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To position your company for success in the future, you need to start developing a “Millennial-proof” strategy now. This may require fundamental business shifts and adaptation – from products to selling approaches, business models, technology use, and marketing plans.
It’s really important for companies to leverage technology to connect with Millennials in the places where they choose to live their daily digital lives.
I often talk with companies about their digital transformation initiatives and suggest an effective way to think about their overall strategy is to consider Millennials as the tip of the spear to reaching all generations due to their influential power across all generations. Meeting their expectations is a challenge for many companies. Our research indicates that many millennials are not entirely sure providers are ready to give them what they need, and, even more troubling, is their willingness to switch providers if their expectations are unmet. Our white paper indicates that 72% of Millennials would consider moving to a different provider if they don’t get what they need.1 (Download the white paper, Targeting the Digital Generation.)
So, a creative approach will be necessary—and that’s where technology comes in.
Millennials are aware of their options and, as “digital natives”, they are motivated to research them online. They expect products and services will be made available to them that meet their needs – and pinpointing their needs often requires companies to invest in robust data and analytics, listening tools, and advanced preference management solutions. Since social media is the natural habitat of Millennials, companies can also reach and learn more about them through business-to-consumer efforts and peer-to-peer marketing.
It’s really important for companies to leverage technology to connect with Millennials in the places where they choose to live their daily digital lives.
Stay tuned for my next post about the 5 steps you can take now to better target Millennials.
1Targeting the Digital Generation, Broadridge and Roubini ThoughtLab
