Members of Generation X tend to be more cynical and skeptical than other generations. As a result, they can be hard to secure as clients, according to demographics expert Cam Marston, founder and president of Alabama-based Generational Insight.
Putting in time and effort to win over these clients can pay off, however, as they’ll likely turn out to be your most loyal clients.
“They’re the most loyal of all the generations,” says Marston, who defines Generation X as those between the ages of 31 and 43. “It’s an extraordinary amount of work, but once you get them, they tend to stick around for a good period of time.”
Marston offers the following tips for attracting Gen Xers as clients.
> Avoid hokey marketing tactics
Generation Xers tend to be wary of advertising and marketing, according to Marston. “The more you shout about it,” he says, “and the more glitz, glamour and lights, etc., the more they’re skeptical of it.”
If Generation Xers feel pressured to buy something, they may be scared away, Marston adds. “This cynical, skeptical generation is the one that says: ‘Is this something that you want to sell me, or is this what I need?'”
Use plain language to describe the services you provide, and explain how you’ll meet their needs. “Be very clear,” Marston says. “Tell them, ‘This is what it is, this is what it will do for you’.”
> Show that your services are competitive
When shopping for a new product or service — including a financial advisor — members of this generation are diligent about doing their research. Expect them to compare your products and services to others on the marketplace, Marston says. Show them what sets you apart from your competitors.
They’re also likely to rely on their peers for recommendations, so referrals can be extremely valuable within this generation.
“When you can get some Xers to endorse you,” he says, “the Xers tend to be a bit more interested.”
> Support your advice with research
As part of their tendency to do their research, Gen Xers are likely to verify any information you give them.
“They’ll use the technology available to double-check what you’re telling them,” Marston says. “Anticipate it.”
Impress these clients by giving them resources directly, he suggests. Provide them with websites that offer valid information, and encourage them to double-check the information you give them.
“That way, you can control somewhat the direction of their research,” he says.
> Set short-term goals
Most Gen Xers’ priorities involve near-term rather than long-term goals. “Everything they read says their lifespan is going to continue to lengthen, so the future is very far away,” Marston says.
To relate to clients in this generation effectively, talk to them about short-term objectives. Marston suggests even setting goals to accomplish by the end of a meeting with them.
“Hitting short-term goals gives you credibility as an expert,” he says. “As simplistic as that sounds, it will help them.”
This is the second in a series of articles on generations. Next: Millennials
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