit a point of exhaustion at the thought of reading another article about generational workforce disruption, particularly millennials as clients. Demographics, however, continue to evolve, so the discussion must go on.
The Center for Generational Kinetics does extensive research on all generations. It asserts that “generations are not a box,” and provides insight into driving organizational and leadership growth.
Millennials, now ages 20 to 40, grew up. They hold management positions, and, perhaps most importantly, may own their own businesses. They could even be your next client.
A study on millennial clients
In fact, a recent study from The Center found that Millennials have a strong entrepreneurial mindset. America’s Small Business Development Centers partnered with The Center to evaluate attitudes toward entrepreneurship in America. The findings might surprise you.
The five key insights from the study found:
- Millennials already work in or own small business.
- Half of Millennials hope to start a business, or (given the resources) would quit their jobs to do so.
- Millennials think cities are better for starting a business.
- Entrepreneurship equates job security for Millennials.
- Millennials need resources, and they know it.
How do millennials as clients relate to our profession?
These young entrepreneurs could be clients. As they do not necessarily know where to turn for resources, your firm could serve as the knowledgebase they need to become successful. Nurturing that relationship could have a significant return on investment if the enterprise is successful.
Also, Millennials value word-of-mouth over other forms of marketing or advertising. An organization’s reputation (or what consumers say in regards to the firm, company, or brand) goes much further when deciding on vendor relationships.
As much as we would prefer to roll our eyes and dismiss yet another generational impact study, we owe it to ourselves and our businesses to lean in to these young entrepreneurs and help them succeed.
To see how your firm can best nurture prospective clients (including millennial clients), build your brand as a thought leader, and keep the pipeline full, schedule a demo with the ABLE team.