WHO AND WHAT ARE MILLENNIALS: Born between 1980 and 2,000's (also called Gen Y). They currently make up 25% of the US population.
The only way to remain relevant and competitive in this faster-than-ever changing business climate is to adapt and embrace change.
The Millennial consumers:
They will have a purchasing power of $200 BILLION annually by 2018, in the
Millennials are estimated to spend over $10 MILLION per individual in their lifetime.
They are more informed through social media: research and reviews. They sometimes know more about the product you're selling than you do. They can compare product features and benefits at a single click.
They are very socially aware and conscious, caring about your company values and evaluating them when making purchasing decisions.
They desire an experiential shopping experience and dislike the feeling of transaction.
Technology is a part of the experience they expect. Your technology better work, be user friendly and not outdated.
They wish to feel engaged in the process and experience of your company and product.
Millennials desire an authentic personalized experience as customers.
They are influencing commerce and society at every level.
Growing up I remember hearing adults (GI Generation: 1901-1926, and The Silents: 1927- 1945) complain about my generation.
"Yes, but we at least did this and didn't do that. We had morals and didn't feel entitled. We respect our elders. We didn't have tattoos and wear ripped up Jeans. We didn't shake our hips in a disgusting manor like that Elvis guy. The world has gone down the toilet. The youth of today, they're a disgrace. Back in the day... "
I'm sure you experienced the same if your of a previous generation and you're not a Millennial or a Generation X-er.
The Millennials will one day complain about Generation Z. The cycle will continue unless we learn to accept change without fear. Whenever we don't understand a person, group or organization, we will experience resistance. It is through understanding that barriers and misconceptions are removed.
It is through training and informing your workforce to better understanding the modern consumer mindset that you will improve customer experiences and enjoy a better portion of market share.
Thank you, Vital Germaine
President, ENGAGE Consulting