Often referred to as the “selfie generation,” Millennials are associated with many stereotypes – glued to their smartphones, focused on the environment, flexing work arrangements and, perhaps the most common, self-absorbed.
According to the latest U.S. census, Millennials have surpassed Baby Boomers as the largest generation. Defined as those between the ages of 18-34, Millennials may soon become a large part of your customer base – if they already aren’t. And while their world is somewhat different from what is perceived as “normal” living habits such as not owning a television or a landline phone, they are still consumers who need products and services just like everyone else.
As a small business owner, do you know these Millennials and is your business sensitive to their needs? Here are a few truths about this generation to assist you in attracting and keeping them as clients.
- Update your website and check your social media regularly. Millennials use technology to make purchasing decisions. Whether it’s researching a product, checking prices, or seeking the advice of friends and reviewers, this generation relies on the internet for information. Ensure that your site and social media platforms are up-to-date and provide several ways for customers to reach you, virtually. If you have the ability to sell online, even better.
- Price products competitively. Millennials are price conscious and not necessarily impulsive shoppers; they tend to research their decisions thoroughly. For this reason, do your research and make sure your merchandise and services are priced appropriately to the marketplace.
- Offer a customer experience. If your prices simply cannot match those of your competitors (or that’s not your style), emphasize services the typical shopper cannot find online or elsewhere, such as providing a personal touch, offering customer assistance that is second to none, and rolling out special events catering specifically to Millennials. And make sure your customers know about it by promoting these services and events through various media outlets.
- Sharing is caring. Not surprisingly, Millennials like to be heard. Do you provide opportunities for customers to offer feedback, ask questions, or reach you or your employees with additional concerns or compliments? While the internet is one way to provide access to your small business, face-to-face interaction is sure to win them over and keep them coming back.
Everyone wants to feel special. Make the Millennial generation feel they are on your radar and you may find you have more customers than you ever expected.
At Biz2Credit, we’re always aware of our customers’ needs. Contact us today for your financing or refinancing needs. Call (800) 200-5678 or visit www.biz2credit.com.