Whether they are overtaking their parents’ companies or embarking on their own venture, Millennials are making their mark and they are doing it in their own unique way.
Armed with inherent knowledge of digital technologies and a taste for innovation, (in spite of their striking levels of student debt) Millennials have been building tons of new businesses in recent years. According to The Kauffman Foundation’s Young Invincible Policy Belief, in 2011, Millennials launched 160,000 start-ups each month and 29% of all entrepreneurs were 20 to 34 years old. Equally as interesting, the Bank of America Small Business Owner Report found that:
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78% of Millennials expect their revenue to increase over the next 12 months, as opposed to 71% for Gen-Xers (ages 35-49) and 52% for boomers (ages 50-68).
- 87% of Millennials plan to grow their business over the next five years. That’s significantly higher than Gen-Xers (73%) and boomers (57%).
So, what does this mean for YOUR business? With the observation that Millennials have no intentions of slowing down their entrepreneurial activity, now is the time to adapt to this change and start partnering with Millennial business owners!
Here are 5 things Millennials look for in business partners:
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Prioritize ease of doing business. When browsing through B2B vendors, Millennials are most interested in the convenience of a decision and how quickly they can get it accomplished. Industry experience is actually last on their list of preferences, believe it or not!
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Demand direct interaction with vendors. During the research stages, Millennials want a real time response. Ain’t nobody got time for waiting around for a sales rep to get in touch with them! They want immediate clarification that your business will deliver authentic and personalized interactions, not just an exhausting sales pitch. In addition, the information they are looking for should be readily available to them without ever having to pick up the phone to get their questions answered.
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Demand a presence on social media. The communication methods among Millennials differ throughout the sales cycle. So although they demand interaction during their research stages, once the sales cycle begins, it’s a whole new ball game. Millennials seek vendor contact at their own convenience and when they do need to interact, it’s more often than not, going to be virtual.
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A good recommendation. When a digitally savvy young adult conducts a product or vendor search online, their trust (or lack thereof) is often cemented by whether or not the customer reviews are positive. The B2B world, echoes just that. When Millennials are seeking a company to partner with, they are more likely to first confide in the opinions of friends, family and peers. It’s definitely scary to think that someone entirely outside an industry with little vendor knowledge could influence such decisions. This is a big reason why us marketers stress the importance of ensuring your business is viewed as a reputable brand, especially online.
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An authentic experience. Although Millennials are digital natives, they value a hands-on, genuine relationship with a partner. This generation doesn’t want a by-the-book, robotic partner. They want someone they can have a casual conversation with on a personal level. Millennials want businesses to architect seamless, engaging touch points along the client journey with the same degree of care they have some to expect from consumer brands.
In turn, it’s evident that Millennials have different views on engaging a partnership with an outside business. B2B vendors and marketers need to demonstrate the relevancy of their brand and deliver the seamless client experiences that Millennials have come to expect AND demand. They want someone who enjoys rolling up their sleeves and working together to find the best solution. They want an easy process that is quick and to the point. Deliver these experiences, and you’ll be on your way to delighting these decision makers. This relationship often begins with how they view and experience your website. Is it millennial-friendly?
If you’re interested in learning how you can build your online brand presence to attract Millennials, we’re just a phone call away!
