Here are the top 5 reasons millennials could ruin your business:
1. Millennials are taking over: According to Forbes magazine, there are 80 million millennials in the US alone, a whopping quarter of the population. If you look around the office you might notice that they’ve slowly worked their way into your cubicles in surprising numbers. It’s time to start understanding how they think and what you need to do to get their attention.
2. Millennials are powerful consumers: You may think millennials all sitting at home on their couches playing video games and you couldn’t be more wrong. They are productive and earning money. More importantly, they are spending money: $200 billion a year and rising. Forget about why you think they should pull their pants up and iron their shirts. They are your new customers and deserve your undivided attention.
“If you are looking to sell to millennials (and you had better be!) you need to make sure you have a strong blog and social presence.”
3. Millennials do their homework: Gone are the days of clipping coupons and asking your dad for advice on consumer decisions. Millennials are “online” and they do research on blogs and websites that offer product reviews. If you are looking to sell to millennials (and you had better be!) you need to make sure you have a strong blog and social presence.
4. “Read All About It!” Millennials know how to get the word out. According to Elite Daily, the premier online news platform for and by millennials, millennials are highly vocal. They may not be the loudest voice in the boardroom because they are using much more powerful means of communication than their vocal chords. They are using tools like Twitter and other peer-to-peer online tools to spread their opinions like wildfire. And when they make a strong point either positive or negative about a brand it can go viral. You need to respond to negative and positive chatter within moments of it hitting the web.
5. Millennials don’t care about your “corporate ladder”: Unlike the baby boom generation who may have worked for one company their entire career, millennials grew up in a job market that came with no such comfort of longevity. They are accustomed to doing “project work” and are born entrepreneurs ready to make the next great thing with lightning speed. You need to start looking at your corporate culture and see if you have what it takes to keep them happy and productive. If you don’t take the time to discover and provide for what gets their mojos goin’ they may just find an employer who can.
Paying attention to these 5 points could not only help your business survive the imminent age of the millennials but could also help you to grow your profits like never before.
What are your feelings on the relevance of millennials and the changing business landscape? Do we need to adjust for them or is it the other way around?
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