Love ‘em or hate ‘em, The Millennial Generation Continues to be King
The Millennial generation will continue to be a topic of interest in 2018 and beyond, as they are “on the cusp of surpassing Baby Boomers as the nation’s largest living adult generation, according to population projections from the U.S. Census Bureau.” (Pew Research)
While the characteristics of Millennials cross a broad spectrum – narcissistic and lazy to open-minded and receptive to new ideas – the fact remains that they have and will continue to have incredible purchasing power. In fact, in 2017, Forbes estimated it at $200 billion dollars!
As the soon-to-be largest adult population, this generation not only holds their own purse strings, but as they take on leadership roles in their careers, they will also dictate how corporate dollars are spent.
Therefore, companies need to make sure they are providing the desired customer experiences for individual and corporate customers. While the task may seem daunting, especially given the need to cater to the Baby Boomers, Generation X, and the upcoming Generation Z, there are two key aspects to narrow in on for the infamous Millennial generation.
First, your customer experience should be simple, fast, and tech-savvy. This concept is not new, but it is increasingly more important and if companies aren’t transforming, they run the real risk of becoming the next Toys R Us. While Millennials may have a faint memory of dial-up and life without a smartphone, the digital age has transformed how they communicate, shop, and learn.
When it comes to experiences, Millennials expect the frictionless standard Amazon, Google, and Apple have set: ease and immediacy. Effortless and simple includes text messaging over phone calls, the ability to connect with a company through a variety of channels, and technology solutions that reduce the number of times they need to enter their social security number to one.
Second, similar to the growing Generation Z, Millennials are social. For businesses, this characteristic is critical because opinions are broadly shared, read, and watched on Facebook, Twitter, YouTube, Google, TripAdvisor, etc. While a company may have a stellar marketing strategy, Millennials care more about what Google or Yelp shares an experience versus an advertisement.
Hence, a brand needs to ensure their customer experiences are effortless, simple, and tailored. Is your company ready for the Millennials and the generations that follow?