Baby boomers are aging, and their retirement is making way for newer financial service entrepreneurs. With more jobs opening up and the digital world changing at an accelerating pace - professionals starting their career are in an ideal position.
A retiring generation not only means a new workforce, it also means new ideas and methods that can further modernize the financial service industry. Read on to learn how baby boomers phasing out of the industry, along with new technology in the financial services market, is setting up financial service professionals for success.
Digital Marketing for Financial Services is the Future
Financial services market trends show that digital is winning over analog sales and marketing tactics. Baby boomers who may use outdated, traditional marketing techniques will be retiring over the next decade, creating new opportunities in the financial service industry. Emerging professionals are in a unique position to change the way that financial service business owners market and provide their services. This means there are new ways of reaching clients and creating a more engaging, personalized customer experience.
Why are baby boomers resistant to technology changes?
Despite the many benefits of digital marketing, some baby boomers find it difficult to implement new technology and therefore miss out on ways to improve their business. Difficulties in adopting new methods may stem from:
- Lack of understanding of technologies
- Being stuck in familiar patterns of marketing
- Mistrust of the internet and a desire to see people face-to-face
As consumers integrate technology in more areas of their lives, business owners profit by using technology effectively. Baby boomer resistance to technology creates significant opportunities for innovation in the financial service industry. Younger generations are comfortable with technology and already are incorporating it into their marketing techniques.
What do people want?
Over the last two decades of the internet, patterns of consumer engagement have emerged. The three main behaviors that drive the adoption of new digital experiences are:
- Access: Clients want quick and convenient access to data
- Engagement: Clients want relevant content they can interact with
- Customization: Clients want a personalized experience
New financial service professionals understand the importance of focusing on the “buyer’s journey” in digital marketing. These new marketing techniques may seem foreign to baby boomer business owners, particularly those who are resistant to technology. This puts the newer generation of business owners at an advantage - they understand how to apply digital marketing and utilize technology.
Niche Markets in the Financial Service Industry
This new generation of financial service entrepreneurs has a unique opportunity to learn from industry experts who will be retiring, and combine that knowledge with new technology and digital trends. Digital marketing allows financial service businesses to target even more niche markets than before.
Target niche markets by using digital marketing
Financial service professionals who target niche groups see an increase in:
- Referrals: As you network and gain happy clients in a specific niche market, your referrals will increase
- Job enjoyment: Those who choose a niche market that they are passionate about or personally connected to will be happier in their work
- Expertise: By focusing on a specific niche market you can become an expert in your field and clients will seek you out
Most people have access to the internet, social media, and other communication methods - creating a whole world of marketing potential. Being able to provide meaningful content and an engaging digital experience for your niche markets is key to a flourishing business.
Credit repair as a added value
Credit repair is a unique service to offer your clients. It didn’t exist during most baby boomers’ prime, giving new professionals an advantage. Credit has become an essential part of our lives and is intertwined with other financial services that you may already offer. Credit repair can be done digitally and help bring in leads, which make it a simple and effective service to add to your business.
Many financial service professionals who are entering the field are finding that credit repair is a viable business opportunity by itself. With low start-up costs and unlimited potential, entrepreneurial-minded professionals are creating successful credit repair businesses.