By now, most people know that millennials are the generation of people born between approximately 1980 and 2000. The youngest of this group has just graduated from high school and many are leaving their parents’ home for the first time to attend college. Those in the middle have graduated from college and are either looking for or working at their first full-time job. Marriage may be in the near future, but starting a family is probably still several years away. The oldest millennials are nearing 40 and are busy working, raising a family, and taking care of their home.
Millennials are the first group of Americans raised on technology, which means they are far more comfortable with it than older generations. They also thrive on access to constant information. As a marketer, it’s important to understand that a person in the 18 to 38-year-old demographic already knows a lot about your business as well its products and services before initiating the first contact. This group prefers online shopping to driving to a store and responds well to innovative marketing messages.
Understanding the Buying Traits of Millennials
According to the United States Census Bureau, millennials now outnumber baby boomers and make up the largest generation in the country. In 2015, nearly one person in four belonged to this generation. While marketers in the same age range may instinctively know how to attract the attention of their peers, it can be more of a challenge for older generations. After extensive research on this topic, we recommend that your business does the following:
Read your company’s online reviews:
Millennials prefer to evaluate a company before doing business with it. They get much of their information from third-party review sites such as Yelp. Be sure to read your company’s reviews and understand that they’re driving potentially new customers towards or away from your business.
Millennials aren’t impressed by paid-for advertising. You can catch their attention easier by having an industry influencer vouch for your company instead. Make sure you’re upfront with pricing and customer service policies as well.
Is it possible to reach your company through every social media channel as well as the telephone, email, online chat, or a drop-in visit? If not, make availability a bigger priority.
Offer a free trial or deep discount:
People of this age have grown accustomed to companies courting them by offering a free trial period before expecting a purchase. However, asking for credit card or other personal information first will turn them off.
Reduce the expected financial output:
Streaming services like Netflix and ride-sharing services like Uber have succeeded because customers only need to pay for a service at the exact time they need it. They don’t have to purchase an entire CD or car. Consider looking at how your company can offer services in pieces to save customers money.
You want to give them impression that you care about your customer’s experience, not just making a sale. Be sure to reach out periodically to inquire as well as offer discounts for future purchases.
Millennials have more power as consumers than any generation that came before them. Rather than allow this to intimidate your marketing department, consider it an exciting challenge.
If we can be of assistance, we’d love to meet with you and hear your story. BizResults.com is about execution, getting things done, moving the needle, helping the business owner succeed. It’s always exciting to learn about the solutions and challenges business owners are facing daily, and to see how we can work together.