Well here we are again, focusing yet another blog on the topic of Millennials. (Hint: if you haven’t read our previous posts covering this subject, trust us, you should get on it if you want to stay ahead of the game!)
But, why are we devoting so much of our time to the importance of this demographic? Because by 2017, Millennials will have more purchasing power than any other generation! Didn’t see that one coming, did you?
Constantly connected and reliant on social networks, Millennials are buying and consuming in a whole new way. They purchase based on ideas and beliefs from people, not corporations. Their reliance on social networks disrupts all areas of business and as a result, Company A’s way of delivering the value of their product or service will be useless if the reviews are negative and plentiful.
Bottom line is that Millennials are purchasing in a much different way than you are used to seeing. That means you should be speaking to them differently as well. Are you?
Here are some statistics to back why it’s important that you do:
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84% of Millennials report that user-generated content on company websites have at least some influence on what they buy, compared to 70% of Boomers.
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71% of Millennials continue to share opinions because they feel other consumers value those opinions.
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64% of Millennials feel that companies should offer more ways to share their opinions online in the future – and they’ll continue to participate.
- 87% of Millennials believe that companies shouldn’t edit customer feedback by correcting spelling or grammar errors – real, intact feedback is more helpful to other consumers.
Crazy, right? But before you get into a social posting frenzy, remember that reaching the Millennial market is more than just focusing on frequency.
Take Salespeople, for example. They are accustomed to focusing on the numbers, especially big ones. But when salespeople focus too much on the numbers and lose focus on providing value beyond the product to people, those people are then categorized as prospects. Once that happens, salespeople lose those prospects to their competitors because they become forgotten specs in their database due to the failure on knowing how to reel them in properly.
In order to sell to the socially-driven generation and gain their trust, keep in mind these helpful tips:
Tip #1: Be social, transparent, and engaging. Reach out and respond, or spark conversations on social networks. Let them know you’re listening and give the people what they want to hear!
Tip #2: Make customer opinions the superhero. Let Millennials know you want to hear their opinions and display that feedback everywhere in the purchase cycle.
Tip #3: Give them insights they need from experts within the industry, otherwise known as “social influencers.” By highlighting those who share similar interests and have experienced the product, it will heighten their decision to purchase.
Tip #4: Finally, take action based on the feedback you hear! Improve your products and make changes along the way based on input. This will, with no doubt, build your brand loyalty because Millennials will know you are listening to what they have to say. And they know that kind of authenticity is hard to come by these days.
There is no better time than right now to tap into the online potential of the Millennial market. Your best bet is to reach them via the channels Millennials are already using. According to a study done by Nielsen, Millennials spend a majority of their time on Facebook, followed by Instagram, Twitter, and then YouTube. Start by creating a two-way conversation with your newly defined Millennial buyer persona and you’ll be well on your way. Go get 'em!