The Buyer’s Journey Has Changed
What’s more? That journey will continue to alter as the millennial generation becomes the sole profile of your company’s customer base. Social Media platforms have already adjusted the way their users absorb and react to social content. Now, the business community is undergoing the challenge of meeting the expectations of this new customer.
In order to fully understand the new consumer, let’s look at their habits.
According to the Council of Economic Advisers, here is what we know in 2015:
- We define the Millennial Generation as “those born between 1980 and 2004.”
- The Millennial generation has surpassed the Baby Boomers in size and is, at present, the largest and most diverse generation.
- Millennials are the first generation to be shaped by technology. According to the Pew study, this generation is “more connected to technology than previous generations and a quarter of Millennials believe that their relationship to technology is what makes their generation unique.”
- Three-quarters of Millennials have a social media account; compared to half of Generation Xers and less than a third of Baby Boomers. Because of the social connections available on-demand, Millennials are even more likely to sleep near their cell phone.
What you won’t find in this census report is how this generation is spending money to boost the economy. While research shows the millennial generation has brought unprecedented innovation in economic growth, how does that impact your customer acquisition and retention?
The motto for millennials is Faster, Better, First. Here’s what we mean:
Faster. A millennial consumer wants the ability to act impulsively with their purchasing. With technology at their disposal 24/7, they can go from Point A to Point B in your buying cycle in a matter of seconds; most of the time, going unnoticed by your company until the sale is made.
Better. Millennials have a trend of investing in the best technology, the best services, and the best education since their triumph during the economic crisis. Again, with technology at their fingertips, this generation of consumers is spending more time and money in online marketplaces; giving companies like Amazon.com more than a “leg up” in meeting the requirements of the tech savvy consumer.
First. Before a single purchase is made–many times before a single foot steps into the door of a store–the millennial consumer researches first. The biggest element of the buyer’s journey today is the customer’s mobile-first research for a faster and better solution to their need. Companies who excel with the new consumer have enriched their online presence with valuable and enormous amounts of content; content that is not only about every product and service but about the real-world applications of their products/services and their company’s mission to making life easier and better. Millennials are invested in “human capital.” Every purchase is dependent upon the value it brings to their quality of their life. In order to help them put themselves first, companies need to focus more on diverse content for customers to consume on-demand in their research.
Over the next 5 to 10 years, this consumer will be the primary customer of every business in every industry; the Homeland Generation coming fast on its heels. In order to compete in this new marketplace, companies must focus their strategy on digital content. It takes a vast amount of valuable resources to get your company in-line with the new consumer and the buyer’s journey. To make your company “faster, better, first” for the growing consumer base, you need to produce more content and organize it for efficiency.