Retail Businesses – Millennials were born between 1981 and 2000 and take up a fourth of the U.S. population. They have $200 billion annual spending power and they aren’t just trend setters they have influence over the older generations. Let’s keep that in mind.
The millennials believe in trust, authenticity and interaction within the company. Now why is this a big deal? Well, as an owner I would be jumping off of my seat thinking of all the possible ways my company could provide better service to this generation!
Here are four ways you need to interact with the millennial generation:
- Create trust through being authentic to who you say you are. This is very important in creating loyal customers.
- Involve them in creating better products. This creates trust and develops a bond which makes purchasing easier in the future.
- Get acquainted with social media platforms and answer their questions. Be active with them, because it creates reassurance that you’re real and ready to help. 87% of the millennial generation uses 2-3 tech devices. I’ll let you ponder on that statistic.
- Give back to your community. 75% said it is either fairly or very important that a company gives back and millennials will support that you give back and love you as a part of the community.
So what did you learn? I hope that building trust is the most important thing you can do as a business plain and simple. Be authentic and real and in doing so, you’ll transform from a good business to a great business.
The Western Marketing Program works with small businesses in La Crosse, Wisconsin which gives their students a unique opportunity for Real World Experience!
If you have questions feel free to comment, because we would love your thoughts and insight!