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Engaging Your Millennial Consumers

Mar 02, 2018

Engaging Your Millennial Consumers

ENGAGING MILLENNIAL CONSUMERS AND SPARKING NEW BUSINESS

Millennials have gained the attention of major industry, and rightfully so. The millenial demographic is defined by a person reaching young adulthood in the early 21st century. Most western millenials have had access to the internet from a young age, and many of the ones in their early 20s grew up with a high speed connection.

In this day and age, Millennials are a key predictor of economic trend, seeing as they’re on course to represent the next generation of monetary influence.

Observing these trends is important for business of all sizes, for many common reasons. As major industry pushes for evolution in terms of payment and finance management, Millennial customers will seek comparable services and growth from smaller business.

Research has revealed what solutions will best fit Millennial needs; here’s how your business can prosper in a not too distant future.

WHAT THEY WANT

Millennials value products that emphasize community. They want spaces that serve the collective good. If we look at social media platforms as a model for payment solutions, we start to see the bigger picture. Sage, for example, has designed their accounting software to integrate many moving parts, such as a user-friendly payment platform. Customers create, collect, and view data in one location. Taking this line of thinking one step further, Millennial consumers will wish to interface with other users on a fluent level more directly through these platforms.

Transparency is essential. Millennials aren’t as concerned with modesty as their predecessors. Whereas in the past information regarding pricing has remained more exclusive knowledge in certain industries, Millennials have an expectation that such information will be readily available. Moreover, Millennials will embrace forums that openly share and compare such information, and have assumed the reigns of much rhetorical exchange.

User friendly, please and thank you. Millennials have grown up in a more saturated technological landscape. Likewise, they’ll expect fewer barriers when interfacing financial service providers. They value security, but they also value simplicity, so finding that balance is critical. Fewer steps without compromising overall security integrity is a good ground rule.

WHAT THAT MEANS

How do we convert these findings into actionable data? Here are a few promising starting points:

Mobilize. It’s no secret that younger generations prefer their mobile devices. Offering mobile payment options like Apple Pay and Samsung Pay is a promising move.

Engage. The success of social media platforms offers many lessons. Your website should be social and connected, offering viable mobile platforms, and a concerted social media effort.

Diversify payments. Cash is still king, for now. Research indicates digital and mobile wallets will prevail as soon as 2020, making now the right time to take definitive action.

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