What You Need to Know About Millennials
January 28, 2020 Written by DigitalRealtyX
As per a report by Accenture, millennials spend more than $600 billion in the US each year. This stat alone should encourage businesses to give special attention to this age group. While you might have heard about the term “millennials” in the past, you might not know who they are and why are they so important for every business.
So, who are millennials? A millennial is someone born between 1982 and 2000. They make up around 25% of the US population and are responsible for around 20% of the total discretionary purchases in the US every year.
As millennials are of working age and have fewer financial responsibilities, they are known to have more disposable income when compared to the lower and higher age groups. This is the reason why an increasing number of businesses are now focusing on millennials. If your business has never really focused on this particular age group, here are a few things that can help you understand them better-
- Millennials Want Convenience
Millennials are living in an age that lays a major emphasis on convenience and quick availability. If you want your business or brand to click with the millennials, delivering convenience in a fast and efficient manner should be your topmost priority.
From launching an online store, mobile app, to offering faster customer service, there are a number of things that you can do to reach millennials fast and in a convenient and creative manner.
- Millennials Love Choices
The love for choices is beyond bounds among millennials. They can easily search for a particular product or service online and can compare the same with a hundred other options. Even while paying for a purchase, they have dozens of options to choose from.
There is a certain sense of control that consumers experience when they are provided with plenty of options. If you are looking to gain more millennial customers, try to offer more choices at least in some capacities to let them experience that feeling of control.
- Personalized Experiences are a Big Hit Among Millennials
Older generations are known to remain focused on purchasing or acquiring “things”. But when a millennial is into something, it is mostly due to the experience it offers. This makes it very important for a business trying to woo millennials to offer personalized experiences.
Even something as simple as remembering the browsing history of a customer on your website and recommending similar products when he/she returns can work wonders for your business. There are now several innovative technologies that make it easier for you to access such data about your consumers.
- Budget-Friendly Offerings Can Help Too
Many of the millennials that are fresh out of college mostly have a student loan. Even when they start working, their take-home salary too is not very high. As a result, they are not really left with a lot of money to regularly splurge on super expensive stuff.
If you want your brand or business to be popular among younger people, you’ll have to offer products or services that are budget-friendly. Pay-as-you-go service and cheaper versions of high-end products are very popular among millennials.
Reaching Millennials Effectively
The influence that millennials have on the consumer market is increasing consistently. By not understanding the needs, wants, and expectations of the millennials, you’ll definitely end up losing a major chunk of your consumer base.
Work on your marketing strategies and tweak your products and services to better suit the age group which is highly misunderstood by most businesses.