Millennials and Their Impact on Business
Millennials. How should you describe them? A search on the internet can lead you to negative suggestions like millennials are lazy, the worst generation, and selfish.
Who are they and what impact can they have on any business?
Who are the millennials?
According to Goldman Sachs Global Investment Research, millennials are the generation born between the years 1980 to 2000. They were born at an age that sparked major changes in history.
- Launch of personal computers
- Invention of CDs and the internet
- The release of classic films like Titanic and E.T.
- Popularity of Disney princesses
- Discovery of the first planet outside the solar system
- Appointment of Sandra Day O’Connor in the U.S. Supreme Court
- Launch of the Hubble Space Telescope
- End of The Soviet Union
- Publication of Harry Potter by J.K. Rowling
- Election of Barak Obama as the U.S. President
All these events and more set the stage for the millennial aspirations and identity. A generation exposed to innovation and timelessness as well as to the breaking down of walls and of inequality in race and gender.
Among the popular millennials are Mark Zuckerberg of Facebook, Sam Altman of Y Combinator, Nobel Prize winner Malala Yousafzai, and Kim Jong Un of North Korea.
They range from 17 years old to 37 this year, and comprise the majority of the population according to the same research.
Millennial Influence in Business
To identify the influence of millennials in business, we dive into two main concerns:
1. Marketing endeavors
From a business owner’s standpoint, the millennial consumers’ behavior can have a big share in the generation of sales. Here we find questions regarding their interests and buying capacity.
And given that they comprise the majority of the population, a business strategy may also focus on the trends that they adhere to.
All such affect a company’s marketing endeavors which include but are not limited to:
- Content format – Which format arouses more interest? Should content be provided via video, audio, or plain text? How should a business express her message to the consumers?
- Marketing platform – Which content management system provides better ways to promote a business? Will interaction on social media be enough?
- Design – How should a business craft her logo, website design, and other graphics? Is there a specific trend that attracts more favor from the consumers?
- Chatbot ideas – How should a chatbot engage in terms of dialogue and how should it look like? Which platform is the best place to have a chatbot?
- Accessibility – How convenient is it for the consumer? According to the same research, millennials are more inclined to sharing things instead of having the burden of owning it themselves.
From a consumer’s standpoint, a marketing endeavor should match the current interests. These interests may include the need or desire for information, suggestions of interesting places to go to, creative ideas, and reviews on a specific product.
These so-called micro-moments of the everyday life lead consumers to turn to the internet and land on a page or website. And being able to access them at the most convenient time is an advantage that business owners can invest on.
What impact can millennials have in the workplace?
Entitled, lazy, the worst generation — the search on the internet does have its own way of defining these workers. But a report by IBM revealed that millennials are more interested in creating a positive impact compared to Baby Boomers and Generation X.
“It’s not that people born after 1980 are narcissists, it’s that young people are narcissists, and they get over themselves as they get older.” – Elspeth Reeve in her article “Every Every Every Generation Has Been the Me Me Me Generation”
Several pieces of research have also shown the prevailing altruism among them. Millennials have the desire to contribute to a cause, and so they involve themselves in charity works or volunteer activities.
What are the attributes that millennials look for in their boss? According to the report, the ones they value the most are:
- Ethics and fairness
- Dependability and consistency
And although they do enjoy engaging in the online world, the same report showed that millennials prefer face-to-face interactions. They also use social media more for personal reasons than for professional ones.
A far outcry from the circulating concepts about them, millennials have characteristics that indicate their interest in contributing to a good cause. And just like any other generation of consumers, they have their own specific needs and desires which may have been outlined by the environment they grew up in.
The impact they have on a business may not necessarily be of greater importance than what the other generations can provide.
Because beyond the age factor or that specificity in categorizing the age of consumers…
Businesses thrive in different marketplaces and thus can have different points to focus on. And apart from age, there are other factors to consider. They include the demographics and psychographics of the target consumers.
In looking for better strategies to grow a business, one may consider the following questions instead:
- What is your business about? – What is your reason for starting it and what sets you apart from the competition? Any specializations or unique offerings?
- For whom is your business? – Is it especially for women, the labor union, professionals, teenagers? Who is your ideal client?
- Where can you promote your business? – There are a lot of marketing platforms available. Where do most of your clients thrive and where can you effectively reach out to them?
What works for one generation may not necessarily work for all others. But the trends in the industry and the purchasing behaviors of a business’ specific group of consumers offer an open door for analysis and exploration.
How do you keep up with your clients? That is one thing that every business owner and entrepreneur can act upon. And no — you do not have to be an exact duplicate of one of the top businesses in the field.
Your business is unique on its own. But just like the greats, you can improve on your assets and learn from the pitfalls you’ve encountered.
Cheers on your journey towards ultimate business success!
Other blog posts to read aside from Millennials and Their Impact on Business:
- 3 Basic Concepts in Marketing through Social Media
- Why Branding Matters: Understanding Consumer Preferences
- Guide Questions for Creating Your Ideal Client Avatar
What do you think about Millennials and Their Impact on Business? Share your thoughts with others in the comments below!