It seems like you can’t do anything on the internet these days without bumping into a reference to Millennials. Many memes and articles on the topic of Millennials are less than complimentary. However, no matter what the latest soundbite says, the generation of people born between 1982 and 2002 are now some of our most dynamic customers and employees.
Even if you don’t “get” Millennials, they have now surpassed Baby Boomers as the largest living generation. So, they are your largest customer and employee base. That means it’s time to think about how your company appeals to this generation of adults.
What Type of Companies Appeal to Millennials?
Adults in their 20’s and early 30’s have had somewhat of a different life experience than their older peers. They have grown up with much more technology along with different challenges and concerns. This means they have very specific values to which they hold companies they’d like to work for or buy from.
Millennial Customers Value:
- Companies that are involved in environmental or charitable works.
- Responsiveness online and in person.
- Flexible options (think Uber instead of taxis, AirBnB instead of a standard hotel).
- Great and immediate service.
- Mobile optimization.
Millennial Employees are Attracted by:
- A collaborative work culture.
- Flexible work schedule.
- Companies that improve the world around them.
- A boss who will take on a coach or mentorship role.
- Continuing education opportunities.
- Companies that are growing and expanding.
- Fair pay.
In many ways, Millennials are no different as consumers and employees than other generations. For example, many companies and services that appeal to Millennials provide convenience in an overloaded world. The difference between modern conveniences and those provided in the past is that the added convenience often comes in the form of online or mobile technology.
Should You Change Your Company to Meet the Needs of Millennials?
The simple answer is “yes”. Millennials are the largest generation at this time. They are taking on executive positions, becoming parents and joining the workforce in droves.
However, it is unlikely that you actually need to completely change your company’s culture or product to make it more appealing to this new generation. Simply take a look at the points listed above and use them as a springboard for your changes. For example, you can easily make your website more responsive on a mobile device or create ways to interact with your customers online. As employers, you can use these simple techniques to build a more collaborative atmosphere in the workplace.
One Simple Way to Increase Your Appeal to Millennials
Millennial consumers and employees have one thing in common: they want to support companies that improve the world. The simplest way you can raise your appeal to Millennials is to support a cause that you are passionate about.
Look at companies like Warby Parker or Toms for inspiration. Both of these companies provide basic necessities to the needy. The charity aspect of these companies is intrinsic to their message. Both sites point out their charitable contributions on their homepages so that interested consumers can see they are improving the lives of others simply by purchasing a product. This is a powerful incentive for Millennials to both buy from and work with such companies.
While incorporating the newest generation of businesspeople and consumers into your company’s long-term plan can be a challenge, there is hope. We have worked with companies to revamp their marketing message, provide coaching for their new Millennial-aged executives and more. Contact us today if you would like to find out how our services can help you attract the right consumers as well as great employees.