As one of the largest American generations to date, catering to millennial needs as a business owner is vital to bringing about company success. However, this fickle group tends to elude many company decision makers, and bringing in their spending is a challenge. Here are a few tips on how to bring in millennial business:
1. Get online
An online presence is an important way to reel in business with most generations, but when it comes to millennials, a strong Web presence is essential. According to a recent study conducted by PunchTab, online reviews and social media posts help drive millennials toward companies in every sector.
Creating these posts is one of the most popular ways this generation learns about companies, developing opinions about retailers and fashion brands alike. According to the study, 34 percent of millennial women and 29 percent of millennial men read articles online to learn about new companies and brands. What’s more, 20 percent of millennial women and 10 percent of millennial men learn about businesses through social platforms such as Facebook and Twitter. If one thing is certain, businesses of all sizes need to head online to draw in the younger crowd.
2. Launch a loyalty program
Millennials value customer loyalty programs, the study found. Around 63 percent of millennials said they would join a customer loyalty program if offered rewards for their participation. If those reward programs were taken away, however, just 35 percent of these individuals said they would commit to a loyalty program.
Compounding the importance of social media is the fact that 53 percent of millennials said they would follow an organization on Twitter if they were offered incentives for their participation. If these incentives were retracted, just 19 percent of respondents said they would do the same.
When it comes to loyalty programs, millennials reported their preferences without question. The majority of respondents – 51 percent – said they would be most excited about exclusive access to new products and company events over any other type of reward.
3. Improve brand awareness
In addition to heading online and instating or improving relevant loyalty programs, millennials are more likely to invest in companies with strong branding. The PunchTab survey found millennials prefer companies with established branding, and that they look for a company they can build a relationship with.
One way to tap into new branding techniques is to focus on online shopping opportunities. The study found almost 80 percent of millennials opt for companies with online shopping options over other businesses. Word of mouth came in next, with 70 percent of those surveyed saying they turn to friends and family for advice, while 58 percent said they turn to brand websites, and 62 percent said they rely on word of mouth to learn more specifically about fashion companies.
One of the main trends among these findings? Getting online is powerful. Staying up to date with the latest in technology and mobile trends is paramount to keeping up with competitors, but unfortunately, these purchases come at a high price. Those looking to save on tech investments should consider approaching lenders like National Funding to find out more about the reasons to lease new equipment.