The Millennial generation is taking over the workforce rapidly, especially as more baby boomers are moving into retirement. Los Angeles CPAs should already have this new generation on their radar screen.
They should be working towards understanding how to attract their business. Young and full of passion, they are different from any generation before them and face a different set of challenges.
Here are three problems Los Angeles CPAs face when it comes to Millennials.
1. Not Utilizing Technology
Millennials are the most technologically savvy generation. They were born while some of the most rapid advancements in digital technology took place, including the widespread application of the personal computer, the growth of the Internet, and the start of social media.
Many use Facebook and Twitter to communicate and read reviews on businesses in their local area. By not utilizing social media platforms, Los Angeles CPAs are missing out on interacting with a whole new set of potential clients.
2. Not Utilizing References
Many rely on word-of-mouth from their friends to find businesses they want to work with, such as CPAs. As word-of-mouth references are one of the most tried and true forms of gaining clients, Los Angeles CPAs should add this to their marketing strategy.
For the Millennial generation, referrals from friends and family are heavily weighted in their decision making process when it comes to buying goods or services. CPAs should encourage their current clients to mention their business to others who may be seeking CPA services.
3. Not Understanding Their Needs
Millennials are in more debt than previous generations. Many are saddled with student loan debt, which has grown larger than the total credit card debt in the entire nation.
Los Angeles CPAs should be aware of the different financial needs of younger generations.
They also seek advice by reading content online. CPA firms can take advantage of this by providing helpful information on their website targeted towards Millennials.
The Bottom Line
It should come as no surprise that Millennials face a tougher road financially than previous generations. If Los Angeles CPAs want an even better way to connect with them, look to your own employees.
Many CPA firms have Millennials on staff and rely on them to help understand this new generation. They bring their knowledge and experience to the table and help their firm avoid other pitfalls when targeting younger clients.
What is your CPA firm doing to attract clients from the next generation? Let us know your thoughts in the Comments box below.
If you own or manage a CPA firm in Los Angeles, and you’re looking to stay up to date on the latest technology, be sure to download your free guide, 12 Ways for CPA Firms in LA to Utilize Technology More Efficiently.