Millennials, or generation Y as they are also known, are a digital generation, and one that many businesses are still trying to figure out. This new generation of highly skilled, well educated, and innovative individuals is quickly taking over the business world, both as consumers and creators.
Generation Y are also the fastest growing group of consumers ever, which means that for businesses big and small, appealing to them is vital. This generation of people has a buying power of trillions, which is what makes finding ways to appeal to them as an enterprise so vital.
To make this a little easier, below are some ways that you can ensure that your business is on point when it comes to appealing to millennials. (Take note, and you can take full advantage of generation Y and their buying power!)
Generation Y is the first generation to grow up immersed in technology – they grew up in a digital world. This means that to ensure that your business appeals to them, you need to become tech-savvy. What this means is making sure that when it comes to technology and digital software that you are constantly learning, to ensure that you stay up to date with all of the newest trends.
Say, for example, you run an eatery of some kind, you should constantly be looking at ways that you can tempt more millennials to eat at your venue. Ideas for doing so include utilizing social media and hashtags, collaborating with local bloggers who can produce SEO friendly reviews, and investing in software that improves their experience eating at your restaurant.
Think Snapchat birthday filters, an app for making swift and simple payment, tablets on tables with the option of electronic ordering, mini tablets for taking food orders, and LED food order alert systems. The more innovative your eatery seems, the more popular it will be with the millennial generation.
Aim to offer a combination of frugality and luxury
Despite their success in the business industry and the fact that they are the faster-growing consumer market, studies show that half of millennials find paying their bills difficult and struggle economically. For this reason, half of generation Y is frugal, while the other half lives for luxury.
To appeal to both parts of the millennial generation, the key is to combine frugality and luxury, offering a collision of financial options. Instead of aiming your products or services in one direction, aim to appeal to both. How? Well, it’s just a case of honing your product or service menu to offer a selection of options, some that are budget-friendly and others that are more luxurious.
Obviously, it goes without saying that the presentation of both types of products or services needs to be unique and chic, despite the price, as millennials are big on aesthetics.
Millennials tend to be rather idealistic. What this means is that sustainable-related businesses and marketing often is what catches their eye. Generation Y is more likely to support a business if it’s sustainable and supports a cause of some kind. This could be due to being a paper-free business, using materials that are recycled, or donating a certain amount of your profits to charity – it doesn’t matter what your cause is, just make sure that there is one.
Millennials like to feel like they are making a difference in the world, in one way or another, so they are more likely to support sustainable businesses with a cause.
Appealing to the millennial generation might seem complex, but if you take note of the hacks above, it doesn’t have to be.