Millennials, composed of individuals born between 1982 and 1993, are well-known for a lot of things that differentiate them from Baby Boomers and Generation X.
For one, their connection with one another, as well as with the world around them, is highly prominent because of the technological advancements they grew up in, particularly with social media.
The Power of Millennials
As a business owner, you should know that Millennials currently make up a significant piece of spenders globally. In fact, a study by the Dartmouth Center for Marketing Research revealed that Millennials had a spending power of $2.45 trillion worldwide in 2015.
Aside from this, they also greatly influence the latest trends and play a big part in the industry, as their experiences—whether good or bad on a product or service—can be easily posted on Facebook, Twitter, Instagram, or any other platforms they are in.
Once these reviews are out on the web your reputation as a brand is put at risk as well, since they are conscious of the brands they associate with because it affects their reputation.
Establishing Relationships with Millennials
So, what then is the most effective way to engage with your Millennial customers? You’re probably thinking of asking for their feedback, right? But being the Millennial they are, know that they are fatigued by lengthy surveys and the old style of interrogation.
Fortunately, you can turn to a fun conversation to establish long-term relationships with them on the same channels they are highly connected to, namely, social media.
By simply posting on Facebook, Twitter, or Instagram, your latest products, offering them exclusive discounts, or asking them to share their experiences already gives an impression that you’re more than just gaining profit. Responding to their queries promptly using a conversational tone, not the usual sales pitches, will make them love your brand even more. Basically, establishing relationships with Millennials is a give and take relationship, where you give them what they want/need, and they contribute to your sales by purchasing it.
However, remember to focus on making excellent products first so that your advertisements and marketing efforts won’t be put to waste. From here, you can be certain that they would be the ones coming to you instead of chasing them down and telling them that you have great offerings.
Fostering Loyalty among Millennial Customers
Once relationships have been established, it’s time to concentrate on fostering loyalty since losing customers is more costly than acquiring new ones.
While the usual activities involved in such programs include earning points and redeeming an item after 5-10 purchases, you can step it up by implementing fun ways to keep them coming back. A members-only sale or event, for instance, is an effective way for them to sign up for the program in the first place.
Then again, why settle for just these if you can further step it up? Since they are highly connected to technology—always attached to their smartphones or any other device—why not develop a mobile app where they can access the loyalty program as well? Another bonus to add to an app is enabling mobile payments that secure personal and financial information, which Millennials could absolutely love since they’re all about convenience nowadays.
Treat Millennials How They Want to Be Treated
While Millennials may seem to be more demanding than other generations and place a high value on themselves, they are still customers that will help you reach your goals. Take the time to exert all your effort to making them part of the process, and you’re well on your way towards success.