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There are 90 million Millennials who will soon become the emerging consumer powerhouse. It is estimated in the US alone that they will have a spending power of $200 billion. In order for any business to tap into this demographic, they will need to implement efficient processes, technologies and talent, to better serve the needs and requirements of these tech-savvy consumers.
In the past few years, we have witnessed how Millennials are driving digital transformation in industries such as Travel (comparison and booking apps), Financial Institutions (online banking apps), Entertainment (Spotify and Netflix) and many others. Some organisations will invest in operational innovation but struggle to connect with Millennials through their outdated brand and marketing efforts, which impacts consumer reach and retention.
According to Forbes: “The relentless focus on simplifying the user interface at Apple, Amazon, Google and other less visible technology players has set a new standard of intuitiveness across the tech industry that millennials accept as the norm.”
1. Purpose: Millennials like to feel empowered and associated with brands that bring value to their lives. How does your brand represent authenticity and purpose? Is this reflected in your business?
2. Brand consistency: Consistency is very important to Millennials, do you evoke the same message throughout your customer journey (from social media to payment?). If not, you will lose customer retention and loyalty.
3. Internal knowledge: With more Millennials entering into the workforce, utilising their insights and experiences to drive change and maintain relevance with your customers.
4. Buying habits: The latest trends influences Millennials purchasing choices and they expect that brands will tend to those desires to help them stay relevant and cool amongst their peers. Millennials trust word-of-mouth over anything else, which is why it’s important to address any unpleasant experience towards your product(s) immediately, to avoid the penalty of being blacklisted as an untrustworthy brand.
5. Personalisation: These customers prefer to have an one-stop-shop experience, which addresses all of their pain points, allowing personalisation to be adapted to products and services they purchase. What unique experience(s) does your products and services offer to your customers that makes you stand out?
6. Customer journey: These tech-savvy consumers value their time–they expect innovative and simplified user-journey from apps to contacting a customer representative. How are you demonstrating this throughout your customer journey?
7. Influencers and collaborations: It is important to be aware of the individuals or communities that influence millennial opinions in your industry. By collaborating with these influencers in your marketing campaigns you can generate more leads, drive sales and remain relevant.
8. Instant communication: Millennials use devices that allows them to have instant online communication, all the time. It’s important for brands to have online touchpoint channels to ensure that they receive quality customer service at the touch of a button. Do you have these platforms established and how quickly do you respond to their concerns? Is the tone of voice and visual content you use online consistent with your brand and relevant to your customers? Also, are your customers empowered to share their feedback–how are these suggestions implemented?
9. Competitive Analysis: It’s important to analyse your competitors to see where they are succeeding and failing. This can later be adopted into your business and strategy.
10. Consumer Analysis: It’s important to utilise data gathered from your consumers (i.e. surveys, social media and other channels) to improve and personalise their experience with your product(s) or service(s).
11: Research and development: It is important to invest in research, in order to develop innovative solutions that Millennials can value and respect.