Millennials will make up half of the American workforce by 2020 (Source: Bureau of Labor Statistics)
With millennials expected to inherit $32 trillion over the next several years, they will become the richest generation the U.S. has ever seen.
Let that sink in for a while…
As a millennial myself (1988’ers let me hear you!) let me summarize some bullet points on what we exactly expect from the (mining) industry. It’s a quick one-man job, so feel free to add your comments below.
Be transparent
Attention span is short and distraction and competition is never far away. So in that short period, you got the exclusive attention of a millennial… hit em with all you got. In one place.
We all know what’s included in basic DD, so why not share this centrally on your website? Subcontracting the information digging to your shareholders… Well, that doesn’t sound so smart. And it feels like you are hiding things. Nasty things.
A short list: Share structure, warrants, options, payments due, permits in hand and/or pending, project ownership, timelines (forward & backward), mgmt bio’s, compensations, insider ownership, cash levels, financing history, news items (last 5y), presentations (last 2y), significant video interviews, maps, technical reports, MD&A’s,etc. We all hate the SEDAR website, don’t make me go there.
It’s about combining the narrative around strategy & competitive advantage with the financials. What are your key factors driving the business and highlight them in an interesting way, whether it be charts, graphs, fact sheets or infographics. AVOID at all times conflicting information – we have enough fake news around already to trigger red flags very very fast.
Millennials are skeptical, they’re also truth seekers. For that reason, you’ll want to make sure you provide each millennial investor with all the information they want and need about a potential opportunity. Knowing precisely what your companies is all about will make millennials feel much more comfortable about putting down their money.
Millennials want easily available access to investor information and communication via their mobile devices => Make sure your website is hosted by a professional team.
Link to current global topics
Green, Sustainable, Eco-friendly, EV, technology, innovation,… Millennials are achieving greater integration of their money and values by seeking personal fulfillment in their careers, applying a global consciousness to purchases, and investing in sustainable, impactful business models. It’s a short way from eco-unfriendly mining to the EV revolution. Address these new concerns & innovations to link their experiences and expectations – a greener, cleaner world with more and more technology simplifying daily life – to your story.
Educate
Yes, technical lingo is part of the business and forms a threshold for anyone to truly understand your business. Explain, explain, explain. Short videos/workshops on concepts, geo models, etc. can do wonders. He will not invest long term in that what he doesn’t understand…
Asking questions also works the other way around. When have you last asked your shareholders on what you could improve regarding telling the company story? Not only will you learn to see through a different set of eyes, your shareholder himself will feel appreciated, engaged and part of the bigger picture. These young investors can serve as a sounding board on new ideas and approaches. Leverage this to both your benefits.
As the investor ages and presumably grows their net worth, this relationship can expand and become quite lucrative for both sides.
Engage
Keep your mail inbox empty. Informing your shareholders in a timely manner can make them ambassadors of your company. This is a powerful leverage many executives underestimate. An approachable management team is key. And remember, any unreturned question could result not only in a disinterested shareholder (soon to be ex-shareholder), by misinforming others, he/she can cause a lot more reputation damage.
Get them where & when they feel comfortable
- At home, in the car, on the tube, after hours, in the bar
- Examples: mining4beer.com , http://www.modernmining.live
Active presence
- Know your tools
- Social media has become a powerful professional tool
- Social network – Twitter, LinkedIn, WeChat, Instagram, Facebook
- Chat rooms
- Podcasts – SoundCloud
- Video – YouTube or Vimeo – interviews, recorded webinars, general regular updates, site drone footage
- Social media has become a powerful professional tool
==> Alert: Misusing these tools can do more harm than good! <==
- Know the new technologies/apps/trends on the market
Examples:
- Acorns: This investment app specifically targets Millennials who might not have a lot of additional cash to invest. Acorns tracks debit and credit card purchases, rounds up those purchases to the nearest dollar, then takes the difference and puts it aside for investing. After reaching a total of $5, Acorns invests the money in investment portfolios selected by the user.
- eToro: Trade with confidence on the world’s leading social trading platform. Join millions who’ve already discovered smarter investing by automatically copying the leading traders in our community, or get copied yourself to earn a second income
- Tip’d Off: This Bay Area-based social investing platform makes it possible for peers to help one another invest in the stock market. Here, both newbies and experienced investors are able to share information and tips. The platform even makes it possible for new investors to imitate the actions of investors with a proven track record.
Be visual
Examples
- VRIF – Our mission is to refine stories down to simple, informative and visually compelling experiences which effortlessly communicate what matters https://vrify.com/
- Visual capitalist – https://www.visualcapitalist.com/visualizing-coppers-role-in-the-transition-to-clean-energy/
Reads/sources:
https://www.wealthmanagement.com/client-relations/strategies-reaching-millennial-investors
http://www.firstadvisers.com.au/the-importance-of-good-design/
Cheers, Pete
