Here we sit, about to be hit by a tidal wave of consumers who have a slightly different take on how to relate to a company, its products, its people, and its other customers. At the same time the larger market, aided and abetted by the Millennials, is becoming increasingly more demanding.
Not many years ago, customers were essentially offered a choice: service, quality, price—you could have two. A print shop in our neighborhood used to have this cartoon on the wall. Over the drawing of a person rolling on the floor laughing was this saying: “You want it fast? You want it good? You want it cheap? Pick any two, and call me tomorrow.”
Today’s customers won’t settle for two. They want all three. Every generation—Millennials, Gen X, Boomers, even the Traditionals—wants it all. Service. Quality. Price. Why? Because the baby bears have taught mama and papa bear the new tricks of the Internet; the Millennial mindset is not limited to folks of a certain age.
What do you do? You listen to your customers! Make it your business to learn how they think so you can position yourself in a way that attracts their attention and keeps their loyalty.
My Way, Right Away, Why Pay?
If a generation had a mantra, “my way, right away, why pay?” would fit Millennials perfectly. It is also, let me point out, a bare-bones strategy for anyone who wants to attract today’s consumer.
The Millennials believe that all things are possible. They want the world their way, and they want it now. They have grown up in a text-it or FedEx-it, why-wait world, and they don’t expect to wait. They expect unlimited choices, and they would like you to customize your product just for them. And did I mention that they see no need to pay for the additional work their request might entail? As far as they are concerned, you should be paying them for helping you improve your product.
They take technology for granted. They live through social media. In fact, their customer service expectations have been shaped by the speed of technology and social media. They do their homework ahead of time, researching your product and competitive offers online. They are fast learners in negotiating. They negotiate everything. On the other hand, they will pay for service, but you must be prepared to earn your fee. What they expect from you in terms of service is very different from what you’re used to delivering.
Technology Rules
Millennials grew up digital. They are not intimidated by technology, and they have little patience with those who shy away from using it to its full advantage. They expect to use technology to make work and life more interesting and productive, surfing the web wirelessly via smart phone or iPad. In fact, to a Millennial, failing to use technology to its fullest is almost as bad as not using it at all.
To reach Millennials, your website must look and feel personal and direct, with features that wow visitors with what feels like an in-person presentation. A lame website will not only fail to impress your Millennial customers, it will also be a point of embarrassment to your Millennial employees. They expect technology to be part of their work world outside of your website, too. Having the latest, even cutting-edge technology goes a long way in retaining a Millennial workforce. Let them get hands-on with the technology and stand by to learn a thing or two.
Your website also has to stand up to the competition in terms of what you’re offering, because Millennials live their lives online. They consider it both easy and sensible to research products they’re considering. Know who your competition is, especially the online competition they’ll be comparing you to, especially if you are a traditional retailer. If there are important differences in your favor, point them out to customers. Don’t let low price be the deciding factor in the purchase decision. If you can’t indicate any points of difference, you may turn your product or service into a commodity, and then price becomes the only factor in the Millennial’s purchase decision.
Excerpted from Invisible: How Millennials are Changing the Way We Sell. © T. Scott Gross 2012
