If we had to boil down what sets Millennials apart from other generations into one word, it would be access. Millennials are the first generation that ever felt the impact of it.
The access this generation discovered drove them to have different behaviors, expectations, and perspectives. This is the same access that changed how they work, buy, sell, entertain themselves, network, build businesses, communicate, travel, socialize, learn, and job search.
Companies and their respective sales strategists are often tagged as "obsessed with the millennials" because they target this generation when selling their goods, services, and ideas. This obsession, however, comes with an excellent reason. It turns out that millennials are currently within the age bracket that has the most purchasing power. They’re also leaders and biggest decision-makers in B2B companies. Aside from that, they have a strong voice in offline and online communities; hence, it’s easy for them to influence others.
Businesses take advantage of these facts and target their marketing efforts toward millennials to gain more vital traction and a significant following. It’s like a domino effect: once these businesses reach a considerable chunk of the millennial population, everything else is seemingly set in stone. Strategists need to do this to gain leverage in an industry that promotes cutthroat competition.
Who are the millennials?
According to Pew Research Center, millennials are those born between the years 1981 to 1996. Currently, they are within the 25 to 40 age bracket. From that, you can infer that most, if not all, belong to the working and productive class (thus, the strong purchasing power). Although the boomers hold more than 80% of the world’s developed wealth, the millennials are quicker to make frequent purchases.
Most of them are also tech-savvy, which means if you’re selling tech, as long it offers a state-of-the-art user experience, they’re most likely to purchase it. They don’t follow social norms, and they’re bound to research before they believe what you say.
Boomers and those older than them are in their prime when we talk about spending ability. However, their money isn't seen as necessary as millennials because the latter shows long-term income potential. Some of them may still be struggling with student loans and familial obligations. Still, the truth is, they’re heading towards the peak of their purchasing power because a considerable number of millennials are heading startups and corporations.
This age group grew up surrounded by ads, so they’re not easy to fool with lousy marketing messages. They know their worth to company sales; that’s why they won’t give in to your sales ploy unless they get something substantial out of it. You can only do business with them when they see that your offering is valuable to their business.
When making a purchase, millennial corporate decision-makers and buyers give a higher premium on user experience. This means that they're willing to pay for products and services that offer them a good ROI. Excellent examples of this are Uber, Runway, and Rent. These companies capitalize on research about what the target market may like, how they will react to certain services, and how they perceive a product. After which, they leveraged technology to help improve their millennial target market’s user experience and win them over.
By focusing on these aspects, they can adjust their service offerings accordingly. Because these companies’ target market is primarily the working class, they gathered relevant data about what this market prefers in terms of products and services. When their target market gets satisfied with their offering, the former can easily share their experience on social media and influence others to try the same.
Millennials are a force to reckon with when it comes to buying power. This digitally native group overtook baby boomers as the world’s largest population. Since this age group comprises people who may have settled down in terms of families, homes, and careers, their purchasing power is massive. It’s expected that by 2030, this age group will have a collective income of more than 4 trillion dollars.
They're also most likely to purchase whatever they need online. On top of that, they’re also more than willing to spend their money on luxury items that offer a state-of-the-art experience. Thus, it’s common for you to see them dine in a high-end restaurant that offers an impeccable diner experience than in a fast-food chain.
All these are selling opportunities businesses should never pass on. And to lead these opportunities to their respective sales funnels, companies need to invest in technology to make purchases for millennials seamless.
Since they’re the age group that has experienced the significant impact of access, their online presence is undeniable. They are highly visible and engaging online. They also know the channels to vent or rant about an unsatisfactory product or service and influence their followers.
Selling and buying methods are not the only things that changed for millennials. As a business, you need to listen to what your target market is talking about. You also need to take note of their complaints and resolve them right away. If they email or chat with your sales rep, provide a clear resolution. If they call, answer the phone. You can use CRMs to streamline your Customer Support services and keep your customers happy.
According to a 2016 Nielsen report, millennials are considered as top mobile phone users. The report showed that 98% of millennials belonging to the 18 to 24 age group, and 97% of them from the 25 to 34 age bracket are known to use a smartphone regularly. Those in the 35 to 44 age group are said to be 96% smartphone-savvy.
Google also revealed that this age group is more comfortable making purchases online as they want the information to be available quickly and easily. These reports suggest that if businesses want to increase their sales and bottom line, they should invest in getting to know this generation more. This means that you need to optimize your website to make it responsive even if accessed through different gadgets and devices.
When your customer doesn’t have to wait long for all the elements of your website load, there’s a better chance that they stay and engage in your website longer.
Millennials are known to be loyal to brands that love to improve and innovate. Though some of the millennials are influenced by their parent’s choices when making purchases, many of them patronize brands that continue to outshine themselves and offer the best products in the market.
Price may be a consideration for the millennials who recently graduated from college, but they don’t shy away from making grand purchases if it offers them substantial benefit. So, always be relevant to these target markets by studying their buying preferences and changes that influence them. If you continue to wow them with products and services that make sense, you will always be relevant to them.
To gain a considerable following and prosper, businesses need to give their target market wants and more. But before they can do that, they have to study and get to know their buyers first. If your target market is the millennials, your sales efforts should also lean toward complimenting their characteristics. Give more thought to their sales strategies by understanding your target market’s nature and needs and see your sales grow by leaps and bounds.