It’s time to rid yourself of your preconceived notions about millennials right now. You may think you know who millennials well, but you’re likely sadly mistaken.
As you know, stereotypes rarely tell the whole story. This is certainly true when it comes to millennials.
If you want to grow your business and engage millennial consumers, you must remove yourself from your erroneous thinking and seek to understand who this interesting group really is. In doing so, you’ll quickly understand that millennials are largely unpredictable. Despite this, however, most millennials want similar things from the brands with which they interact.
Let’s take a look at what CBS Business Consultants consider to be the four things that millennials want most out of your brand and company.
Millennials have been raised in a world that emphasizes convenience. Between fast food, video streaming, and a myriad of social media outlets, millennials are always seeking the fastest and most efficient way to do things. Businesses that understand this desire are making it a priority to deliver convenience in new and creative ways.
If millennials are willing to outsource and automate something as basic as shopping for groceries, for example, you can bet they’re looking for a more convenient way to purchase your product(s). Finding ways to satisfy this desire will make you more money.
Millennials have also been brought up in a world with choices. They log into Netflix and have numerous options to choose from. Millennials look for a specific product online and can compare choices from a number of different companies (and they have different ways to pay, too). Choices make the consumer feel like they are in control, which is something with which you want to empower them.
While former generations have been super focused on buying “things”, millennials are actually more interested in buying experiences. Generally speaking, millennials aren’t spending their money on cars, TVs and watches, but rather are renting scooters and touring cities, hiking, or attending concerts.
Not surprisingly, millennials are notoriously poor at managing their money. Many of them have also been victimized by the abhorrent student loan crisis. Furthermore, they don’t make a lot of money (the average salary for a millennial is under $35,000). Either way, they don’t exactly have a lot of disposable money to spend.
Considering this, businesses that offer budget-friendly options outperform premium brands with this particular demographic.