The millennials are the largest generation in American history. Yes, even bigger than the famed baby boomer generation. Sometimes millennials get a bad rap but there are lots of positives worth noting. It is important for small businesses to take note for a couple of reasons.
- Over the course of their lives they’ll spend about $10 trillion dollars.
- This generation wants to shop local.
Despite those facts, I feel like a lot of us older folks are reluctant to embrace the millennial mindset. However, as a business owner providing goods and services we need to be open-minded.
I stumbled across an article I found especially interesting and wanted to share a recap with you in hopes of helping your business capitalize on this audience.
5 Things Your Business Needs to Know About Millennials
- Millennials are Collaborators
They want a say in your business. I know that probably makes your skin crawl a bit. You’ve worked your butt off to create a business and now some young person wants to come along and have a say in what you’re doing. I get it. But, here’s the thing – it isn’t all bad. Millennials want to co-create and work together, they have ideas and opinions that could improve your business. So ask them. Ask them for input on what they’d like to see. Ask them for feelings on new offerings. Engage them with surveys on social media, in-store, and through emails.
- Millennials are Very Social
This generation doesn’t consume in private. They share their habits on social media. Their circle will know where they eat, shop, and visit. So putting extra effort into Instaworthy food presentation and ambiance may set you apart.
Millennials are also more likely to eat, shop, and travel as a group. So when you attract one you may get a group. This is great, but make sure your space is accommodating to groups.
This generation also gets along with their parents. This means they have influence on their parents’ spending habits as well. Bonus.
- Millennials Expect Technology to Work
They have grown up with technology and therefore they expect it to work. They know how easily things should work and unlike previous generations who are sometimes frustrated with learning tech, this generation is frustrated by poor tech. If your website isn’t easy to navigate and mobile-friendly, forget doing business with this generation. They will move on so fast.
- Millennials Value Experience
Again, ambiance matters. This generation is interested in exciting new experiences when it comes to food, hence the popularity of food trucks. They want adventure, perhaps because information from around the world has always been at their fingertips. In retail shopping, they prefer lifestyle settings. If you’ve visited an IKEA store this is what I’m talking about. As a small business you may have to think outside the box and do some things differently to satisfy their cravings.
- Millennials are Value-Driven
The baby boomers taught their children that their voice mattered. Millennials are more likely to make decisions based on their beliefs than other generations. Overall, they distrust large companies. They are more likely to shop small, handcrafted, and organic.
How to Attract Millennials
Millennials are an opportunity for small businesses. They want to do business with you while the generations before them are ordering from Amazon.
- Welcome them into your store.
- Create an environment that is group friendly and lifestyle oriented.
- They want authenticity, so tell your story.
- Ask them for input.
If you need help embracing this generation I’m here to help with technology and surveys.