Adapting your business model to meet millennial demands

Adapting Business

As the newest generation with significant buying power, millennials are changing the way businesses interact with their customers. Meeting the requirements and expectations of millennials means not only high revenues but also increased loyalty and referrals through social media as happy customers tell their friends about good experiences. Here are a few of the things millennials value and how you can reach them authentically.

First, it’s important to identify what a millennial is. While definitions vary, it’s safe to say that people born between 1980 and 2000 are of the millennial generation. They are unique because they are the last generation to have lived without internet-enabled devices while also fully experiencing new waves in technology at a young age. Millennials can learn new technology quickly and are first adopters for innovations in gear as well as services.

Good customer service is more crucial now than ever before. Social media networks are not just an outlet for personal updates but can also be used to give reviews and personal experiences with brands. It is easier than ever for disgruntled customers to reach their friends and families and tell them about a bad experience. However, on the flip side, good experiences can be shared as well. And brands that have good customer service when a transaction goes wrong are likely to see a bad reviewer turned into a brand evangelist.

Almost all of millennial’s business is done on cell phones, which means if your website and payment options are not optimized for mobile devices, you’re missing out. Websites that look small or distorted on a cell phone are often quickly closed, and potential customers will move on. Similarly, mobile payments should be quick and simple. Millennial customers don’t want to wait for a payment screen to load or for a lengthy checkout process. Using PayPal, Apple Pay, or other payment methods will make for a quick and secure process.

While it may sound cliche, millennials appreciate creativity not only in business practices but also in marketing material. Boring, dry websites, and other materials will turn off potential buyers who are looking for authentic and creative brands. However, it’s important to make sure your content isn’t just creative, but it also must connect with your audience and not seem forced. Today’s consumers are good at sussing out ulterior motives and businesses that aren’t interested in transparency.

Ultimately, with changing generations comes changing business practices. It’s not enough to only think about the present but to anticipate the future. By focusing your efforts on innovative products, good customer service, a mobile-optimized platform, and authentic messaging, you’ll find millennials are a demographic that will flock to you and tell your friends all about their experiences.