How to Attract Millennials to Your Business
Hiring is just the tip of the iceberg with Generation Y. Sure, Millennials are the newest generation of employable new grads, but they’re also the newest generation of consumers. And they’ve got demands.
They want their Matcha tea, they want their niche branded apparel, they want their adult coloring books. And they want it now.
If you want to ensure that “business is booming” for years to come, you’ve got to tap into the Millennial market. Twenty-five percent of people in the United States fall into this age category. Which roughly translates into 80 million people. Eighty million people that are responsible for over one trillion dollars in buying power.
Business. Is. Booming.
However, much like their preferred beard trimmer, Millennials want to spend their cash on products that are sleek, trendy, and nuanced. And their high standards tend to seep into all aspects of their consumer life. So is your business Millennial friendly?
If you answered yes then you must be running an artisan ukulele shop, if you answered no then these are the key things you need to have in order to attract Millennials to your business.
No matter what you’re selling, Millennials aren’t buying unless you have the technology to back it up. They lived through the Y2K problem and the glorious fall of Myspace. They get it. So if you’re still depending on dusty manual processes that slow down your business you better believe that Millennials will react negatively. This generation has been accused of many things, but their need for instantaneous gratification is common across the board. And this doesn’t just mean increased Instagram LLP’s. It means active communication with the companies they do business with. Whether it’s support, sales, or finance, all areas of your business can benefit from an automated solution. And those impatient Millennials? They don’t care about your back-office tasks until it starts to slow them down.
Instageddon ring any bells? No? Then it’s time to face facts. You’re a social media novice. It’s embarrassing and you should probably download Snapchat.
Although you might not know of the horror that ensued when Facebook acquired Instagram, it’s not too late to learn. And Millennials will thank you for it. They came out of the womb with an iPad and a disdain for paper. (Literature excluded, of course.)
Millennials are mobile. Losing their phone is like losing their identity (proven from personal experience.) Online connection is their life-blood, and social media plays an integral role in that. If social is what these new consumers are clinging to, shouldn’t it be a place where your business thrives? Social media networks are roughly four times larger than other generations and 63 percent of Millennials follow their favorite brands on their preferred sites. Believe in Zuckerberg. If you don’t have a strong social voice, or any voice at all, that’s hurting your business.
It’s the way you communicate as a brand that matters. You offer an awesome product, but you can’t tell people that you’re awesome, you have to prove it. Millennials are a word-of-mouth generation. They trust the recommendations of friends, colleagues, and family members first and foremost. With this in mind, you can make strides to build your current relationships by listening to your customers, constantly improving your product, and having an amazing support team that acts quickly and effectively. You’ll find that a positive review from a trusted third party source will bring your business the authentic clout it needs.
This is the Kony 2012 generation. Millennials BELIEVE in social responsibility. And they expect the companies they do business with to uphold their same values. It goes far beyond getting a good deal. For example, Millennials love TOMS. Not just because they’re stylish and affordable, but because the company is giving back and truly upholds the “One for One” concept. An appealing business model for the new-age. As Inc. states, "No company worth its weight in stock-ticker printouts is going into the market nowadays without doing good things for the world. You've got to build this into your brand and make it clear."
Millennials, Generation Y—they’re here. And it’s on us to keep up.