3 Opportunities in Millennial Stereotypes

Millennial StereotypesGuest Blog by Heidi Fortes
Heidi Fortes is Consultant and Owner at Heidi Fortes Sales and Success Training

Millennials are a breed of their own. Idealists, adventurers and risk-takers sum up a generation born at the cusp of what was to become the beginning of the golden age of technology. Very different than generations passed, Millennials can come across as frustrating and, maybe a little hard to deal with, from those in Gen X and the Baby Boomers. But, there’s no opportunity in dwelling on the negative. Let’s face it, by 2020 Millennials will account for 1.4 trillion dollars in annual spending. With that being said, there are tons of negative millennial stereotypes that serve no purpose and discounting an entire generation of young consumers who will change the course of how brands sell themselves over the next ten years.

1. Millennials Have No Attention Span

You hear it all the time – Millennials have no attention span. Although it may look like Millennials are constantly distracted, it’s quite the opposite. We all live in a world of endless information and Millennials are its biggest consumers. Millennials are constantly learning, consuming and you guessed it, comparing to find the best option. This search for the best option may seem like Millennials are un-invested in what you have to offer but contrarily it presents a unique opportunity to win these savvy consumers over.

Opportunity

Millennials refuse to chase you. Why? Because as mentioned above there are endless options. The millennial consumer knows that if you don’t work for our business then someone else will. There is so little variation in product these days that Millennials are quick to switch to a competitor if a sales person isn’t quick to the snap. However, the opportunity for brands to show Millennials why they are great is ripe for the picking. Hire sales staff that can speak the Millennial language, who acknowledge that these savvy customers have short attention spans but will be loyal customers if you don’t make them wait. A recent study by IBM states that the millennial consumer is 69% more likely to post to social media about a happy client experience. Work for them and they’ll pay it forward.

2. Millennials Are Cheap

Millennials haggle, barter and can be frustratingly stubborn on price, but will turn around and spend tons of money on all sorts of products from phones to bike parts. How do you get them to spend on what you are selling?

Opportunity

Millennials buy into experiences. Whether is the $12 fresh pressed juice, the $800 new phone or the $30 pair of socks, Millennials will spend money if they see the value beyond the product. Unlike generations past, Millennials are generally very informed consumers. They do their research and know what they want before stepping into a store. They aren’t known to make purchases out of emotion but do value great service and an authentic brand experience. So, if want Millennials to spend money on what you’re offering, make sure you are offering them something more than a product. Strive to create personalized experiences that reflect the individual, go above and beyond with great customer service and, above all remain authentic to your brand even after the purchase has been made.

3. Millennials Are Entitled

The most misinterpreted of all stereotypes. No, Millennials are not entitled, they just have different expectations than generations past. Millennials expect that if they are exchanging money for goods that the service be outstanding, brands be accountable and that they are treated fairly and with respect during the sales process and afterwards. Millennials talk, and 36% will weight the opinion of friends and family before making a purchasing decision.

Opportunity

Live up to their expectations and if you do, Millennials will be your evangelists and are eager to share positive experiences with their peers. Brands that can adapt to the new millennial mindset, shift selling cultures and tactics are more likely to gain loyal customers than brands who refuse to change. It may seem like Millennials are difficult customers, but as already mentioned, they live in a world of options and the best ones will survive.

Selling to Millennials? To learn more visit www.heidifortes.com or follow @heidifortes.

3 Opportunities in Millennial Stereotypes