Last month we presented a keynote for the Twin Cites Chapter of the National Association of Catering and Events monthly program. Our presentation focused on Weddings through the Generations. In the question and answer portion of the presentation we found that everyone wanted more insight on working with Millennials.
FedEx recently shared their suggestions for working with Millennials and we thought this aligned nicely with our presentation, so we’re sharing a synopsis here.
The rules of engagement are forever changed for small businesses as Millennials flood the marketplace. With more than 80 million millennials in this country, they outnumber the baby boomers.
As this generation grows older, the oldest now about 35, their spending power will increase and is expected to exceed boomers’ spending by 2018.
Millennials now have an estimated $430 billion (That’s BILLION with a B) in discretionary spending at their disposal. This is money available beyond taxes and cost-of-living expenses. Plus, they are said to spend more money online than any other generation.
Research shows that 80 percent of millennials’ make brand decision based on emotional values, so understanding their principles is paramount. If you don’t put in the time to understand what drives this influential consumer group and how to market to them, your business will miss out on big rewards.
Unlike older generations, Gen Y consumers frequent businesses they feel personally aligned with — millennials want you to build a relationship with them. They prioritize high-quality products that reflect who they are.
Using language that speaks to their desire for quality and value will acknowledge the importance they put on saving money.
Be ready to reward
While millennials may be frugal, they’re not shortsighted: This young group of consumers is willing to pay upfront to secure better deals later on. They also display expertise in shopping for the best possible deals. To reach this cost-conscious group of consumers, create a loyalty program that offers a tier-based rewards. Enable them to voice their opinion through social media and to share your brand’s image in exchange for points.
Millennials are known as the digital generation: It follows then that you’ll have success attracting their attention by engaging them through digital channels such as email, social media or other online content. Keep in mind that it’s essential this digital content is consumable on any device.
Finally, keep in mind that millennials are highly social and in constant online communication with each other. This essentially makes you more widely visible and your audience reach even broader than what your marketing dollars are paying for. This can be great news as long as you meet their standards: Their word-of-mouth reviews and recommendations can cause your product to blow up — or come crashing down.