How Companies Can Harness the Power of the Millennial in This Modern Digital World
In a world that is projected to reach 2.77 Billion users of social media in 2019, brand image is everything in this modern world.
Therefore nowadays businesses not only need to establish them as trustworthy and profitable, but they also need to tread as far as creating a ‘personality’ for their brands- all to make their offerings more marketable on the social media platforms.
Unsurprisingly, the targeted audience behind this popular movement is the generation that is well-known for its hard-to-please and technologically smart consumer reputation- The Millennial(s).
From influencer marketing to product reviews, Millennial(s) have the courage to make or break any brand on the social media platforms.
Moreover, Millennial(s) have also been marked (fairly or not) as disloyal consumers, those that are quick in switching their preference for brands on instant gratification or whether the brand aligns with their ethical and moral values.
Now, although the idea of alluring the Millennial(s) may be seen daunting, modern-day businesses have the chance to find major revenue growth once they are capable to cater effectively towards this generation, which is slowly becoming the largest consumer demography in the USA.
Therefore as one of the award-winning vendors of small business CRM software, here are three ways that we suggest that brands can leverage from engaging the Millennial(s) and beat them at their own game, today.
1. Align with the Values of the Millennial(s)
Among the purchasers of this generation, it has been observed that Millennial(s) have shown that they actively consider company values when making their purchases.
In fact, according to a certain study, it has been found that ethical and moral values are on the top of the mind for 8 in 10 Millennial(s) when they consider buying an offering.
These areas of interest that determine the value of a brand include:
- Environmental responsibility
- Community service
- Climate change awareness
Now seeing that these Millennial(s) controls over $2.5 Trillion in spending power in the USA markets, businesses need to make these values a priority for generating business growth .
However, as enforcing these values may not be possible for all brands; therefore meeting the demands of the Millennial(s) can be a time-consuming and costly affair, a transformation in business strategy that can spark the need to accumulate and analyze data, rethink production and manufacturing procedures, and sometime may even require a full rebranding for accelerating business growth.
Undoubtedly it is true that in the modern times (especially after the introduction of GDPR norms) the days of badgering prospects and consumers in general with unrelated advertisements and impersonal email blasts are over.
Hence in the present marketplace, not only Millennial(s) gives their loyalty to companies aligning with their values, but they even pave the way for organic marketing of brands they admire on social media networking websites.
2. Personalize the Customer Experience with Technology
A tailored and customer-centric approach is the golden key when targeting Millennial consumers of modern times. This is because Millennial(s) not only expect their brands to comply and understand their needs, but they also want a totally personalized CX (Customer Experience) while purchasing their needs.
Therefore, as the demands of the Millennial(s) are growing loud every day, businesses big and small must adopt certain technologies like easy to use CRM software, that uses AI (Artificial Intelligence) and Machine Learning in their CRM platforms, in order to not only to meet the modern consumer’s wants, but also separate them from their competitions, who all may still adhere to one-size-fits-all sales and marketing strategies.
This is because, we all know by now that AI and Machine Learning has brought customer personalization to a completely new level, as through incredibly data analysis these cutting edge technologies aids in finding patterns in the behaviors of the consumers when integrated with easy to use CRM software platforms to offer a more tailored marketing approach to the Millennial(s).
In fact, Amazon is a prime example of this type of data assessment that saw a 35 percent increase in its revenue by providing personalized product and service recommendations based on the purchasing habits of its consumers.
3. Think Beyond the Point of Sale
For better or worse, reviews on social media platforms hold considerable power among the Millennial(s).
Therefore, a negative review or comment on products or services can severely tarnish a businesses’ image, since Millennial(s) seek immediate gratification and so what previously were considered as seemingly minor hindrances and pitfalls can prove fatal and more harmful than they appeared before.
Hence, in modern times, business needs to ensure that their customer service and supply chain management procedures are working efficiently to avoid those dire social media reviews.
Fortunately, in the modern times, there are several business tools like easy to use CRM that can be integrated with ERP software applications for offering businesses a holistic view of their supply chain and customer support activities that will help modern companies to find business growth.
Harnessing the brand loyalty of the Millennial(s) can certainly be a challenge. Nevertheless, social media are the advocates that can aid brands to drive value in today’s crowded and competitive business landscape, by applying modern business practices that reflect the value of the once “un-tappable” Millennial generation by promoting customized experience, for the success of every brand in this digital world.
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