Millennials or those born between 1977 – 2000 represent some of the most technologically savvy, creative and confident business owners. Not only that, millennials are digitally focused and expect services that cater to their expectations and abilities.This can be a challenge for those a few decades in, or even in the twilight of their careers. It can seem as though a new online platform surfaces every single week. Those used to largely static
workflow processes can find themselves having to completely re-educate themselves in a career they thought they knew like the back of their hand.
One of the more obvious digital advancements of recent times is receipt API technology and Cloud accounting software. Now, you’d be forgiven for shrugging your shoulders or staring at the sky when asked what your opinions on the Cloud or receipt scanning technology, millennial or not. However, this is just one example of who commercial enterprise is increasing geared towards millennials.
According to an article published in Forbes, by 2025, 75% of the US workforce will be millennials. * In 2020, which is just around the corner, 35% people will be a millennial. That’s a leap. It seems obvious that for your business to thrive now and in the future, you need to create a service that appeals to millennials.
So, if you’re intent on appealing to generation Y, here are four examples of four ways that you can adapt your business.
Paper-based accounting processes are best resigned to the past. This statement is no truer than if you want to appeal to a millennial client base.
Think of it this way, try explaining going to the Post Office and buying stamps to post a covering letter and your CV for a job application to a millennial. Without sounding presumptuous, they’d likely think you were mad – a look of confusion etched on their face. Millennials have grown up with the speed, efficiency of which they have access to valuable information – all of which is indicative of being online.
Luckily, waving goodbye to an office desk, stacked to the ceiling with paper has never been easier. With receipt capture technology, you can easily take a picture of your receipts save them to
your iCloud account and extract the relevant data.
This will streamline process and – more importantly, presents millennials with a process that they can easily get their heads around.
When we talk about social, we’re not talking about the office Christmas party or drinks after work on a Friday, we’re talking about social media. According to Harvard IOP,83% of millennials have a Facebook account.
Social media platforms are where millennials go to connect with friends, check the latest news and even look for professional services – like an accountant. If you don’t have an active Facebook account, you’re missing out on connecting with an important demographic target.
In addition to nurturing their client referral networks and utilising the latest software to streamline processes – like Cloud technology forreceipt capture and other important documentation, must grow their brand through social media and other forms of digital marketing.
Build a brand personality, show off why you’re great, share important industry news on Facebook and other social media platforms and you’ll attract millennials attention.
To appeal to millennials, you need to appeal to their nature, how they think and what they want. It’s not all about have digital megaphone or utilising innovative technology like Cloud-based receipt API, it’s also about creating a service they can relate to and will respond to.
Millennials want a business to give them strategic insight and guidance for the professional challenges they face – and to solve any problems immediately. This is especially true of professional expenses where a high-level of document automation and data extraction is required.
Using areceipt capture app is a prime example of how a business can automate and streamline processes. Information can be extracted, saved to the Cloud and retrieved with ease. It’s this kind of ease and immediacy that will appeal to millennials.
How often have you heard it said that millennials have short attention spans? They love to connect and communicate but can quickly become bored and switch off. When speaking to millennials, it’s important that accountancy practices remember this and resist the temptation to waffle on and on.
This may just sound like common sense, but it’s especially important when dealing with generation Y. Avoid jargon and complex explanations of products and services. Give it to them
straight, emphasising the bottom line.
When all’s said and done, people don’t partner with anyone they’re bored by or can’t understand. They partner with people they respond to and trust. Keep it simple and you’ll keep millennials as clients.
These are just four of the ways that you can tailor your accountancy practice to appeal to millennials.
If you’d like to learn more about why receipt capture is one of the most attractive commercial processes to millennials or how AISCAN, notable Cloud-based receipt scanning API, can help transform your business, click the “Email Us” button.