Oh, Millennials, what are we going to do with you? Everyone wants to #reach you, to #engage you and to get you to spend your #money. Why, oh why, won’t you just tell us what we can do for you? Oh, what’s that you say? You mean you have been telling us this whole time? Huh ….
Open your ears, the Millennials are talking, says Melvin Greer, Senior Fellow at Lockheed Martin and author of “21st Century Leadership.” A majority of Millennials — 59 percent — turn to their trusted network of friends and family as the primary influencers when making a purchase.
Millennials don’t just use products and services; they are the products and services they use. The generation associates a part of themselves with their preferred brands and is hyperaware of how a brand not only meets their service needs, but also their personal needs. Because they have such
high expectations for hyper-personalization, they therefore require mass-customized experiences.
Millennials are digital natives accustomed to having any kind of information available to them at any time. Instead of worrying about meeting these high expectations, consider using their knowledge and ideas: ask them what they want and they’ll give you the exact products and service ideas they want to buy
from you. It could be as easy as that.
If you’re wondering why you should jump through hoops for the youngest purchasing generation it’s because once you’ve got ‘em, they’ll be yours
Trust in brands and institutions are waning across the generation. They are well-trained in sniffing out inauthenticity and need to believe that a company has integrity to follow through with what they say. It may seem counter-intuitive, but it’s important to be aware that Millennials are at the top of this reciprocal ecosystem. They will represent almost half of the U.S. workforce by 2020. They will also represent about $1.4 trillion in spend – about one third of all retail sales projected for that year.
You may see them as one small fish, but collectively, they are all sharks in a large network that wields the power to create or kill your company, Greer says.
Millennials are a viral group that can lead to large-scale changes in the future of consumer behavior. You’ll be taking the reigns alongside them if you find the sweet spot at the center of mass customization, authenticity and technology.