Episode 162 – There’s “Gold In The Old” – Market Demographics for Attorneys

It might be surprising for you know that older people in your market(40-65+) respond better to attorney marketing, and often have the money to hire an attorney vs. younger folks. Don’t forsake the older part of your demographics because that’s where the money is. They are more likely to read, listen, take in, and act on your marketing messages. Find out how to cater to the older market to make more money and have less price resistance.

 

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Hello this is Richard Jacobs with Speakeasy Authority Marketing. Today we are going to talk to you about the age of your market. You may be surprised to know but millenials, people under 40, they are an up and coming group. They are erratically different from older folks, Generation X and then Baby Boomers. Everybody seems to be in love with them, they think, “Oh! We’ve got to get young people in here. We’ve got to get young people as clients” and all that stuff. I’m here to tell you from direct experience that the money, the good clients that can pay are the older people, 50s, 60s, 70s, that kind of thing.

Depending upon your practice area this may be very easy with estate planning or this may be very difficult with maybe DUI but the older you can go with your market, the more money they will have, the more stable they are the better clients they will be, the more they will respond to your marketing and be willing to listen to longer phone calls, to longer written type stuff, everything. So being in love with millenials or younger people is actually not a good thing for your business. I recently just gave this advice to my friend that works in the travel agency business.

He got on a call with travel agency company and they told him, “We are making no money on these young people that want to go on these trips. We make far more money on older folks that want to do trips.” So I gave him some advice on that. But I’m seeing it in my market too. My market is to help attorneys get more clients and guess what? My best clients are attorneys that have been practicing 20, 30, 40 years, that are 50, 60, 70 and up. They have money, they understand what they need to do and they are much better clients. I’ve had very few attorneys that are in their 30s. Some of them are in their 40s but mostly it’s 50 and up. There is nothing wrong with younger people.

I certainly take them. If you are one of them, don’t take this as an admonishment, take this as some actual good advice. You want to reach to the older part of your demographic because that’s where the money is. That is where you are going to have better success and less price resistance. They are more likely to read, to listen, to comply, to have respect for authority, to have respect for you as an attorney, all those things. So doing that in your market may be somewhat of a trick but there are things you can do to appeal to older people.

I don’t mean old people. I mean older people. Don’t take it as I think these people are old, I’m in my 40s so I’m certainly no spring chicken. Anyway, how do you do that? How do you cater to older people? One real simple way is to think about their needs. Even if you think you are in a tough market, where you don’t think there is anyone old, like DUI, how do you find older people and older in that market means being in their 40s. It may not even be their 50s, 60s, 70s, it may be in their 40s. Fine.

The older the better. In a DUI, you don’t want a college kid. They have no money. Guess who pays for their DUIs? The parents. I’m sure you know that. You want to look for older folks, so how do you do that? Where do older folks get caught with DUI and under what circumstances? How are they different from younger people. I’m not going to go further in that thought process right now but this is just the way of thinking. Personal injury, so younger people that get into an auto accident, for instance, they would tend to have certain injuries I would bet and older people would tend to have probably more catastrophic and different types of injuries.

They may drive different cars, they may get into accidents in different places and scenarios than younger people. They may get into accidents because they can’t see because they are really old. It could be all kinds of things but the marketplace is different. Let’s say you do estate planning, well there it’s easy. You’ve got the adult parents of someone who is maybe even a little older. 50, 60, 40, that kind of thing or it may be the elderly parents themselves, 70s, 80s. Depending on where you are in that market, you may be appealing to one or the other.

Let’s talk about Family law. In family law you are looking at people with long-term marriages. You are looking at people with substantial assets, maybe kids that are grown or kids that are at least in high school, business owners, that kind of thing. Let’s say you are in bankruptcy, you want someone that is older, someone who owns maybe a house, they have assets, that kind of thing. So there’s different slices of your market depending upon age and circumstance that you can cater to and again, to summarize once more, I would look towards the older demographic because that’s where the money is.

I hope this helps you, if you need help in figuring out how to do this in your market, email me Richard.Jacobs@speakeasymarketinginc.com or call (888) 225-8594. Thank You.

 

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