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There are over 77 million baby boomers in the United States today. Baby boomers are those people who were born between 1946 and 1964, after the Second World War when optimism was part of the fabric of America. From a legal marketing standpoint, they are a unique demographic. Most own their own homes, have paid off their mortgages, and thus have more expendable income than the average millennial. However, they are not necessarily as tech savvy as millennials and can be more difficult to reach through current tried-and-true marketing strategies.
So what exactly is a “millennial”? Millennials, or Generation Y, are the generation born between 1982 and 1997. Numbering over 75 million strong, this group wields about $1.3 trillion in annual spending power. In thinking about how to reach this demographic, it helps to understand as much as possible about them. Millennial grew up with the Internet and smartphones, and seem to be plugged in 24/7. They also grew up in a world with decreased opportunity, a recession economy, and oppressive student loan debts. They are more likely to want to actively participate in their own legal issues, and they respond to marketing that is interactive and tailored to their own needs and wants.
Fake news is nothing new. Most of us are old enough to remember seeing far-fetched celebrity tabloid stories, or stories about “Batboy” while waiting in line at the grocery store. But the rise of social media and the most recent election cycle has changed things—and fake news is now a buzzword we can’t escape.
This is a really exciting time in technology. All the major tech players, including Facebook, Google, Apple, Amazon, and Microsoft, are amassing armies of engineers to develop their Virtual Reality platforms. A number of smaller companies, notably Magic Leap, are working around the clock to create VR hardware and content. Magic Leap specializes in mixed-reality technology— where fantasy is overlaid upon the real world, resulting in an experience that tricks your body and brain into thinking that you are having a real experience. VR easily calls to mind gaming and entertainment, but what is the application for law firms?
Some of the most powerful international conglomerates have weighed in on an issue that impacts businesses (and law firms) of all sizes – call center outsourcing. Time Warner, Inc., Hershey Foods, and The Wall Street Journal have all reportedly slashed costs by outsourcing their call center workforce. Other big names, including Dell, Capital One, and JPMorgan Chase have shut down their call center outsourcing operations, claiming that the savings did not outweigh the benefits. So, what is the takeaway for law firms?