Do you know the Millennial consumer?

Many businesses are finding it hard to attract and retain Millennial workers as they enter the workforce, sadly this will become a bigger problem as there are about 9 million Millennials still in education. But attracting and retaining these guys as employees won’t be the only problem we face. What about attracting and retaining the Millennial consumer?

Knowing how to get the most out of these guys as employees is giving most managers a headache, what about getting them to buy your products and liking your brand? In a decade or so we will have about 16-17 million Millennials in the workforce. We haven’t seen a generation of that size for about 100 years. Their disposable income will of course grow and their purchasing power will increase. Therefore, understanding how to communicate and connect with this generation will be paramount for brands that wish to have a place in their hearts and minds.

The Economist surveyed executives worldwide to see if they had a specific strategy in place for approaching Millennial consumers. 50 % did, 50 % didn’t. These statistics pose risks and opportunities for companies, depending on what they decide to do. Most consumers make their brand choices in their 20s and they don’t change much beyond their 30s. This presents a great opportunity for companies that want to target this generation and they have to make sure that they understand how to connect with Millennials or risk losing out.

As I am a Millennial myself, I thought it might be good to tell you a bit about what my generation value.

Walk the talk – Millennials love brands that are socially responsible. Find ways to involve this generation in your contributions, in that way you will truly connect with them. And remember if you’re not planning on walking the talk, it will do more damage than good. Check this blog post out to get more insight.

Connect to their phones – Mobile marketing has not been mastered yet and as phones get more powerful this provides a great opportunity. Think of new ways of engaging Millennials on their mobiles. TripAdvisor did a great job with this by asking consumers (via SMS and online) how it should allocate a $1 million in donations between five nonprofits. They got more than 1 million votes.

Listen to social media – Social media isn’t just another way for marketers to force their message on more people. Instead, listening becomes more important, by monitoring the “social media conversation” you can learn what the Millennial consumer actually wants and then join the conversation.

Contribution is key – Don’t just start a blog, set up a Facebook page or Tweet instead think about how it supports your objectives and adds value to users. Whatever you are doing online, make sure that you’re brand is contributing, otherwise you’re brand will be neglected by this generation and everyone else.

There a probably another 10 things to write about but the above 4 are crucial and I think they will be imperative to any brand that want to connect with this generation. However, I think the first question you need to answer is do you really understand today’s online environment? if you don’t, you need to get started.