If there is one thing that just about every company is obsessing over right now, it’s trying to market to the millennial generation, or the group of consumers born between 1980 and 2004. This is the group that will eventually replace the Baby Boomer generation in terms of spending power.
“One of the largest generations in history is about to move into its prime spending years,” explains Goldman Sachs. “Millennials are poised to reshape the economy; their unique experiences will change the ways we buy and sell, forcing companies to examine how they do business for decades to come.”
Now, there are a few things you have to understand about millennials if you want to market to them effectively. Millennials, after all, do things a bit differently.
According to Goldman Sachs, many millennials are actually shunning the idea of ownership altogether — especially when it comes to things like luxury items, cars and music. Many are open to alternative ways of consuming goods and services, without having to own them. For instance, ride sharing services are very popular among millennials right now. Why pay for a car when you can have instantaneous access to one whenever you need it? For this reason, businesses need to think creatively when marketing towards millennials. They may not be as receptive to traditional ideas as older customers.
Research also shows that millennials’ love of technology is reshaping how retail items are sold. Reviews, product information and price comparisons are now easy to access — and as Goldman Sachs explains, millennials are seeking brands that can offer the most convenience at the lowest cost. 57 percent of millennials, it should be noted, will compare prices in-store.
As such, the Goldman Sachs report explains, having a strong brand isn’t always enough to close sales with millennials. Buyers are researching “beyond the brand” in order to find products and services that closely align with their core needs and beliefs.
So, what can your contact center do to ensure strong experiences for millennial customers?
A few things come to mind. Flexibility and responsiveness are both critical elements for connecting with this group of consumers. Millennials, for instance, are the ones who have championed the telework revolution. They are fully-mobilized, and many work on different schedules— meaning they require service outside of the realm of the traditional contact center hours. They also love knowledge bases, FAQ sections and live chat systems.
Here is one thing to keep in mind, though: Millennials aren’t set in stone. Their attitudes and believes will change tremendously a year or two from now, and so it’s vital to remain flexible and aware of their needs. Businesses need build marketing strategies around fresh, relevant data in order to ensure that they send the right messaging to their customers and connect in meaningful ways.
Do you need some assistance connecting with your millennial customer base? To learn more about how InfoCision can help, click here.