Should You Approach Millennial Business Owners Differently Than Baby Boomer Business Owners?

There are a couple basic rules when it comes to dealing with customers: don’t get mad, be proactive, and treat everybody with respect. But what about customers who vastly differ in age? When a millennial business owner comes to your bank with their potential business, do you treat him differently than if he were a Baby Boomer? Maybe you should be.

Here are the major differences between Millennial business owners and Baby Boomer business owner, and what they’re looking for in a bank:

Millennial Business Owners
First of all, according to Pew Research, Millennials are defined as anyone between the ages of 18 to 34 in 2015. When you think about how Millennials are in the workplace, you can assume they’re very similar in nature when it comes to running their own businesses. They’re passion-driven, multi-tasking, flexibility-loving workers, and it shows in how they’re tackling entrepreneurship.

TechCrunch goes so far as to suggest that, because of these values, Millennials are destroying the traditional bank, and it’s the banks’ fault. Just as they want ease and flexibility from the workplace, they want it from their banks, too. They want everything online, they want things simplified, and they don’t want to have to go in and talk to an actual employee face-to-face to get anything accomplished.

Try and keep all of this in mind when you’re selling your service to young entrepreneurs. Let them know about your online options, highlight the ease in which they can perform transactions, and leave out anything about “traditional values.”

Baby Boomer Business Owners
Boomers are defined as anyone between the ages of 51 and 69. Boomers, on the other hand, have grown up with the traditional definition of a bank. According to Gallup, half of Boomers report over $100,000 in investable personal assets, compared with 37% Generation Xers and 14% Millennials. Boomers have been, and still are, very active in the banking scene. They’re borrowing, spending, and investing their money, so they’ve become accustomed to what a bank is and should be over the years.

As business owners, they want the same quality they’ve grown accustomed to as regular customers. They want to know about retirement planning, and they want great customer service. Though boomers tend not to mind coming into the bank as much as Millennials do, they, too, are starting to hop on the mobile banking train. In the same article as mentioned above, Gallup found that 71% of Boomers are using online banking services weekly.

So when you’re selling your bank to a Baby Boomer business owner, don’t forget to mention your mobile banking options. Every business owner is busy, no matter the age, so convenience is a good selling point for everybody. Additionally, let them know that customer service is important to you. And, lastly, remember that no Baby Boomer appreciates the nickel and dime routine. Every business owner can expect a loan application fee, or a fee to upkeep a checking account, but anything like a charging for processing, or too many withdrawals will earn you a complaint from a Boomer.

Deborah Sweeney is the CEO of MyCorporation is a leader in online legal filing services for entrepreneurs and businesses, providing start-up bundles that include corporation and LLC formation, registered agent, DBA, and trademark & copyright filing services. MyCorporation does all the work, making the business formation and maintenance quick and painless, so business owners can focus on what they do best. Follow her on Google+ and on Twitter @deborahsweeney and @mycorporation.

Written by Deborah Sweeney