Let me begin this article with a beautiful quote.
“Those who cannot change their minds cannot change anything.”
― George Bernanrd Shaw
Businesses owners know how times have changed. The millennial community is ruling the roost whether that concerns a retailer or an e-commerce portal, a travel business or a finance firm. 58%of the employees in any institute belong to the millennial age group and 74% of customers of any business are millennials.
Let us rush through certain aspects to understand the need of the hour.
Demographic data:
In 2016, the millennial population surpassed the baby boomers population as the largest population in the world. Currently, the millennial count is 2.5 billions of 7.5 billion world population (33% of the world population). The age bracket of 18 to 35 in the next 10 years is expected to reach 48%.
Therefore, it is necessary to target the age group since they are the face of the future.
The shift of philosophies:
A report says that a millennial earns $37,000 on an average yearly. The millennials have a different approach to invest and spend their money. A Forbes survey mentioned that they utilize their money on enriching life experiences or comforts and luxuries. That is why they prefer to travel rather than remodeling furniture at home. At the same time, they know how to/where to spend economically. For instance, they would prefer going to a dollar store for an unbranded box of ear buds or tissues instead of shelling out $5 on Q-tips or P&G.
Hence, it is important to keep that in mind. Businesses are remodeling themselves and refocusing their marketing strategies thereby to gain more millennial consumers.
Change in approach:
Millennial community is head-strong, yet very sensitive. That is why they don’t like being labeled. Businesses need to understand that this league is an iconoclast in itself. Hence, sticking to the traditional way won’t suffice. They will have to modify to cater. They will have to adapt to fit. Offices are changing their regulations to make themselves more suitable for this age group. The decor is changing and so are the management policies. Employers and employees team up and form an unsaid relationship which eases the work environment. Also, other than being paid handsomely, the millennials want to be appreciated and valued.
Becoming savvy:
28% of the coffee houses, hotels, and restaurants across the world have free wifi. This count will to rise by minimum 15% next year. Even airplanes have been providing wifi services. 60% of the wifi users on an aircraft are millennials who use it to kill boredom or to keep in touch with their friends, family and followers (P.S. - Social media).
Businesses are becoming mobile friendly and apps are becoming more user-friendly. There is a whole shift of ecommerce into enterprise mobility.
Even in the tech space, the latest phones are being made keeping in mind the majority of the users’ population (which belongs to the millennial group). Hence, the focus is on high storage RAMs, longer battery life, sharp camera and high resolution screen. Whether it is a mobile accessory, gadgets or devices, there is remarkable consideration of the targeted group.
Hence, bring a welcoming change to make your hustle more tech-manageable and attract more millennial customers.
Target specific businesses:
The biggest fad among millennials is fashion and lifestyle. Instagram and Facebook are filled with pictures of people showing their way to glory. Millions of small-scale fashion businesses thrive on the millennial buyer behavior. Umpteen number of lifestyle houses bank on the tendency of impulsive shopping.
The second largest targeting business surrounding the millennials is the hospitality industry. It covers food as well as travel getaways. On point culinary presentation, variety in flavors, innovation in recipes and careful pricing work in favor of the millennial group. Many places offer extra student discounts. A great picture of the plated food is like a gold mine for millennials resulting in tens and hundreds of likes and rise in the followers count.
When it comes to traveling, millennials make a pictorial travel diary on their networking sites adding more destinations every passing year. They include even a day’s trek adventure as a part of this memorabilia.
Hence, find a niche focus in this group in order to establish yourself. Connect with the group in such a way that it would embed in the millennial living and culture. For example, fitness lifestyle is the latest fad in the millennial group. And humor blogs are booming.
Social Media Frenzy:
Make your business visible (strongly visible) on various social networking sites. The general tendency and opinion for a start-up is highly reflected through the way it projects itself on the social media. The reviews and feedbacks highly matter. They are taken extremely seriously. Therefore, if a start-up with a good number of followers on Twitter or Instagram and fair responses on Facebook is likely to be the dark horse.
Progressive thinking:
The millennial group has better resilience and adaptability as compared to Gen Y and Baby Boomers. They can live broke and they can live like a king. There are deeper dimensions to every approach they make. They are beyond gender, race, community or religion. Therefore, this unbiased psychology results in a healthier environment. They are more aware of global occurrences, climate changes and paradigm shifts.
Work focus:
The overall productivity changes because of their exuding energy. The general turnover comes out to be better. Most of the millennials have early start-up plans and therefore begin to work at an early age. Also, there is an element of a competitive edge when it comes to the demonstration of success. They are pushing boundaries and redefining success. Moreover, they handle finances well and become rich at an early age. 1% of the millennial group is among top-earning people.
Closure:
To sum it, with changing times, it is important to adapt to the circumstances and acquire the best it brings along. The overall turn of mind and personality quotient of the millennials is very different from those of the earlier generations. But the wonderful part here, it has a lot of positivity, ambition, and concreteness along. So the wisest thing to do is to utilize these factors into an amiable strength.