Business owners intending to make booming profits and to sustain a stable client base now look at Millennials as the next big thing. The generation born in the late ’80s up to the year 2000 presents a new type of client setting new and highly profitable trends. As a discerning business owner, take cognizance of these trends that will have you smiling to the bank.
When establishing a market base, you wish to have some insight on the sustainability of your potential buyers’ source of revenue. Most millennials intend to work until retirement age. They also have a strong ethic, believing in accumulating resources by hard work and it’s expected that beyond 2020 they will have accumulated trillions in liquid assets and from inheritances from their families.
Millennials prefer to work with an advisor. They feel the need to cut through the chase by consulting someone in the know about their chosen interests. If you have some skill which you can offer as a consultant or instructor, you stand assured of clients in need of your mentorship.
The need to switch occupations, sometimes going back to school to gain new skills for the current or alternative career encourages the growth of the self-development niche. You might argue that these constant transitions in careers could translate to an unsteady income flow and affect your business projections, but these only outline the dynamic nature of this generation.
Additionally, as a financial advisor or asset manager, you will observe that they hire a company to enable them to maintain passive income streams. Such income will sustain their lifestyle as they sample different careers, business and sometimes, unemployment. The one thing you must note about them is their non-linear way of life, but this does not portend laziness or apathy about their lives.
Due to their transient way of life, millennials keep an open mind on most matters and take personal and informal relationships seriously. Before establishing business or work relationships, most form personal relationships with their clients and employers. Even formal relationships soon take on a casual setting especially from frequent communication with others.
If you intend to reap from this, you should establish a reliable online and offline presence. Have several reliable communication channels and remember that most millennials favor social media platforms. Remain sharp on upcoming and established communication channels and provide a credible profile for your business.
Develop an interactive website with questions and comment options where you can engage these readers on your content and products. Since this is an internet savvy group, you must up your game. Find online tools that will trace conversations on your merchandise and ensure you promptly respond to questions, opinions, and complaints.
Millennials value experience; theirs and others’. They pay attention to what others say about your products and will buy products if others claim to have a positive experience with them.
Consequently, encourage your clients to share their experience online, since customers tend to overlook discussing positive experience but will be quick to highlight any displeasure. You can offer giveaways or discounts for those who leave online reviews for your products.
To develop a beneficial relationship with millennials, avoid stereotyping tendencies by respecting their individuality and their need to express it. Exploit that by developing brand-specific merchandise.
Conduct regular market research to establish the emerging trends in fashion, ethics, socio-political and religious themes. Your millennial customers look for ways of using themed merchandise to express their personalities. If you can find such enduring trends and develop your niche along it, and enhance your feedback processing tools adequately, you will have won your share of the lucrative millennial market.
