Page 38 - SpectrumJuly2018_Neat

Millennials

(cont from pg 18)Transparency is quickly becoming a strong become your brand advocate and defender.
differentiator because millennials trust their peers and
independent experts more than they trust your company. 7. Review
They want to find impartial, honest and sincere evaluations Harness communities
from people in their community, likely on social media. Millennials, as a group, love to share within communities.
They go from audience to influencer in a moment. They can
Referrals from influencers will be more powerful than add value to your company by sharing positive insights about
advertising. They will ask their questions to these peers who your business. They can show gratitude and appreciation, but
do not work for you. they can just as easily give you a bad rating. The benefits and
the risks to your brand are at the scale of the online world.
3. Interest
Can you be reached on every channel? Tell a consistent story across every
After reviewing their options, Millennials will narrow their channel
choices. That is when they will probably make contact with After mastering the buying cycle, you need to tell your brand
your company. They want to start a conversation (online story in a way that guides your target audience through the
or offline) to begin the relationship. Make sure you can be journey from prospect to customer. Create a fluid story that
reached across every channel. is interactive and connects across your media channels with
a consistent message. Friction should be the enemy you fight
4. Trial in every part of your sales process.
Millennials want to try before making a purchase
Millennials are increasingly expecting to try your products Put this in the context of the omni-channel graph that we
or services before making a purchase. Offering a trial period have built to support our clients in developing their vision.
will help convert leads. If you cannot, consider offering a
strategic discount code, free samples, or other perks to get
them into your sales funnel.

5. Conversion
Reduce the financial commitment
Millennials want to access the products and services they
need when they need them, and without paying the full price
of ownership. Streaming music services, Netflix, Uber, Airbnb,
car-sharing services all provide products and services
without the long-term financial commitment.
Be authentic and honest
Millennials are the main customers for these new innovative Think about Millennials and their economic reality as you
businesses. These businesses succeed with disruption, and build your business development strategy. Also, take the
it starts by asking: “Why does something have to be done a steps to deal with as many customer touchpoints as possible
certain way?” in your buying cycle.

6. Retention and loyalty Authenticity is extremely important in differentiating your
Stay in contact after the sale brand from others. Honesty across all your brand assets and
After the purchase, we strongly recommend reengaging with sales actions will strengthen your relationship with clients.
customers at key moments. You want to know more about Be very cautious about the aggressiveness of your sales
the customer experience that you offered, but you also want pitches when targeting Millennials; coming on too strong can
clients to talk about you to their peers and to advocate for damage your brand reputation. Conversely, if you are open
you. and welcome the criticism that comes with being a modern
business, then you’ll have a solid chance at success.
Encourage them to share their experience. Your new customer
was once a prospect looking for referrals; now ask them to By Patrick Grenier, Business Consultant, BDC

38 www.cambridgechamber.com
Summer 2018