2016: The Year of the Millennial

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Let’s kick things off with a few statistics:

  • By 2018, Millennials will have the most spending power of any generation.
  • 63% stay updated on brands through social networks.
  • 43% have liked more than 20 brands on Facebook.
  • 90% of Millennials surveyed think being an entrepreneur means having a certain mindset rather than starting a company.
  • 54% either want to start a business or already have started one.

With numbers like these, I think it is safe to say that learning to connect with Millennials in an informative, engaging and authentic way is essential for modern business.

 

Social is vital.

Without a social presence, your brand means nothing to the Millennial. They have a strong desire for connecting, engaging and interacting with the brands they do business with — not just simply buying their products or services. Millennials won’t be convinced by traditional sales pitches, but by the recommendations of friends and family members whom they trust. They seek interaction, and an outlet to share their particular experiences in an online venue.

Millennials spend 18 hours a day consuming digital media.” This means that 3/4 of their days are spent engaging with some sort of digital medium — crazy right? It’s even crazier to wrap our heads around the fact that not having a digital presence could completely remove us from the Millennial market. 48% of this generation claim that word-of-mouth is the ultimate influencer for their buying motives (derived from social media), with 62% stating that a brand engaging them on social platforms could lead to long-term customer loyalty.

 

Authenticity and user-generated content.

Generations before the Millennial relied on traditional media (print and television ads) for their buying decisions — not the case for 2016.

In today’s digital age, Millennials are looking to blogs, videos and social media for insight into a brand or company they would like to do business with. Instead of being “sold to”, they seek genuine information about a particular brand that can be obtained via blog forums, online reviews and social content sharing. 70 percent of millennials use friends’ posts on social media to help them decide whether to buy a product or service.

 

Be different.

When generating your brands user experience, think about what makes your particular company unique from your competitors. Is it your method of doing business? A product or service offered that is proprietary or unparalleled in the industry? These are questions to keep in the forefront of your mind when positioning your company on social outlets.

Do you converse with your audience? Starting conversations with your target audience can be absolutely essential to the success of your brand. What do your customers need? What do they want? Millennials have a strong desire to connect and give their personal input to the brands they are doing business with, so having an open user experience where they feel their opinions are valued is crucial.

 

Looking to be your own boss? Perhaps it’s time for a free consultation with a qualified and experienced franchise consultant. FranNet has a great track record of assisting individuals on their path to business ownership. Make arrangements to speak with one of our representatives today!