As baby boomers move closer to towards retirement, millennials (the generation that was born between the early 1980's and late 1990's) are set to become your accounting firm's largest customer base. We've all heard the stereotypes but, when it comes down to it millennials are arguably the most educated, connected, and digitally savvy generations to date. It's important to your business that you adjust to this looming demographic change accordingly. Below are 5 strategies to attract, retain and delight your millennial customers.
Technology is your friend
It's crazy to think, but some millennials have never known a life without the internet. They are digital natives and know the internet like the back of their hand. How well does your accounting firm embrace technology? You should be actively using social media, employing an easy to navigate website, and your online applications should be mobile friendly, to cater to this digitally advanced group. If you need some help to get started generating leads virtually, I suggest that you read our "4 Tips to Generate Leads and Referrals for Your Practice" blog post.
In a recent study, 82% of millennials would prefer opting for a paper-free experience when dealing with their accounting firm. They don't want the hassle of having to organize paper receipts, storing them and the associated data entry. That's why your company should be using a cloud based system (like LedgerDocs) that allows your customers to upload their documents using their mobile device, store them on the cloud, and allow them to access their information from anywhere in the world. Don't know where to start? Here are 3 simple steps to introduce LedgerDocs into your bookkeeping firm.
Millennials are expert communicators. If they aren't talking on their cell phone, they are busy texting, posting on their Facebook account or snapchatting. This is reflected in how they do business. In a recent survey, 72% of millennials put "responds to my communications in a timely manner" as a top priority when doing business with an accounting business. While 42% listed "an accountant that can translate complex financial concepts into terminology and reporting they can understand" as very important.
Go beyond offering the basics.
According to a study, 52% of millennials say that strategic advice is necessary from accounting firms. As millennials are starting to build their own small business your accounting firm should go beyond the traditional bookkeeping approach and provide the services that meet your client's needs. There are many benefits that come from transitioning your bookkeeping practice from a traditional to a more consultative accounting approach.
Embrace value pricing
Gone are the days where your accounting firm should be providing pricing on an hourly basis. In a recent study, 44% of millennials prefer monthly flat rates when dealing with their accounting firm and only 14% prefer hourly billing. Want to learn more? Our "5 Steps to Implement Value Pricing into Your Bookkeeping Practice" blog post provides some helpful hints and tips when making the change to value pricing.
It's estimated that by 2020 more than 1 in 3 adults will be millennials. As their status in the corporate world continues to grow it's vital that your business is able to connect with the wants, needs and requirements of this generation. If you follow some of the steps to connect with this cohort, listed above, your accounting firms will be well placed for the future.