Who Are the Millennials?
Millennials, also known as Generation Y, are people born between 1981 and 2000. Growing up in a technology-driven world, they are often more tech-savvy than previous generations. Currently, many Millennials are finishing school, building credit, starting families, and navigating the opportunities and challenges that come with this stage of life.
It is often said that smartphones are always within their reach. They rely heavily on access to information and, as a result, often know more about your business, products, and services than you might expect. The opinions they find online and through social media hold more weight than those of your best salespeople, leading them to make informed and educated decisions.
If given the option to skip a trip to a store and instead order online with home delivery, they are likely to choose the latter—especially if they live in urban areas.
Millennials also appreciate cool products, making your brand, marketing, messaging, and media channels just as important as your sales team.
Why You Should Focus on Branding and Selling to Millennials
Whether your business targets other businesses or consumers, Millennials cannot be overlooked. They are now the largest age group in North America. In Canada alone, they represent 40% of the workforce and will continue to dominate it for years to come.
This group is a significant part of the economy, and their considerable buying power is only growing.
Businesses that want to stay relevant with Millennials must adapt or risk becoming irrelevant.
Seven Key Brand Experiences to Focus On
Millennials interact with many brands through various media and channels. With the power of the Internet and social media, they can make or break a brand in a short time. To increase your chances of success, you need to create the right brand relationship.
Millennials have different buying habits, behaviors, and personality traits that you need to understand. Pay close attention to these seven key points during the buying process.
1. Evaluation
– Millennials want to understand your product or service.
– Before trusting you, Millennials will want to get to know you. They will read reviews and testimonials on your website, but they place more importance on reviews from independent sources or blogs.
– A great example is TripAdvisor, where millions of people share their opinions about travel for free.
– Remember that most of this research is done on smartphones. Are you relevant to that experience?
2. Trust-building
– Millennials want you to be transparent.
– A strong brand is one of your greatest assets, but with Millennials, it must also be transparent.
– Transparency is becoming a key differentiator because Millennials trust their peers and independent experts more than they trust your company. They look for honest, sincere evaluations from people in their community, often on social media.
– Referrals from influencers are more powerful than advertising. Millennials will ask questions of peers who are not affiliated with your company.
3. Interest
– Can you be reached on every channel?
– After considering their options, Millennials will narrow their choices. This is likely when they will contact your company. They want to start a conversation, whether online or offline, to begin building a relationship. Ensure that you are accessible on every channel.
4. Trial
– Millennials want to try before they buy.
– Increasingly, Millennials expect to try products or services before purchasing. Offering a trial period can help convert leads. If that’s not possible, consider offering discount codes, free samples, or other perks to bring them into your sales funnel.
5. Conversion
– Reduce the financial commitment.
– Millennials want access to products and services when they need them, without committing to the full cost of ownership. Streaming services, Uber, Airbnb, and car-sharing companies provide access without long-term financial commitments.
– Millennials are the primary customers for these innovative businesses, which succeed by challenging traditional ways of doing things.
6. Retention and Loyalty
– Stay in touch after the sale.
– After a purchase, it is essential to reengage with customers at key moments. You want to understand the customer experience you provided and encourage clients to share their experiences with others.
– Invite them to become brand advocates by sharing their stories. Your new customer was once a prospect seeking referrals—now they can become your brand’s defender.
7. Review
– Harness communities.
– Millennials love to share within communities. They can quickly move from audience members to influencers. By sharing positive insights about your business, they can add value to your brand. However, they can also damage it with a negative review. The potential benefits and risks to your brand are amplified in the online world.
Tell a Consistent Story Across Every Channel**
After understanding the buying cycle, you need to communicate your brand story in a way that guides your target audience from prospect to customer. Create a cohesive story that is interactive and connects across your media channels with a consistent message. Eliminating friction should be a priority in every part of your sales process.
Be Authentic and Honest
When developing your business strategy, keep Millennials and their economic realities in mind. Address as many customer touchpoints as possible throughout the buying cycle.
Authenticity is crucial in setting your brand apart from others. Honesty in all aspects of your brand and sales actions will strengthen your relationship with clients. Be cautious with aggressive sales tactics when targeting Millennials; being too pushy can harm your brand. On the other hand, being open to the criticism that comes with running a modern business can give you a solid chance at success.
Are you focusing on Millennials? Have you noticed a shift in your customer base? We would love to hear about your experience in selling to this generation.
