Millennials – these are people who are said to be born between 1981 and 1996. They are the biggest demographic that exists today which is why many businesses would like to target more from this generation. As people have already noticed, millennials are a challenging population to impress. They are not easily convinced, especially when approached differently. If many businesses today such as clothing brand cannot grab the attention of the 20-somethings, how would loans appeal to them too?
The trick to convince millennials is to understand them. Study their needs and interests so you can come up with ways on how to approach them and successfully convince them that they need what you have to offer. Allow us to give a few tips.
Millennials want to be aware and to be involved. Before making your pitch, let them know what it is that you are selling, why it is important, and why they should avail the service or buy your product. In terms of loans, help them understand by offering financial education or seminars that they could be a part of. This way, millennials would have an idea how to make their lives financially better with loans.
Once you have successfully hooked your millennial customer, make communication with them a priority. They love to directly contact you for clarifications and further questions. As a thoughtful adviser or loan officer, you could also take the initiative to contact them first for follow ups or updates. You contacting them regularly and responding promptly will up your credibility and reliability. If you consistently fail to communicate with them, they will lose interest or find another one who would accommodate them better.
Make it personal.
Regularly being in contact (both through phone and face-to-face communication) with your clients means you slowly develop and deeper relationship and become close friends. If handled properly, this will make things easier for you both as you go through the process of getting a loan. Moreover, millennials are said to value a personalized service. They will greatly appreciate when they get to see many options they could choose from to be able to maximize what they can get from availing your service.
Millennials value transparency. Break down all the things they have to pay, deliver what you promised and they will very happy clients. The saying “honesty is the best policy” applies to your younger clients and they will always seek honest and transparent loan officers or lenders more than anything else.
If you are a loan officer, may these four tips help you in dealing with your 20-something clients. Student loans, lifestyle loans, and the like are a big help to one’s financial needs so make sure to know what kind of loan your millennial client needs so you can efficiently help them in whatever they need. They are quite a challenging bunch to handle, so consider it an achievement to successfully convince younger clients!