How to Capture the Millennial Consumer
By 2020, a new generation, Millennials, (generally considered to be anyone born between 1982 – 2004), will become the most prevalent generation in the workplace. It’s important as an organisation to understand that Millennials are not to be overlooked. They will soon be the generation with the most disposable income and, according to Bazaar, Millennials will have the most spending power of any generation. If your organisation is able to catch their attention and secure their donations while they are still relatively young, you have the potential to make lifelong consumers of them.
Millennials are often misunderstood as a generation that is self-centred and self-absorbed. But contrary to popular belief the millennials have proven to be quite the opposite. A staggering 84 percent gave to charity in 2014 according to research by the group Achieve. Millennials are also considered the most educated and culturally diverse group of all generations (Forbes).
There are a few things that stand out to Millennials when they consider buying a product or donating money. It’s important to ensure your organisation appeals to them through channels / modes of communication that suit their lifestyle. Here are a few specific triggers that grab millennials attention.
• Millennials rely heavily on reviews and they don’t care who the review comes from. If you are a charity, ensure that there are places where people can comment about the great work you do. This is likely to capture millennials’ attention.
• This is the first time in the world that a generation has grown up with modern technology. They are proficient and expect to use it in everything they do. It’s important to appeal to their proficiency. Make sure your website is user friendly; that it is easy to purchase your products, donate to your cause or get more information, etc. Being able to access information quickly and easily is important.
• Millennials are accustomed to a world where, when they give their input, it’s taken into consideration. It is important to show your clients, especially millennials, that you hear what they are saying and are working towards a solution. They like to see change. Change is no longer taboo with them as it is in some other generations.
• Being in the know is something this generation strives to do. By making your organisation as transparent as possible, you will be very appealing. Millennials like to know where their money is going and what it is being used for.
All in all, Millennials are the generation of the future. Luckily for us there are numerous studies done on the trends of this generation making their behaviour somewhat predictable. It is important as an organisation to do your own research on the topic, and include some market research to see how Millennials directly influence your business. At least now you have a good place to start.