But, what do these data have to do with businesses? It only means that if there is one specific section of the population that you need to align your business model with, it would have to be the millennial crowd. Their sheer spending power and number more than make for a very strong case and if you’re smart enough, you’ll easily realize just how big a potential this niche market has.
Here are six ways on how you can make your business attractive to the millennials:
1. Invest in developing a mobile-optimized website and cashless transactions.
Millennials are big when it comes to new technology, which explains why one in five of them use mobile devices to browse for products and services that they need. Thus, if you want to appeal to this particular crowd to keep the cash flowing to your business, then you should invest in the development of a mobile-optimized website. And while you’re at it, also consider a point-of-sale (POS) terminal that accepts mobile payment solutions such as ApplePay, Samsung Pay, and Android Pay, among others.
2. Make your physical shop conducive for them to stay.
Millennials or not, making your physical shop as comfy and relaxing as possible is a huge checkmark for your business. You should hire a professional in air conditioning services, play some millennial favorite music, make the store layout modern, and do some curb appeal enhancements. These individual actions, put together, will make a physical shop that your young (and not-so-young) customers would love to hang out frequently with their family or friends.
3. Deliver great customer service each time.
Customers just hate poor customer service, which is exactly why US businesses lose around $41 billion worth of revenue each year due to this fatal shortcoming. So, if you don’t want to see potential earnings go down the drain, the logical thing to do is to make sure that you treat your customers like royalty and make sure that their concerns are properly and promptly addressed. Additionally, take time to listen to their feedback and find ways to incorporate their sound suggestions into your business model to make them happy and feel valued.
4. Always offer something fresh.
The younger generation is keen on seeing innovations, especially coming from businesses. This is the best reason why the most successful businesses that millennials support are those that always have something new to offer them. Business owners who think that they already have the best products or services are essentially making a terrible mistake since they’re essentially cutting their business growth short.
5. Seamlessly fuse customers’ online and offline shopping experiences.
Around nine in ten millennial shoppers do have a clear idea of what they want to buy or what services they want to get prior to entering a physical shop. They often do this by first visiting a business’ website to find their desired services or products and then making the trip to the shop to complete their shopping experience. As such, be sure to make it a priority to fuse your millennial customers’ offline and online shopping experience to appeal to them easily.
6. Offer loyalty programs.
Millennials just adore businesses that offer them perks for the loyalty they show. In fact, some 68 percent of customers aged 20 to 34 say that they’re willing to shift where they buy the things they need if it would mean they’re getting some nice perks out of it. And to capture that specific crowd, all you need is a nice loyalty program.
Based on data published on the Lexington Law website, millennials spend a combined $600 billion annually, which translates to an average of $47,112 in expenditures each year. Additionally, millennials are expected to spend a staggering $1.4 trillion worth of shopping purchases each year beginning in 2020. With these simple tricks, capturing millennial clients’ hearts should be a breeze.