In order to appear ‘down with the kids’ I will begin this article with a reference to Pokemon Go – the game that apparently is sweeping not just the UK, but the entire world. Apparently we’re able to gauge the popularity of Pokemon Go because people are walking around looking at their mobile phones – I have to say I’ve not noticed any difference in terms of an increase in this pursuit, given that it seems we’ve all been doing this for many years.
What it does appear to have done though is resurrected Pokemon as a product and brand? Again, I think I’m probably behind the times on this but there did appear to be a period, a few years back, when Pokemon was very popular. And then it wasn’t.
Now, however, it appears to be back with a vengeance in all its location-based/augmented-reality gaming reality – thank you Wikipedia. And its appeal has broadened beyond those who remember Pokemon from first time around to a new generation. Not forgetting the twist it has brought to gaming – getting people outdoors, walking around and exercising although there has to be a health warning around looking at your phone screen so much you fall under the wheels of the bus.
It’s perhaps the ‘new generation of users’ that stands out for me with the success of Pokemon Go. It’s no different for advisers – the Holy Grail has often appeared to be bringing new clients into a business, while at the same time holding onto those who have taken the products/services in the past. How can advisers appeal to this ‘next generation’ when we are constantly told that only richer/middle-aged people have the money/see the value in the advice proposition?
Indeed in the mortgage advice world, as time moves, on the ability to pick up Generation X or Y, or the new millennials, has been compromised by a housing market/economy that appears to be moving further out of their reach. We all know that the average age of first-time buyers has moved up into the 30s over the last decade, and there appears little sign that it will move back down anytime soon. The level of house prices, and the deposits required, have seen to that.
Having said that, we do have a government much more focused on presenting potential first-time buyers with more opportunities to get on the housing ladder, and I suspect this focus will only be ramped up further under the leadership of the new Prime Minister, Theresa May. That being the case, how can advisers interact and develop their offering to the younger generation?
Well, part of the approach which can deliver that new batch of clients is to market your business and services on the media they use – which means of course Twitter, Facebook and the like. Much as Pokemon Go metamorphosed into something new and fresh, you as advisers have to do the same for your proposition with younger clients. Your pitch cannot be the same as it is for those reaching retirement, who will have other mortgage-related priorities, it has to be more aspirational, educational and focused on that initial overriding goal – getting that first house. It has to be tied up with the government schemes, the growth in the number of higher LTV products and the facts that there are opportunities out there for potential first-timers which don’t necessarily require huge deposits or the help of the ‘Bank of Mum and Dad’.
So, in that sense, advisers might like to target their marketing at the different types of clients that exist across the piece. Traditional methods may have hit home with older/existing clients but that doesn’t necessarily mean they are appropriate for the younger generation. And don’t be afraid to spell out the process in ‘baby steps’ – it’s highly unlikely these clients will know anything about, or have, GI, protection, conveyancing solicitors, etc, so make sure they’re aware you provide all of this. We all know the opportunity that exists by holding that client’s hand through the entire process, and keeping them as clients for the rest of their lives.
When it comes to the younger clients don’t be afraid to speak on their terms and always remember that, just like Pokemon, you ‘gotta catch them all’.
Harpal Singh is managing director of BrokerConveyancing.co.uk