Courting Millennials? Make it worth their money
Friday, October 23, 2015
Posted by: Rufino Cabang
declining economy since the dot-com bubble burst, changing technology and a
demographic shift in the spending population have ushered in a new age of
consumerism, Sarah Sladek, founder of management consulting firm XYZ
University, told participants during "Converting Gen Y to Gen Buy:
Close-up on the Millennial Consumer," the fifth of six NEW Multigenerational
— who have grown up with an awareness of lying politicians, corporate failures
and violence in the news — have a "high, high need to trust and it stems
out of this distrust and negativity that they've been raised with," Sladek
said. The Millennial mindset: "If I can't control some of these
influences, what can I control? I can control who I spend my time with, where I
spend my time and how I spend my money and I want it to be positive."
Y expects to have a voice, and be treated equally, at home and from the brands
that court them. Customarily rewarded for participation, the so-called
"Trophy Generation" has an ingrained need for return on investment.
I am giving you my time, my money, my skills, I want you to give me something
in return," said Sladek, describing Generation Y's motivation for spending.
"I want to know that I am somehow making a difference."
Millennials were raised in a recession, they spend $600 billion in the United
States each year, according to Accenture. "Recessionistas," as the
debt-ridden generation is known, are very smart consumers. "There is
something thrilling to them about getting a deal," Sladek said. "They
want value. And they invest heavily in technology with access to assets."
digital natives, Millennials expect more access, information and
relationship-building opportunities than any previous generation. "If
you've never known life without technology, you've always known the world in a
grand, authentic 'dialogue,'" Sladek said.
a result, customer obsession is a more effective corporate stance than mere
customer service, and a never-ending improvement process is key. "Your
voice and your 'reviews' matter," Sladek noted.
shoppers are willing to buy from — and invest time and attention in — smaller
companies who offer great service and a highly personal experience. "If
you're not offering customization, now is the time," Sladek said. "Millennials
series is designed to help the industry's leaders and aspiring leaders, of all
ages, manage today's multigenerational workforce. The webinar series continues
with "Workforce 2020: Getting Ready for Tomorrow's Talent," Nov. 12,
2015 at 1 p.m. ET. The series is free to NEW members, who may catch up on past
webinars in the NEW Study Hall. Non-members may view
webinars for $99 each.