Your millennial customer is a major force in the business world today. These 21 to 35-year old’s currently hold the title of being the most powerful consumer generation ever, expected to hold a combined buying power of $24 trillion by 2020. Now, it’s apparent that millennials are ruling the consumer space, but how does this affect the way companies speak to their consumers?
Well, one thing is for sure – millennials have grown up in the technological revolution and are the first generation ever to understand and use technology to the level that they do. Because of this, digital experiences are more extremely important to them. In general, their demands from brands are changing and as time progresses. Here are three major points that will help you understand your millennial customer, and what your company should do to nurture them.
Over the last 30 years, the percentage of individuals with college degrees has increased substantially. This means we’re moving towards a more educated consumer than we’ve ever seen before. This is a big deal for companies in terms of how they speak to this kind of consumer. Making sure your facts and information are correct, your price is truly the best and that you aren’t just trying to sneak a deal is extremely important when trying to be successful when selling to millennials, because a lot of times they will see through dishonesty.
Naturally, a result of this is that millennials are also spending their money differently. Most millennials struggle with lower incomes because of the drive to live in urban areas, they end up paying much more for living expenses than previous generations. That is why the product or service that you offer to these individuals must actually bring value to their lives for them to invest.
As mentioned above, millennials are the first generation to really question the motive of a company. I mean, you can’t blame them with all the over saturation of irrelevant ads and content that floods their screens every day. This is why taking an honest, transparent approach is recommended when speaking to them. The last thing you want is for an influential buyer to have a bad or dishonest experience with your company which can ruin your credibility moving forward.
As well, personalization has become a major factor to making sure millennials engage with your company. Even small things like speaking their language, using relevant images and staying on top of the trends will help you stand out in the mind of the millennial customer. Personalization is key these days, and the technology is there to facilitate that. So, don’t be afraid to use it, it’s worth it, I promise!
Finally, I it’s important to remember that we are living in a digital era. This means that everything we do related to engaging with companies is tied back to a digital touch point at some place in the buying process. With that being said, it’s not surprising that companies are all competing to deliver their customers the best digital experiences possible. After all, millennials are constantly proving the concept of an autonomous buying process, so why not give them the digital experience to let them do that?
Millennials are the most connected generation than ever. They understand technology and get frustrated when things don’t work properly (to put it lightly). So, don’t miss out on those opportunities to engage with your millennial customer digitally, to be honest they probably prefer it!
Now we’ve just scratched the surface today, but trust me, these are the main three things you want to remember when talking to millennials. Keep it open, honest, personal and digitally accessible. Don’t just show them what you have to offer, prove the overall value of it to them. If you can do that, they might very well be your most loyal customer.
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