Millennials are the first generation to come of age in the new millennium. With 80 M people in the core 19 – 38 age group, their annual spending is $1.3 trillion ($430 billion is discretionary). As early as 2017, Millennials will begin to outspend baby boomers. What percentage of your customer base is millennials? How much has that grown in the last year? In the last five years? With the vast majority of our clients facing a massive shift in the characteristics and behaviors of their core customers, we think you should consider:
How are you connecting to your younger customers? Are you using mobile? Are you drawing them into the conversation?
Millennials are the most connected generation on mobile and social with over 80% on Facebook and 83% sleeping next to their phones—but they are the least connected to social institutions (political, religious, marital).
How are you engaging your multichannel customers?
97% of millennials use smart phones while they shop in store, while 45% spend more than one hour per day online researching products, comparing prices, etc.
What are you giving your customers in return for their loyalty, information, and commitment?
Over 70% of millennials are willing to share their location for loyalty offers. Over 50% are willing to share preferences on social media—but they want recognition.
How are you engaging networks of people to build your brand and content?
Millennials care more about their friends’ and peers’ opinions than what the experts have to say. The majority of millennials provide product and service ratings and reviews. Twice as many millennials upload videos, images, and blog posts as other generations.
What are you doing to address your changing work force? How do you motivate and challenge millennial employees?
Millennials aren’t just your customers; they are also your employees. They want continuous feedback, genuine mentoring, autonomy, responsibility and challenges. They expect to share their opinions, solve problems in teams, and have constant stimulation.
How can Point B help?
Point B works with clients to help them navigate generational differences to engage and motivate consumers and employees. We help leading companies across consumer-facing industries develop executable strategies and implement strategic initiatives.
Through informal discussions, custom conversations, action-based workshops we engage our clients to develop the strategies needed to address the challenges and opportunities shifting demographics present.
The work we do touches on many areas affected by shifting demographics including product development, pricing, customer engagement, channel development and harmonization, social marketing, value proposition development, loyalty, and organizational effectiveness.
Interested in learning more or discussing how Point B can help you, contact us: