A word that’s on a lot of people’s lips right now is millennials. They make up a significant ball of a trading platform’s potential client base, so getting them on your client list is a must-have for institutional trading platforms. But who are these millennials? Various studies analyze how to work with them, how to attract their attention, and what to do to motivate them to buy something from you.
Millennials: Who Are They, and What to Know About Them?
Millennials are people born between 1981 and 1996. They are followed by zummers born before 2012. But in this article, we’re going to talk about the generation of people who are highly likely to become clients of your online trading platform.
At the moment, this generation is from 25 to 40+ years old. At this age, many people already have a stable job, a family, and formed ideas about life. And they create the so-called middle class and an active buying audience. They have the financial means that they may be interested in investing in a profitable business, as well as a certain number of characteristics of them as individuals. Knowing these characteristics will help you determine how to work with this generation.
For example, research shows:
- For generation x, technologies are familiar and indispensable. They were born and raised in the era of the Internet. Computers, smartphones, and other gadgets are common working tools for them (unlike, for example, the earlier generation — the Boomers). Millennials and technology are a tight bond that cannot be broken.
- Millennials are usually concerned with something they understand. Before investing somewhere, they must study the information in detail and ensure they know how it works.
- Millennials follow trends. They actively use social networks and keep abreast of various innovations. And when choosing trading software, they will check the reviews and the platform’s compliance with current trends and compare it with the competition.
- This generation is well versed in investing — especially if you compare them with other generations. They are “up to date” with numbers and often have a “feel” for where best to invest in getting the most out of it. Because of this, their finances are always well-organaized.
- This segment of the trading platform’s target audience prefers real meetings with live people. They are not big fans of communication via email or various messengers.
How Can You Attract and Retain Millennials on a Trading Platform?
Given the above facts about this generation, and based on several studies (including one conducted in 2016), there are a few things to say:
- Consider a user-friendly design immediately if you’re planning online trading platform development. Millennials often use the Internet and various apps, so a poorly designed and uncomfortable platform will instantly make them dislike it.
- Introduce an element of gamification into your trading platform. By the way, this technique will work not only with millennials but also with Generation Z that is even more connected to technology.
- Keep unreasonable fees and commissions to a minimum, and eliminate them if possible. A characteristic of the 1986 — 1991 generation is that they don’t like to waste money. Excessive commissions will lower your platform’s rating in the eyes of this segment of your target audience.
- Personalization is an essential key to success with millennials. People of this generation value personalization and want to feel special. Let them know that everything in your platform is made for them and about them. Show them that you know about their habits, interests, and lifestyle, and give them what they need specifically.
But it’s important to understand more than that. It will not be enough to create institutional trading software when working with millennials. If you want to succeed and secure a loyal customer base from this generation, you will have to change how you work. This is as much about the design of your trading platform itself as it is about your product’s market positioning, communications, and advertising. Your development strategy and key company principles will also have to be transformed.
What Might Come in Handy?
When starting trading platform software development, it can be hard to see the big picture. But the Fintatech team has some tips.
First, analyze the market. Pay attention to your competitors: see what works well for them and what does not. This will help you avoid making painful mistakes in the future.
Second, choose a segment. What kind of investments do you want to focus your attention around? Given that you are interested in attracting millennials as traders, we recommend thinking about making cryptocurrency trading the center of the platform. As many people like to say now — if everyone bought Bitcoins in 2008, everyone would be a millionaire by now. Even though it’s not 2008, cryptocurrency is the future. Millennials are well aware of this, so they will pay attention to your product if you help your traders enter the crypto world and succeed.
Third, ask for feedback and conduct user tests. This is one of the most critical parts of any software development. But knowing the specifics of trading and relatively narrow specialization, you will need to do your research. Find out what your potential customers expect from you — and you can develop trading and charting software that fully covers their needs.
How to Create a Trading Platform for Millennials?
If you want to attract millennials to your client base, we can help you build the right platform. Our team has extensive experience in trading platform development, and we are ready to create software specifically for your needs.
Fintatech team offers you an optimal software solution at a reasonable price. We have a set of components already developed that will become the basis of your platform. But don’t worry: all the components can be changed and explicitly fine-tuned to the needs of you and your traders. We guarantee a personalized approach and high speed of development.
Our specialists have years of experience creating and bringing software for traders to the market. We also have experience working with products for millennials and can choose the way of program development to increase its success with this target audience. Also, we are ready to help you promote the product and strategy development.