The millennial market
By Jennifer McCloskey, Girardi Associates
The millennial generation was born between 1981 to 1996. By the year 2025, over 70% of our workforce will be millennials. Knowing who composes the workforce will help determine how we work together. Millennials have a strong desire to build coalitions and to leverage the power of socialisation. As a result, they are very technology dependent.
To work with millennials, we need to embrace their priorities. Millennials are social, and as a result use social media in their everyday interactions. Millennials desire to be a part of something bigger than themselves. They need to believe in a company’s mission or cause, and global considerations are important to them. However, the millennial generation also loves community and connection and prefers to shop locally. They love customisation and personalisation in a casual culture.
Business analytics are of great value to the millennial generation. They will look for ratings, what is trending, and what is important to their peers. They believe social media can promote and drive business. Mobile technology is on the rise. Proximity Marketing and In-Store Beacons interact with shoppers’ smartphones and continue to expand the boundaries of company/customer communications. Augmented Reality (AR) is used for virtual fitting rooms, for example. Radio Frequency ID devices (RFID) will have increased popularity in the retail market industry. Mobile technology is used for order fulfilment, payments, and loyalty-building programmes. Mobile wallets will negate the need for cash exchanges and card swiping (Venmo/ PayPal). In addition, Omnichannel click-and-collect purchasing and pop-ups from other purchasing platforms offer interesting options and allow the purchaser to see pictures and link to items shown.
To spark the interest of a millennial, businesses need to do something buzzworthy – and if possible, find a way to be YouTube-worthy. Invest in technology that allows you to monitor millennials’ purchasing habits and interests, and modify your tag line if necessary to stay market worthy. Ensure your business has a cause. When a business practises social responsibility, more millennials will care about your company.
Remember the GATE mentality, provide a Global impact through your business, be Authentic – customise your approach and your services, ensure your company is Technology savvy, and be Entertaining and fun if possible. Covid-19 has changed the way we run our businesses. Having technology and internet capabilities has made the virtual workplace possible. Keeping our industry current in the latest trends and market will help us move our businesses forward. Life is like swimming upstream – not to progress is to fall back. It is important to always learn and grow within our industry.
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Jennifer McCloskey is the President of Girardi Associates, where she has been a motivational speaker and trainer since 1986. Her workshops have been well-received by corporations throughout the US, India, and Africa. Jennifer was featured on a CBS Evening News story on women in non-traditional roles. She is a thirty-year volunteer at a home for battered and abused children in Washington, DC. She also authors a “Dear Abby” type advice column for community teens. Jennifer shares her successful management techniques and personal experiences with warmth and wit, while providing insight and ideas in understanding interpersonal skills and various management styles. Jennifer offers insight in her first book, “Put Comfortable Shoes in My Coffn”, where she shares heartfelt stories and life lessons.
Published: GGI Insider, No. 118, March 2022 l Photo: DisobeyArt - stock.adobe.com