Every business has a goal to increase its sales and revenues every year. Sales and revenues only increase if there is an increase in customers buying goods and services produced by the organization regularly. And that is why the sales and marketing department exists in the majority of the organizations in the world. This department aims to understand customer behavior and preferences. When the preferences are clearly defined, they are implemented into the goods or services the organization produces. Customer preferences are simply expectations, motivations, and inclinations which influence customer purchasing decisions.
Customer preferences keep changing
Customer preferences keep changing from time to time depending on the competition, the size, and conditions of the market and of course, how a product evolves over time. Business image is also a huge customer influencer. A business with a poor image should not expect to increase its sales until it improves its image either through rebranding, merging or acquiring another business. Expensive lawsuits are filed each year because of business image. Business image plays a very important role in customer behavior.
Who are millennial customers?
Every organization has its own target market. A target market is a section of the market which mostly buys the organization’s goods or services. In this article, we shall be discussing millennial customers. Who are millennial customers? Millennials are people who were born between the years 1980 to 2000. They are essentially the 20th century’s last generation and the first digital ones. This new technology and old century individuals give marketers a difficult time trying to understand and connect with them.
A research conducted by Accenture found out that there are approximately 80 million millennials in the United States alone and they spend approximately $600 billion each year in buying goods or services from organizations around the world. Today, many millennials are adults between 20 to 30 years with many having their own careers, homes and even children. Although millennials are said to be looking at everything through a digital lens, they are also very demanding and very choosy. Why are they so demanding and choosy? A marketer may ask. It is because they have a wide variety of goods and services to choose from. A millennial can decide to eat in town or at home. He can use his smartphone for research instead of buying a computer or a laptop. He can decide to write an essay on time at home instead of rushing to the office every morning.
Satisfying a demanding millennial
Millennials cannot be ignored. They are a key consumer base in most organizations and how they spend their money should be a high priority for any organization wishing to survive today and in the future. So, how can you satisfy millennials? A good customer experience together with a high-quality product are the two reasons which influence millennial buying decisions. Customer experience has to be consistent. Speed, efficiency, and convenience are the most important factors to be considered to make a millennial buy from you.
You need to personalize your good or service. Gone are the days where agents used to cold call their customers and offer them a product they already have. Millennials are easily irritated and dissatisfied by this method. Due to the advance in technology, a millennial expects you to do your research about him/her and only offer what is relevant.
Instant gratification and validation are also key ways to satisfy a demanding millennial. Today, millennial customer gratification is happening everywhere; Facebook. Twitter. Instagram. And they love it. A demanding millennial wants instant rewards after buying from you. Give him his points for that immediately. Do not give him points after multiple visits otherwise he will lose interest and leave.
Demanding millennials are good for the economy because they will always make organizations produce better products over the years. A business which fails to recognize or embrace millennials will lose out on many opportunities, both in the present and future.
About the Author
Jacob Dillon is a professional writer and distinctive journalist from Sydney. Being passionate about what he does, Jacob likes to discuss stirring events as well as express his opinion about technological advancements and evolution of society. Find Jacob on Twitter and Facebook.