As an elder law attorney you’re focused on estate, Medicaid, retirement and end-of-life planning for your aging clients. You probably give very little thought — if any — to engaging the twentysomething (or even thirtysomething) demographic in your online marketing efforts.
But this is an important segment you can’t afford to ignore, and one for which you should establish some strategic marketing goals. In fact, millennials — typically defined as those born between 1981 and 1996 — are a key part of your marketing strategy and essential to growing your elder law practice.
While estate planning may not seem intuitive to this younger generation, it’s important to consider that millennials represent a huge chunk of online users. Some estimates indicate that they spend as much as 18 hours a day consuming media. That means they’re online in all sorts of ways, and your marketing efforts must be ready to capture some of those hours.
Your liason to new client prospects
Millennials are likely to talk with their parents or grandparents about planning, so you can meet them where they are — online. Capture this audience with valuable information and tips on encouraging their loved ones to plan so that they won't be left burdened should something unexpected happen.
In addition to communicating the benefits of planning for their loved ones, you can also seize the opportunity to inform them that it’s never too early to start planning for themselves.
Because millennials are typically more conscientious when it comes to money matters than preceding generations, they’re a natural target for your firm’s message and you can easily capitalize on this money-conscious mindset.
The transfer of wealth
Baby Boomers, which represent the wealthiest generation, are expected to transfer $30 trillion to millennials and Gen Xers in the coming decades, according to CNBC. That means your elder law practice must be poised to capture the business of those who are in need of planning and of the potentially millions of millennials that will come into wealth as a result of this planning. You can do this via a mix of marketing messages about encouraging their loved ones to get plans in place, and how they can protect any wealth or assets they may obtain as a result.
As children and grandchildren of the aging population, millennials are already communicating with their loved ones about assets, end-of-life decisions and how their wealth will be distributed. Therefore, engaging this generation with your firm’s marketing message is a powerful tool to help you generate new business.
Marketing your services to millennials
Millennials certainly communicate differently than past generations. Because they have grown up with social media and technologies that offer them immediate methods of communication, they’re the most reachable segment online. You won’t likely get this demographic to sign up for any hour-long, in-person meetings at your office. Instead, you’ll need to meet them where they are with your message — on social media. You should focus on offering relevant content via channels like Facebook Live or YouTube.
Your website and blog should also contain content that appeals directly to this generation’s motivators and potential pain points. For example, content should include messages about how to start the estate planning conversation with parents or grandparents in a positive way. You can also offer content and messages around the importance of proactive planning and how it can help them achieve their own life goals.
The bottom line: when you’re speaking to millennials the conversation should cover benefits of planning at all ages to help them realize the value of end-of-life planning for their loved ones and themselves.
Your firm’s image matters
The image of your business is also extremely important to millennials. Study after study shows that social conscience and accountability are major motivator for millennials. They are more likely to choose to work for, and do business with, companies that tout a social and environmental causes. To that end, it’s important market the “softer” side of your elder law practice by promoting your firm’s pro bono and philanthropic work.
While millennials may be a bit young to start their own retirement or end-of-life planning, they represent a powerful resource for you to connect with the clients that needs your services right now.
If you’d like to learn more about how ElderCounsel can help you market your firm to gain new clients and retain existing ones, contact us today. Our tools will help you develop fresh marketing content that gets your firm noticed online.