Leadership Articles/Videos

What comes to mind when you hear the term MILLENNIAL??

Many associate the term millennial with college kids or young adults.

Millennials are actually now ages 24 to 39.

And as business owner, what you should be thinking is…what can I learn from them and are they part of my strategy? The fact is millennials have big spending power AND big expectations.

More millennials (34%) have a Bachelor’s education or higher than Baby Boomers ages 56-74 (24%).

Millennials aren’t as influenced by traditional advertising but make 54% of purchases online. So, what does that mean for your business?

• Your website must be modern and flawless
• You’ve got to be engaged in Social Media, not just present

Millennials will actually pay more for unique or popular brands. Those brands don’t have to be luxury, they just have to have brand presence which is good news for small business owners. 60% of millennials actually prefer generic brands. And, 57% of female millennial shoppers are influenced by the values and the position a business takes on current issues.

At least half of this customer segment’s purchases are influenced by customer experience both in person and online. And again, social media presence isn’t enough. There must be engaging content and involvement in key conversations happening online. The more millennial shoppers see this type of engagement, the more loyal they will be to your brand.

Key facts to help connect your brand to the millennial customer:

• 94% of millennials use coupons and prefer a digital format
• 40% review testimonials before purchasing as a deciding factor
• 81% expect businesses to make a public commitment to a charitable cause
• 67% feel they have a responsibility to share feedback with a brand about their experience
• This generation is more likely to stay loyal to a brand because of a loyalty program that has rewards than any other generation
• 83% find online content useful in making purchasing decisions

As you look to build long-term strategy, use these facts to build your lens. Be clear that millennials will soon become the largest living generation in the United States. Their purchasing power is forecasted to be nearly $14 Trillion by the end of 2020. Businesses must find ways to learn from the millennial generation, analyze the data, reinvent strategy and pivot NOW relative to this key demographic.